As metro Provo’s apartment market surged in the past decade, the business of storing people’s belongings boomed along with it. So much so, that Provo witnessed an expansion of 38% of its 2010 inventory that resulted in the addition of 1.5M square feet of storage space.
That’s according to the latest RENTCafé self storage report which researched both multifamily and self storage development trends in the 100 biggest US metros between 2011 and 2020 to find out which places offer the best self storage options to apartment renters.
Here are other highlights on Provo’s self storage and multifamily markets:
Over 1.5M square feet were added in the past decade to Provo’s self storage inventory, surpassing Cleveland, Colorado Springs and Memphis.
The market has grown by 3% each year since 2010, now encompasses almost 5.5 million square feet, and offering 8.6 square feet of storage space per capita, above the national benchmark of 7.
The city also expanded its apartment market by a massive 119%, adding more than 7,100 rental units in the last decade.
The uptick in both self storage and apartment construction was sustained by the almost 23% growth in population — the third-largest share of newcomers compared to 2010 populations among the top 100 metros.
And how much does it cost to rent a self storage facility in the Provo market? This year, a 10×10 storage unit rented for an average of $85 a month. That’s a decline of 10 percent over the past 5 years.
