You’ve probably heard the big news by now: Extra Space has acquired Life Storage and has become the largest operator, accounting for approximately 13% of square feet in the storage industry. And let’s not forget that in the fall of 2022 they acquired Storage Express which was over 100 remote locations.
But what’s important is how this can impact your facility! The reality is that the “big guys” are no longer contained in the primary markets. The public companies and other top operators have increased their square footage ownership by 11% since 2021 according to the Self-Storage Almanacs.
The secondary and tertiary markets are becoming the sought after product by every size investor desiring to grow their portfolio or enter the industry. As an existing owner, you could be forced to compete with business plans that have various objectives and expectations. The competition’s economies of scale applied to management and marketing resources will be a challenge that the single store owner will face.
It’s important that you are positioning yourself for success and are 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 self storage valuation audit.
At Sauls Storage Group, we specialize in maximizing self storage owners’ return of investment, while taking the stress out of the process.