The demand for self-storage facilities, which boomed during the pandemic, is cooling off in cities like Atlanta and Phoenix where a glut of new supply has hit the market.
Street rates at self-storage facilities are dropping as operators lower rates to avoid occupancy declines.
However, this national trend hasn't put a dent in the value of self-storage properties in the outer boroughs of New York City, a market with a high percentage of renters and low vacancy rates that continues to attract investors in storage facilities.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.