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…
A Chattanooga, TN-based commercial real estate developer and investor is fueling the growth of its new self-storage division with proceeds from a recent asset sale. Hutton Co. Inc. is on track to launch its first two self-storage developments in early 2021, said Aaron Breeden, vice president of Hutton. Breeden said the company will seek self-storage…
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…
A newly formed commercial real estate finance company whose offerings include self-storage loans filed Dec. 23 for a $110 million IPO. Dallas, TX-based NexPoint Real Estate Finance Inc., founded in 2019, plans to list its shares on the New York Stock Exchange under the symbol NREF, according to its IPO filing with the U.S. Securities…
Fresh off its recent sale of three facilities to Extra Space, New Mexico’s Guardian Storage is planning to build two more self-storage buildings, one in Albuquerque and the other just outside Phoenix, Arizona. Paul Hedges, a partner at Guardian Storage, said he hopes to start construction next spring on a new 120,000-square-foot, three-story facility on…
