New Self-Storage Facilities to Open This Year in Metro Los Angeles

Los Angeles continues to be one of the country’s most expensive markets in terms of self-storage street rates. According to Yardi Matrix data, the average metro rent for a standard, 10X10 unit was $184 in January 2020, much higher than the national average of $114.

The only other metro area in the country with even higher street rates than Los Angeles is San Francisco. The monthly average price for a 10X10, non-climate controlled self-storage unit in San Francisco stood at $192 in January 2020.

At the moment, there is an inventory of 18.9 million rentable sq. ft of self-storage space in Greater Los Angeles, which translates to 4.8 sq. ft per capita, significantly under the national benchmark of 7 sq. ft per capita. The sky-high self-storage street rates prove once more that the demand is high and there’s room for new developments.

The metro area is adding storage space at a moderate rate – the number of planned and under construction facilities represented about 7.3% of the total inventory in November 2019, a slight 0.2% increase compared to October 2019.

Right now, there are 17 planned self-storage properties in the Los Angeles metro area, totaling 1.5 million square feet of rentable space, as per Yardi Matrix data. Another four properties, which will provide 441,000 sq. ft. of new storage space to Los Angelenos, are under construction right now. Here is a closer look at those four self-storage facilities set to be completed in 2020 in LA metro area:

1. Great Value Storage, 1000 North Main Street, Los Angeles – 210,000 sq. ft

This upcoming 2-story facility will provide almost 210,000 rentable sq. ft. of self-storage space and it’s being developed by World Class Capital Group/Great Value Storage. The Class A property will have around 2,000 climate-controlled units and 50 covered parking spaces. The property is located north of downtown Los Angeles in a dynamic, rapidly developing Chinatown neighborhood.

The North Main Street facility enjoys easy access to the 101, 110, 5 and 10 Freeways and it’s within walking distance of both Chinatown Metro Station and the Union Station, the largest railroad passenger terminal in the Western United States.

The Great Value Storage facility will operate in a pretty underserved area of the city in terms of self-storage. There are 13 more storage facilities located within a three miles radius around it, for a population of almost 400,000 people, according to the US Census Bureau. All this translates to only 2.41 net rentable sq. ft. per capita, a lot less than the national benchmark of 7 sq. ft. of storage space per person, meaning that the new facility is a welcome addition to the neighborhood.

2. Extra Space Storage, 3809 Broadway Place, Los Angeles – 87,000 sq. ft

Located in historic South-Central Los Angeles, this new three-story facility will provide more than 87,000 rentable sq. ft. of self-storage space. The neighborhood is a very busy and dynamic one. Almost 500,000 people are living in a three-mile radius around the new facility, with a median age of only 31 years. The population is also expected to increase in the future, as per US Census estimates, and will reach about 524,000 residents in 2024.

The other 15 self-storage facilities in the area are totaling a little over 1 million sq. ft. of rentable self-storage space. Broken down per capita, the area’s inventory represents only 2.15 rentable sq. ft., therefore the new facility will help cover for an acute need of self-storage space. The average rent per sq. ft. in the neighborhood, calculated for a standard 10X10 unit, stands at $2.14, while for a climate-controlled one it hovers around $2.26.

3. StorQuest Self Storage, 4959 West 147th Street, Hawthorne, LA Metro – 84,000 sq. ft

This new StorQuest facility is situated close to Los Angeles International Airport and it’s visible from the 405 Freeway. The 4-story property will bring in an additional 84,000 sq. ft. of storage space to an area where net rentable sq. ft. per capita stands at almost 5.

The new self-storage facility will provide climate-controlled units with sizes starting from 5X5 and going up to large 10X30 units. Amenities will include a digital surveillance system, electronic gate access, online bill payment, 7 days a week access plus 24/7 customer support.

Packing and moving supplies will be available for purchase at the facility, as well as package delivery, making moving easier for the renters.  The ground-level units will have high-ceilings, increasing the available storage volume, and select units will come with electrical outlets. The property is open for business storage also.

4. U-Stor-It, 1388 East Garvey Avenue, West Covina, LA Metro – 60,000 sq. ft

A new U-Stor-It self-storage facility located in West Covina is being developed by Chicago Capital Funds and it will bring in about 60,000 rentable sq. ft. of storage space to its neighborhood. The building will have three stories above the ground and also a basement level.

There are 13 storage facilities close to the new branch of U-Stor-It, totaling almost 1.1 million sq. ft. of rentable storage space. This translates to 5.11 sq. ft. per capita, higher than in other parts of Metro LA but still significantly lower than the national benchmark of 7 sq. ft. of self-storage space per capita.

The opening of new self-storage facilities is definitely good news for renters in Los Angeles, confronted with high street rates and below average levels of self-storage space per capita.