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.
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The panic many Americans face when saying goodbye to their belongings is creating a popular market for real-estate – Irvine, California-based commercial real-estate watchdog, Green Street Advisors, stated in their August market summary.
According to the report, self-storage yards are booming because a large percentage of Americans cannot finance spacious rental living arrangements. This trend may be due in part to a loss of fortunes from the recession and the inability to afford a permanent residence. Those who cannot afford a spacious home need somewhere to put there things, and therefore many turn to storage units as a solution.
The value of self-storage property has gone up by 18% in a year and 57% above its August 2007 peak, Green Street’s index showed.
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