Americans have a growing need for self-storage as they continue to purchase more goods. In fact, over one in five Americans currently rent a self-storage unit. This demand has led to an increase in rental prices, with the average cost of a 10-foot-by-10-foot unit rising by 6.1% year-over-year to $176 according to RentCafe.
One area experiencing significant growth in self-storage construction is South Florida, which saw the development of 9.1 million square feet of new storage facilities over the past decade – ranking it seventh nationally.
Recently, DXD Capital secured a $10.33 million loan from TBK Bank for their latest project – a self-storage facility near Doral on an acquired property at Northwest 112th Avenue and Northwest 105th Street measuring just under two acres.
The developer plans for this site include constructing approximately 98,550 square feet of storage space – making it their third such facility in South Florida alongside locations currently under construction in Lake Park and proposed for Allapattah.
This news was originally reported by Connect CRE.
