Self-storage companies are finding that during a recession, customers are willing to part with their personal items to save cash. As a result, self-storage real estate investment trusts are feeling the pinch, as share prices have dropped as much as 40 percent. General concerns for these companies are the challenge of luring new customers, declining occupancy and refinancing debt.
Robert Schoff, chairman of the Self Storage Association Board of Directors, said it will be interesting to see if self-storage facilities lose business this year because customers choose to cut cost vs. save stuff. Source: The Wall Street Journal, Savers Drop Self-Storage: As Pack Rats Cut Costs, Storage Companies Lose Business