Florida is considered by many to be a mature, perhaps even over-supplied market for self storage. However, we all know that self storage is a micro-market industry where there can be wild fluctuations in supply and demand in closely neighboring cities. This month, we take a look at Palm Beach Gardens, which is famous perhaps for being headquarters to the Professional Golfers Association of America (as well as many golf courses and clubs). PBG is located on the coast, roughly 70 miles north of Miami and was voted Best City to Live in Florida by ChamberofCommerce.org in 2019.
Demographics
The population in Palm Beach Gardens and Palm Beach County consists of 56,219 and 1.5 million, respectively. The city has experienced steady population growth over the past few decades and this is expected to continue. Currently population growth is 20% every ten years, meaning 11,000 new inhabitants will arrive between now and 2031.
The median household income is $79,584 which is 43% above the state average. There are two notable colleges in the area: Palm Beach State College is Florida’s oldest community college and has an annual enrollment of almost 49,000 students while Florida Atlantic University has an annex nearby (FSU at Jupiter) with 1,500 students enrolled on average. Of the 33,000 households in the city, 27% are rental properties.
Current Supply Metrics
There are seven self storage facilities within the city limits of Palm Beach Gardens. Of these, there are three Public Storage properties, one Extra Space, one Storage Rentals of America (SROA) and one Universal property. At the writing of this article, all three Public Storage properties have taken their 5×5 units off the market and the only option for a tenant looking for a 5×5 rental was with the SROA property.
With a total of 475,000 of rentable space in the city, this equates to a square foot per capita of 6.26, slightly better than the state average of 6.85 and slightly worse than the national average of 5.89. A glance at availability shows a number of unit types off the market – 5x5’s as mentioned above, but also 10x10s and 10x15s and 10x20s that had been on-market are currently not listed as available.
We were unable to find any evidence of any new developments either in planning or in process within the city area.
Three Other Things You May Like to Know
Self storage prices have, on average, increased 28% in the last 3 months in Palm Beach Gardens.
Thousands of golfers visit the PGA National complex in PBG each year
The rate for a 10×10 in PBG is 60% higher than the average rate in the USA.
Learn More
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