Self-Storage Facility-Performance Check-In: What’s Really Happening Out There With Occupancy and Rental Rates?

There’s been a lot of chatter in the self-storage industry lately about a decrease in occupancy and rental rates. Some media outlets and data providers have even suggested that the industry is headed for a major slowdown. They cite many contributing factors, from inflation and higher interest rates, which lead to a reduction in consumers’ discretionary income, to market saturation and increased competition. Is it true? Are most self-storage facilities facing dips in physical and economic occupancy? Or are operators simply overreacting to a normalization of the market after the unprecedented demand of the pandemic years? What’s really happening out there? Members of the Self-Storage Talk community are sharing their performance numbers and perspectives to help provide an accurate gauge of the market. Read what they report in terms of occupancy and rates and get ideas for boosting income when necessary. Then add your own input!