11 Mar 2026
This week the Radius+ team took a look at the Provo-Orem-Lehi, UT CBSA.
Historical Supply Growth in Provo-Orem-Lehi, UT CBSA:
2022: 3.3%
2023: 2.2%
2024: 1.2%
2025: 0%
Provo and its surrounding cities already have a relatively high square foot per capita compared with national norms, which has influenced development decisions in recent years. The market saw moderate supply growth from 2021 through 2023, followed by slower additions over the past two years that have allowed rental rates to recover and move upward. The region's stable economy, supported by major universities, continues to sustain storage demand despite elevated inventory levels. These strengths position the market for continued rental rate improvement.
