Self storage rates see a severe year-over-year decline as owners brace for even more supply to come on the market during dwindling demand. What’s happening, and which markets are the most in danger? In this episode, we took some of the latest self storage industry stats on rates, demand, supply, and new construction to answer the question: Why are self storage rates falling, and when will they come back up? We even have data on the hardest-hit metro areas that YOU should watch out for.
We could be returning to “normal” as the booming demand from a few busy years starts to dry up. Markets that saw massive population growth are beginning to settle down, but all those shiny new self storage facilities are still around. If you’re a self storage operator in a market experiencing dying demand, what can YOU do to ensure you beat the competition? We’re sharing our secrets on how we make MORE money EVEN while dropping rates in today’s episode.
Got some unusual unit sizes at your facility? Changing your layout (if possible) could result in a considerable difference in occupancy. We’ll talk about a recent development deal we did that could have gone south very quickly if we hadn’t changed to THIS type of unit size layout. So don’t sit around waiting for customers to fill up your facility; do what WE’RE doing NOW before it’s too late!
What you’ll learn in today’s show:
- Latest storage industry stats and why street rates fell so much over the past year
- The self storage markets that are faring the worst and seeing the biggest price drops
- How high inventory can kill a self storage market and areas to steer clear of
- Why unit size demand changes over time and how to adjust with consumer preferences
- How to make more money even with lower demand and falling street rates
- Why casual self storage operators might not make it in 2024, but the real “business” owners will
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