Investors’ enthusiasm for the self-storage industry has brought them running into secondary markets during the first half of 2015. This is good news, since the sector is continuing its streak of high occupancy, improved leasing velocity, and limited supply.
Chicago, Illinois-based real estate brokerage and investment banking firm MJ Partners co-founder Marc Boorstein said private owners reported occupancy rates at 89%, with five major publicly-traded self-storage firms achieving 92% occupancy on their thousands of units, noting, “leasing is going gangbusters…we’ve never seen all-time record occupancy like this in the industry”.
Boorstein noted that “cap rates are even plunging in the second- and third-tier markets”, and that new properties usually have all their spaces full at around four years since the self-storage property opened; now the time frame for that movement has been reduced to three years.
We are thankful to so many customers who have chosen Pond Springs Mini Storage in Austin, Texas as the place to hold their valuable possessions. To make reservations or learn more about our services, you can call us at (512) 335-1500 today or any day of your choosing.