{"id":12423,"date":"2023-05-02T05:31:12","date_gmt":"2023-05-02T12:31:12","guid":{"rendered":"https:\/\/www.storagecafe.com\/blog\/?p=12423"},"modified":"2023-05-02T05:31:12","modified_gmt":"2023-05-02T12:31:12","slug":"greensboro-self-storage-market-spotlight","status":"publish","type":"post","link":"https:\/\/www.storagecafe.com\/blog\/greensboro-self-storage-market-spotlight\/","title":{"rendered":"Greensboro Self Storage Market Still Going Strong, Experiences Street Rate Growth In The Midst Of A National Price Cool-Off"},"content":{"rendered":"

The self storage market in Greensboro, NC, is seeing price growth, albeit modest \u2013 2% year-over-year \u2013 which translates to a current self storage rate of $94\/month for a 10\u2019x10\u2019 non-climate-controlled unit. Greensboro joins of a group of cities that continue to see self storage price growth<\/a> amidst a national slowdown.<\/p>\n

<\/span>Consumers find great value in Greensboro\u2019s balanced market<\/span><\/h2>\n

From a street rate performance standpoint, Greensboro fares the best among North Carolina\u2019s biggest cities, seeing a 2% annual growth rate. That brings the cost of a Greensboro storage unit<\/a> at $94 per month. Winston-Salem saw a 1% year-over-year increase that brought storage rents to $101\/month, on average. Durham and Raleigh, meanwhile, witnessed an annual 3% street rate drop, with Durham rates ($104\/month) currently slightly higher than those in Raleigh ($96\/month).<\/p>\n

<\/span>Self Storage Prices in Greensboro and Other NC Cities<\/span><\/h2>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t
City\u00a0<\/th>State\u00a0<\/th>Self Storage Rent<\/th>Y-o-Y Evolution<\/th>\n<\/tr>\n<\/thead>\n
Greensboro<\/a><\/td>NC\u00a0<\/td>$94\u00a0<\/td>2%\u00a0<\/td>\n<\/tr>\n
Winston Salem<\/a><\/td>NC\u00a0<\/td>$101\u00a0<\/td>1%\u00a0<\/td>\n<\/tr>\n
Charlotte<\/a><\/td>NC\u00a0<\/td>$103\u00a0<\/td>-1%\u00a0<\/td>\n<\/tr>\n
Durham<\/a><\/td>NC\u00a0<\/td>$99\u00a0<\/td>-3%\u00a0<\/td>\n<\/tr>\n
Raleigh<\/a><\/td>NC\u00a0<\/td>$93\u00a0<\/td>-3%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nStorageCafe analysis of Yardi Matrix data<\/span>\n\n

But Greensboro remains a fairly low-priced market as local rates are well below other in-demand locations. Compared to the national average self storage rent<\/a>, Greensboro rent prices are 26% lower. Rent rates are generally kept in check by the balance between supply and demand. The self storage market in Greensboro benefits from a healthy inventory of over 3.3M square feet of self storage space, which boils down to 9.6 square feet per capita. That\u2019s above the national benchmark of 7 square feet, with continuous construction indicating a sought-after market.<\/p>\n

After a slow 2022 when the city saw virtually no new deliveries, 2023 is picking up the pace with about 265K square feet of self storage space set to be delivered by the end of the year.<\/p>\n

<\/span>Annual online interest for self storage in Greensboro shoots up 13% in 2022<\/span><\/h2>\n

As the market continues to see construction and price hikes, that only means one thing: Self storage is still a necessary service locally. That\u2019s also reflected in the online interest for the topic, as internet searches for self storage registered a 13% hike in 2022 compared to 2021.<\/p>\n