CHICAGO—MJ Partners just published its latest quarterly overview of the self-storage industry, and once again the study shows that the top four self-storage REITs in the sector have maintained very healthy levels of occupancy and rental increases. Furthermore, cap rates for the properties can’t seem to stop falling as investors compete for acquisitions and new development can’t seem to get started.

“In the last 12 months, the cap rates have fallen about 100 bps,” Marc A. Boorstein, a principal of Chicago-based firm, tells “And we thought the rates were aggressive 12 months ago. But there’s still not a lot of new development in the business.”

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