Using the Market Discovery Tool from StorTrack’s Explorer product, we identified Hampton, an independent city in Virginia and part of the Virginia Beach-Norfolk-Newport News, VA-NC MSA. Hampton is also home to Hampton University, a university with a student population of 3,500.
Current Supply
There is 7.13 square feet per capita in this market. For comparison, Virginia’s square footage per capita is 7.38. Of the 17 self storage stores currently operating in Hampton, seven are REITs. There are currently no planned development projects in this market, though there are 89 active projects across the state.
Rate Trends
Rates in Hampton have trended downwards in the last 12 months by 12%. The average rate per square foot for standard, non-climate controlled units is currently $1.54 and $2.24 for climate controlled units.
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