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When it comes to the typical self-storage customer, renters living in tiny metropolitan apartments come to mind. But Tulsa, Oklahoma breaks the mold. The self-storage market thrives in this spacious rural town. Let’s take a look at why, and what the future may hold for cozy Tulsa.
Why is Tulsa a Hot Spot for Self-Storage?
Tulsa is a spacious town with large apartments and even larger homes. Why do residents crave extra space?
An Amazon distribution center recently opened in the area, boosting employment for locals but also drawing in new residents who may be in need of more space. Amazon isn’t the only new employer. Though trade wars have stalled job growth, several initiatives already in the pipeline make the city’s economic prospects for 2019/2020 quite favorable.
Tulsa is also a city for outdoor adventurers. Nestled along the Arkansas River, locals enjoy getting out on the water. Kayaks, canoes, stand up paddle boards and massive inflatables take up lots of space. The nearby Turkey Mountain Urban Wilderness Area is a popular spot for mountain biking and horseback riding. Rather than filling garages and basements, Tulsans take advantage of affordable self-storage units. (More on unit affordability below.)
The affinity with nature bears a dark side. Tulsa is prone to tornados. After devastating storms, families may salvage what is left and place it in storage units until their homes are reconstructed.
Tulsa Self-Storage Market, Grown and Growing
In Q3 2019, Yardi Matrix data revealed that the year-over-year change in Tulsa storage street rates was positive for most unit types. That’s excellent news, as most major cities in the region experienced a decline.
What’s even more impressive is that this growth has happened without price hikes. Tulsa self-storage facilities have some of the lowest rental rates in the nation. A family in Tulsa could rent a 10×10 unit without climate control for an average $71. That same unit would rent for $146 in Washington, D.C.
Low prices are, in part, due to a steady increase in supply. The self-storage market has enjoyed steady growth for the last few years with a recent bump in construction to make things interesting. The quantity of newly constructed facilities increased threefold in the first half of 2019.
Learn more about Tulsa’s economy and self-storage market on the RentCafe blog.
Whether you’re in a bustling metropolitan area or a quiet town like Tulsa, Yardi solutions for self-storage have you covered. Get management software, asset management, and insurance all under one roof.
