Market at a Glance
This dashboard provides a high-level overview of the Citrus Park self-storage market, highlighting key performance indicators and comparing local trends against national averages. The data indicates a robust and resilient market, outperforming national benchmarks.
Citrus Park Avg. Rent/SqFt (CC)
$2.03
Across all unit sizes
Citrus Park Median HHI
$84,220
~20% above metro average
Citrus Park Total Population
29,200
approx. 2025
Tampa Y-o-Y Rent Growth (CC)
+2.6%
As of May 2025
Rent/SqFt Comparison: Climate-Controlled Units
This chart compares the average rent per square foot for various unit sizes in Citrus Park against the national average, showcasing the local market's premium pricing.
Rental Rate Trend: Tampa vs. National
This chart illustrates the significant divergence in year-over-year rental rate changes between the Tampa market and the national average, highlighting Tampa's counter-cyclical strength.
Citrus Park Population Trend (2021-2028)
This chart shows the consistent population growth in Citrus Park, a key driver for self-storage demand, with projections through 2028.
Market Data Deep Dive
This section provides a detailed breakdown of achieved rent per square foot for Class A climate-controlled facilities and analyzes rental rate trends over the last three years in Citrus Park and the broader Hillsborough County submarket.
Citrus Park: Achieved Rent per SqFt (Class A Climate-Controlled)
Citrus Park commands strong rental rates, significantly higher than national averages, reflecting robust local demand. Promotions are common, but long-term achieved rents are strong.
| Unit Size (Sq Ft) | Dimensions | Average Monthly Rate | Approx. Rent/Sq Ft |
|---|---|---|---|
| 25 | 5x5 | $72 | $2.88 |
| 50 | 5x10 | $123 | $2.46 |
| 100 | 10x10 | $169 | $1.69 |
| 150 | 10x15 | $286 | $1.91 |
| 200 | 10x20 | $368 | $1.84 |
| Average (all sizes) | $203 | $2.03 |
Source: StorageCafe. Note: Rates are approximate and can vary with promotions.
Hillsborough County: Representative Achieved Rent per SqFt (Class A Climate-Controlled)
Pricing varies significantly across sub-regions within Hillsborough County, emphasizing the need for hyper-local analysis and competitive positioning.
| Sub-Region | Facility/Operator Example | Unit Size | Monthly Rate (Approx.) | Approx. Rent/Sq Ft | Source |
|---|---|---|---|---|---|
| Citrus Park | Avg. Market Rate | 5x5 | $72 | $2.88 | StorageCafe |
| Citrus Park | Avg. Market Rate | 10x10 | $169 | $1.69 | StorageCafe |
| Valrico | Extra Space Storage | 5x10 | $63 | $1.26 | Extra Space Storage |
| Valrico | Extra Space Storage | 10x10 | $111 | $1.11 | Extra Space Storage |
| Lutz | Midgard Self Storage (23830 State Road 54) | 5x5 | $15 | $0.60 | Midgard Self Storage |
| Lutz | Midgard Self Storage (26504 Wesley Chapel Blvd) | 5x5 | $33 | $1.32 | Midgard Self Storage |
| Tampa | Extra Space Storage (808 N Rome Ave) | 10x10 | $159 | $1.59 | Extra Space Storage |
| Tampa | Extra Space Storage (1011 E Dr Martin Luther King Jr Blvd) | 10x10 | $158 | $1.58 | Extra Space Storage |
| Tampa | Extra Space Storage (10110 Anderson Rd) | 10x10 | $98 | $0.98 | Extra Space Storage |
| Tampa | Public Storage (4625 W Gandy Blvd) | 10x10 | $147 | $1.47 | Public Storage |
Note: "Class A" designation is inferred from major operators and presence of climate control and modern amenities. Rates are approximate and can vary with promotions.
Growth Drivers & Future Demand
The market's strength is underpinned by strong demographic trends and planned residential growth. This section outlines the key factors fueling current and future demand for self-storage in the area.
Robust Population Dynamics
Sustained population growth and strong in-migration are the primary engines of demand. Citrus Park itself saw a 3.31% population increase between 2022 and 2023. This influx of new residents directly translates to an expanding customer base for storage.
New Housing & Densification
The Citrus Park Village Plan is a critical long-term driver, aiming to increase residential density and provide a balance of housing choices, including apartments and townhomes. This shift towards higher-density housing inherently creates more demand for off-site storage as living spaces become smaller.
Favorable Economic Profile
Citrus Park residents have a median household income ~20% higher than the metro average. This financial capacity means residents can afford storage services. The broader Tampa economy is also growing, fueling business and e-commerce storage needs.
Key Residential Developments
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Citrus Park Village Plan
Directly within the micromarket, this plan focuses on mixed-use, higher-density residential development, ensuring a long-term, sustainable pipeline of local storage demand.
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New Construction Homes (e.g., Avonwood, Alvina St)
Ongoing demand from new homeowners needing space during moves or for overflow within the immediate Citrus Park area (Tampa, FL 33625 zip code).
Risks & Strategic Recommendations
While the market is strong, success requires navigating a competitive landscape and regulatory environment. This section outlines key risks to consider and strategic actions to take for a new development.
Market Risks & Considerations
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Intense Competition
The market features numerous operators using aggressive promotions ("first month free"). This can compress initial revenue and requires a strong strategy to achieve higher long-term rents.
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High Supply Pipeline
Tampa has a higher-than-average supply under construction (6% of stock). Within the Citrus Park micromarket, there are approximately **15 facilities** within a 0.7 to 4.1-mile radius. While demand has absorbed it so far, continued construction could lead to localized oversaturation if growth slows.
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Regulatory Hurdles
Developers must navigate the detailed Hillsborough County Land Development Code (Sec. 6.11.60). Potential community opposition regarding infrastructure strain can also cause delays.
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Economic Headwinds
Broader housing market volatility (rising insurance, interest rates) could eventually soften the "housing transition" demand driver, even in a resilient market like Tampa.
Strategic Recommendations
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Focus on Premium Customer Experience
For a Class A climate-controlled facility, differentiate through superior customer service, advanced security features, convenient access, and modern technology to justify premium rents and build loyalty.
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Conduct Granular Due Diligence
Perform a hyper-local competitive analysis and a thorough review of all zoning and land development codes to de-risk the project and accurately forecast timelines and costs.
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Optimize Climate Control Features
Beyond simply offering climate control, ensure the system is highly efficient, reliable, and offers consistent temperature and humidity levels, which is a key differentiator and value driver in Florida's climate.
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Engage the Community
Proactively address potential infrastructure concerns during the planning and permitting process. A well-designed, aesthetically pleasing facility can help mitigate community opposition.