The buzz words in our industry are “recession resistant” and “downturn proof.” And I will say that I have never driven by a property that was once a self storage facility and is now converted to another use. But I have seen numerous other property types that are now attractive self storage businesses. As a culture – self storage is here to stay, as 1 in 3 Americans use self storage according to storagecafe.com. What you may not realize from a drive-by is that just because a facility is thriving today, doesn’t mean it didn’t struggle during the last downturn or that the same entity still owns it. As the economy shifts, inflation soars and interest rates rise, the new supply takes longer to lease up and the added supply to the existing market can create a dormancy or decline for the existing self storage businesses.
It’s important that you are positioning yourself for success and hyper focused on your operations. It is equally important to fully understand what’s happening in your local market that can impact your property’s value!
Know your numbers, know your market, and know someone who understands your needs. We are here to help you strategize how to maximize your cashflow and valuation! Contact us today for a full strategy review and property valuation.
At Sauls Storage Group, we specialize in maximizing self storage owners’ return of investment, while taking the stress out of the process.