Miami, FL, is mulling two moves that would clamp down on self-storage development — moves that some industry observers welcome as a much-needed cooling-off period but that others view as government overreach. On January 15, Miami’s Planning, Zoning & Appeals Board endorsed two proposed rules for self-storage developments in the city: A ban on storage…
As self-storage professionals know, moving ranks among the biggest drivers of self-storage rentals. But what happens to that chunk of business once the relocation rate in the U.S. drops to an all-time low? In 2018-19, just 9.8 percent of Americans moved, according to data released in November by the U.S. Census Bureau. That’s the first…
Street rates are down for self-storage properties. Will a slowdown in new deliveries provide relief? Yardi Matrix reports that street rates dropped in about 75 percent of the markets it tracks, according to its December National Self Storage Report. Street rates for standard 10×10 non-climate-controlled units fell 1.7 percent year-over-year in November and 3.3 percent…
In the self-storage business, 2020 could be the year of “Let’s make a deal” when it comes to newly built facilities. In recent months, executives at several self-storage REITs have signaled that some brand-new facilities could be up for grabs at potentially lower prices as their owners recognize that hoped-for financial projections are out of…
Elected officials in a town in western Wisconsin have put a different twist on how city governments across the U.S. are clamping down on self-storage projects. In late November, the City Council in Menomonie, WI (population 16,540) unanimously rejected a proposal to permit development of self-storage facilities with more than 200 units each. That departs…
Recent data indicates a still-healthy housing market, which should generally bode well for the self-storage industry as it looks toward 2020, although housing affordability and constrained inventory are causes for concern. The self-storage industry relies on people moving in and out of homes, often targeting new development close to new homes or apartment buildings. A…
With a new partner on the team, Columbia, SC-based Taylor/Theus Holdings Inc. aims to grow its self-storage portfolio to 40 to 50 facilities within the next three to five years through ground-up developments and acquisitions. Steve Moffat recently joined Taylor/Theus as its third partner after serving as director of real estate at Extra Space Storage….
Although new supply has tamped down rents, it isn’t deterring self-storage owners and operators from mining for new opportunities in the sector. New deliveries continue to weigh on street rates, according to Yardi Matrix, producing a 2.5 percent year-over-year decline in street rates for standard 10×10 non-climate controlled space. Still, operators and investors with a…
A five-facility self-storage portfolio in the New York City, NY, market that just went on the market could fetch at least $200 million. Competition for the portfolio is expected to be fierce. Mike Mele, vice chairman of Cushman & Wakefield, which has the listing, told the SpareFoot Storage Beat that he anticipates at least eight…
The United Parcel Service is taking aim at the $38 billion dollar self-storage industry with its latest service: Storage on Demand. The shipping and logistics company has launched the new service in the Atlanta metro area. Customers who use the service will have a brown UPS truck drop off an empty plastic crate. The customer…
