Self-storage professionals are objecting to a new ordinance that prohibits storage facilities in Los Angeles, CA, from collecting rent and late fees from tenants who’ve been financially squeezed by the coronavirus pandemic. Industry professionals complain that the ordinance wasn’t needed because self-storage operators in L.A. and elsewhere already were voluntarily helping tenants who’ve been unable…
During a crisis or an economic downturn, there are many people going through life changes who become new storage tenants. In order to make sure that your storage business is effectively serving these potential tenants’ needs, it’s important that you’re communicating effectively. Of course, great communication shouldn’t just be limited to a recession. It’s an…
Document storage and logistics company Iron Mountain is investing more money into MakeSpace, the full service storage company that offers pick up and delivery of customers’ stored items. Iron Mountain led a $55 million Series E founding round for MakeSpace, which included participation from 8VC, Upfront Ventures, Maywic Select Investments, Ten Eighty, Provenio Capital and…
When a storage customer stops paying rent, it is customary for a storage operator to overlock the unit, put a lien on the items inside and auction off the contents. But by and large self-storage operators have paused auction activity since stay-at-home orders have cost millions of Americans their jobs. In addition to the leading…
New innovations enhance integration between SpareFoot, SiteLink and storEDGE, delivering an expanded contactless move-in experience to improve convenience and safety for tenants and managers. Austin, TX (April 28, 2020) — The industry’s most trusted name in storage technology, Storable, announced today the release of a number of new contactless move-in capabilities across its fully-integrated software…
United-Hampshire US REIT hopes to tap into strong investor appetite and a lucrative market for REITs in Asia with its recent public offering on the Singapore Exchange. But first, it might have to weather some COVID-19 related turbulence. United-Hampshire (traded under the symbol OBDU) became the sixth U.S. REIT to list on the Singapore Exchange…
InSite Property Group (InSite) – a fully integrated developer, builder and operator of Commercial Real Estate assets – is pleased to welcome Nathan McElmurry to the team in the role of Senior Vice President to oversee all acquisitions for its wholly owned SecureSpace Self Storage division. McElmurry was previously the Senior Vice President of Acquisitions…
Lenders are pulling back in response to the unprecedented uncertainty posed by the COVID-19 pandemic, but select self-storage operators are still able to secure financing. “A significant number of lenders have moved to the sidelines,” said Jim Davies, a principal of self-storage capital advisor firm Talonvest Capital. Talonvest brokers loans for storage operators primarily from…
Self-storage owners and investors are about to find out whether the industry is as recession-resistant as many have assumed over the years. Jeffrey Adler, vice president at Yardi Matrix, made clear during a company spring-outlook webinar last week that the self-storage industry—along with the entire U.S. economy— is now in “unchartered” territory as a result…
Responding to social-distancing practices prompted by the coronavirus pandemic, self-storage operators big and small are favoring “no touch” over the human touch. In recent weeks, a number of self-storage operators have rolled out, beefed up or promoted “contactless” options for renting units. But Robert Chiti, chairman and CEO of Phoenix, AZ-based self-storage technology provider OpenTech…
