Self Storage Industry on the Rise...Again
The self storage industry experienced extraordinary growth in the early 2000s when the amount of properties doubled in size and the marketplace exploded. Unfortunately, according to an article by Josh Salman, “Industry analysts say developers became a little too zealous during the housing bubble, causing many newly-built self storage locations to fold when the market crashed beginning in 2007.”
Following years of recession and market over-saturation, the self storage industry is making a comeback. Salman says, “Occupancy rates are considered at healthy levels when they reach 80 percent. Sarasota and Manatee county averages [for example] stand at about 82 percent.” Factors driving business to storage facilities during our post-2007 recession era include promotional rental rates, national downsizing and more. The functionality of self storage, healthy economy or not, is what makes it a very resilient industry.