Property taxes already are a pain in the budget for self-storage operators, but that pain could become unbearable for operators of facilities in California. Self-storage operators are keeping a wary eye on a proposal that would overhaul California’s property tax structure — and would bump up property tax bills for their Golden State facilities. One…
NYC-based self-storage operator Manhattan Mini Storage has once again applied outside-the-unit thinking to its advertising. In conjunction with its 40th anniversary, Manhattan Mini Storage rolled out a new ad campaign with this tagline: “Mini storage. Maximum you.” The campaign features the Storage Guru, the brand’s new spokesperson, and New York performers interpreting real-life customer experiences…
Even after a long bull run in the self-storage investment sales market, the sector is continuing to attract new capital to the space that is helping provide a steady pipeline of activity. “Deal flow this year has been very strong with no real slow down thus far,” says James Ashley Compton, MBA, national director of…
Does the overall decline in self-storage rental rates in the U.S. signal an industrywide slump? Well, not quite. On the heels of roughly six to eight years of double-digit rent growth, rental rates are beginning to normalize, said Adam Schlosser, senior director of Marcus & Millichap’s National Self-Storage Group. “The broad picture is that we’re…
Has the recent self-storage boom reach its peak? Data from the U.S. Census Bureau shows self-storage construction spending fell from an all-time high of $491 million in May 2018 to $472 million in June 2018 and $431 million in July 2018. That’s a two-month decline of 12 percent. While the numbers for the same three…
AUSTIN, TEXAS, August 30, 2018— storEDGE, a cutting-edge technology organization, is now part of the SpareFoot and SiteLink self-storage technology family, backed by Cove Hill Partners. storEDGE brings a host of best-in-class products to the existing offerings of SpareFoot and SiteLink, including marketing websites, online rentals and cloud access control tools, in addition to their…
President Trump’s imposition of trade tariffs – especially on steel – is causing major financial and planning headaches within the self-storage construction industry and stoking fears it could harm developments in the long run. From builders to lenders, officials say tariffs are forcing developers to re-calculate the costs of projects, sometimes adding 5 to 10…
Austin, TX August 1, 2018 — SpareFoot, the largest marketplace for self-storage, has been awarded Best Online Directory from Inside Self-Storage (ISS) for the 8th consecutive year. Every year, Inside Self-Storage hosts a ISS Best of Business contest for the best vendors in the industry. “SpareFoot would like to thank all the excellent clients who’ve…
Safari Energy and Extra Space Storage aren’t finished with installing solar-energy units at the self-storage firm’s properties across the country. The two companies recently announced that Safari Energy, a New York-based solar developer owned by PPL Corp., has now delivered more than 6.7 megawatts of commercial solar power capacity for Extra Space at 58 sites…
If you look at where the self-storage development pipeline is gushing these days, you can see why some developers might be attracted to those markets while others might be repelled by them. It’s sort of a tale of two cities. A report released recently by Yardi Matrix shows that as of April 30, 2018, Nashville,…
