Section 3 • Economics & Demographics


Moving Out Of Disaster Areas Consumers use self-storage when they undergo major life changes such as a move to another city, selling a house, mar- riage, divorce, downsizing, and at least a dozen other factors. The natural disasters that devastated many communities across the U.S. in 2017 disrupted lives and forced unwanted change on the victims. Operators will need to be prepared for tenant turn- over and anticipate the needs of incoming customers.


It is possible that Houston faces many of the challenges Hur-


ricane Katrina created in New Orleans in 2005. The area hit by Harvey has more than twice as many properties with mortgages as the area affected by Hurricane Katrina.


A wide swath of homes sustained significant water damage that will be difficult to repair, particularly as less than 20 percent of homeowners had flood insurance. Families will be forced to relocate to apartments and other accommodations. Some residents may look beyond the Houston metro, boosting demand for housing in Dallas/ Fort Worth, Austin, and San Antonio.


Hurricane Irma’s level of destruction was less than Har-


vey’s, yet Florida may well face profound changes in the years ahead. Storms can cause population loss in the near term. A year after Hurricane Andrew hit in 1992, Miami- Dade County lost 31,000 residents, as many moved to


Self-Storage Supply (Selected Metro Areas)


Chicago, IL Current Supply Facilities: 802 Square Footage:


39,522,578


Development Pipeline Facilities:


Net Square Footage:


Demographics Population:


Sq. ft./Capita (current supply): 38 1,777,290


9,534,008 4.15


Houston, TX Current Supply Facilities: 962 Square Footage:


Development Pipeline Facilities:


Net Square Footage: 38 2,801,236


Demographics Population: 6,346,653 Sq. ft./Capita (current supply): 8.03


Kansas City, MO-KS Current Supply Facilities: 266 Square Footage:


10,911,292


Development Pipeline Facilities: 7 Net Square Footage:


379,370


Demographics Population: 2,055,675 Sq. ft./Capita (current supply): 5.31


48 Self-Storage Almanac 2018


Miami, FL Current Supply Facilities: 463 Square Footage:


29,895,914


Development Pipeline Facilities:


Net Square Footage:


Demographics Population:


72 5,574,504 5,861,000 Sq. ft./Capita (current supply): 5.10 50,978,986


Philadelphia, PA Current Supply Facilities: 409 Square Footage:


21,722,205


Development Pipeline Facilities:


Net Square Footage: 13 681,363


Demographics Population: 6,035,680 Sq. ft./Capita (current supply):


3.60


Phoenix, AZ Current Supply Facilities: 460 Square Footage:


25,337,399


Development Pipeline Facilities:


Net Square Footage:


Demographics Population:


45 2,635,100 4,407,915 Sq. ft./Capita (current supply): 5.75 Source: Union Realtime


Portland, OR Current Supply Facilities: 275 Square Footage:


11,771,374


Development Pipeline Facilities:


Net Square Footage:


Demographics Population:


38 1,258,641 2,320,323 Sq. ft./Capita (current supply): 5.07


San Diego, CA Current Supply Facilities: 251 Square Footage:


18,154,899


Development Pipeline Facilities:


Net Square Footage: 12 751,250


Demographics Population: 3,223,096 Sq. ft./Capita (current supply): 5.63


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