Move-in rate is a tremendously important metric for the self-storage industry, measuring the number of leads at a given facility that turn into rent-paying tenants. On SpareFoot, the average move-in rate is at least 46 percent for any given month of the year. But, there are a lot of things that can impact how often…
Store Space Self Storage has sprinted out of the gate after opening shop last spring. The company is spearheaded by Chris Harris and Rob Consalvo, former executives at iStorage. The Orlando, Florida-based company already is operating seven locations in its home state, Texas and Indiana, and recently purchased three more properties in Philadelphia. What enabled…
Tenant Length of Stay (LOS) is a commonly used success metric for the self-storage industry, ultimately measuring the total time a tenant spends renting a unit at a facility, from move-in to move-out. SpareFoot research has shown that a good average LOS is 7-10 months. But, LOS can also get pretty complex—so we interviewed our…
Fast-growing West Coast Self-Storage is facing a challenge familiar to many other expansion-minded storage operators: as it searches for sites the company faces more competition than ever to find land for new facilities. “It is getting much harder,” said John Eisenbarth, vice president of operations and one of four owners. “Land costs are going up….
Marcus Mollmann has “moved on” from his role of CEO at full-service storage company Closetbox and has plans to launch a new venture in the near future. Mollmann told the SpareFoot Storage Beat that the reason for his departure was due to “a difference in strategic direction for the company” with the board of Closetbox….
Live Oak Bank’s self-storage lending team has been on a hot streak since its 2015 formation. The Wilmington, NC-based company finished its 165th self-storage loan in December 2017, reaching a combined $350 million in loans made to company owner/operators nationwide. But lending team leader Terry Campbell said things are cooling a bit. “I think we’re going to…
Reflection is always good in business. Self-storage owners and operators can all learn by looking back at this past year and measure the potential ahead or the obvious missed opportunities. Self-storage continues to amaze and delight owners and investors, but we can always do better. As 2017 comes to an end it is time to…
For many prospective storage tenants moving into a storage facility can be emotional and even uncomfortable. We as operators all know there are several circumstances that lead up to this move or transition, some negative and others positive. With all emotional ties with each of these life-changing events, it is the job of operators to…
Liberty Investment Properties recently announced that it has promoted Mark Poole from Regional Manager to Director of Operations for Self Storage Operations. Liberty specializes in the development and operation of high-performing, income producing, commercial real estate. Poole also serves as the current Chairman of the National Self Storage Association’s Young Leaders Group (YLG) and President…
The principal of Ft. Lauderdale-based Wheat Capital Management, Daniel Joseph Touizer, was arrested this week for allegedly bilking 150 investors out of $19 million. The company is developing a trio of self-storage facilities in Margate, Pembroke Pines and Miami, that are scheduled for completion in 2018. The company had plans to build 10 to 12 facilities…
