In Sun Belt markets, where much of the self-storage spaces have been built over the past couple of years, falling rental rates combined with climbing construction and financing costs have prompted some developers to walk away from projects entirely ...
topIn Sun Belt markets, where much of the self-storage spaces have been built over the past couple of years, falling rental rates combined with climbing construction...
topIn Sun Belt markets, where much of the self-storage spaces have been built over the past couple of years, falling rental rates combined with climbing construction and financing...
top... much of the self-storage spaces have been built over the past couple of years, falling rental rates combined with climbing construction and financing costs have prompted some developers to walk away from projects entirely.
topLee Menifee, who leads investment research for the Americas at PGIM Real Estate, a division of Prudential Financial, said that "most of the decrease in construction activity is attributed to higher construction costs and less availability of construction debt."
topLee Menifee, who leads investment research for the Americas at PGIM Real Estate, a division of Prudential Financial, said that "most of the decrease in construction activity is attributed to higher construction costs and less...
topLee Menifee, who leads investment research for the Americas at PGIM Real Estate, a division of Prudential Financial, said that "most of the decrease in construction...
topLee Menifee, who leads investment research for the Americas at PGIM Real Estate, a division of Prudential Financial, said that "most of the decrease in construction activity is attributed...
topAccording to SpareFoot, an online platform where people can search for storage units, the average monthly rent for a unit in the United States was $85.14 as of March, down from $108.58 two years earlier.
topAccording to SpareFoot, an online platform where people can search for storage units, the average monthly rent for a unit in the United States was $85.14 as of March, down from...
topAccording to SpareFoot, an online platform where people can search for storage units, the average monthly rent for a unit in the United States was $85.14 as of March, down from $108.58 two years earlier.
top"It was really attractive in the moment, but as soon as you go through planning, building, by the time you deliver, you're kind of in a different market," he said.. . Many developers, spurred by the pandemic to invest money in new self-storage facilities, have been caught short by this drop in demand
topOver the next two years, millions of square feet of self-storage projects are expected to open up.. . Higher interest rates also make it harder for developers of storage facilities to finance construction
top... in cities like Phoenix and Atlanta, said Tyson Huebner, the director of research at Yardi Matrix, a division of the property-management software firm Yardi.
topThe demand for self-storage cooled right as a glut of new supply hit the market, particularly in cities like Phoenix and Atlanta, said Tyson Huebner, the director of research at Yardi Matrix, a division of the property-management software firm Yardi
top... market, particularly in cities like Phoenix and Atlanta, said Tyson Huebner, the director of research at Yardi Matrix, a division of the property-management software firm Yardi.
top... supply hit the market, particularly in cities like Phoenix and Atlanta, said Tyson Huebner, the director of research at Yardi Matrix, a division of the property-management software firm Yardi.
topThe demand for self-storage cooled right as a glut of new supply hit the market, particularly in cities like Phoenix and Atlanta, said Tyson Huebner, the director of research at Yardi Matrix, a division of the property-management...
top... demand for self-storage cooled right as a glut of new supply hit the market, particularly in cities like Phoenix and Atlanta, said Tyson Huebner, the director of research at Yardi Matrix, a division of the property-management software firm Yardi
topAccording to the Self Storage Association, a trade group, around 11 percent of U.S. households have a self-storage unit, but there isn't enough new demand to make up for the many new facilities that...
topFor existing self-storage operators, it's much more expensive to do business today, said Timothy Dietz, the president and chief executive of the Self Storage Association
topFor existing self-storage operators, it's much more expensive to do business today, said Timothy Dietz, the president and chief executive of the Self Storage Association.
topAccording to the Self Storage Association, a trade group, around 11 percent of U.S. households have a self-storage unit, but there isn't enough new demand to make up for the many new facilities that have popped up around the country
topFor existing self-storage operators, it's much more expensive to do business today, said Timothy Dietz, the president and chief executive of the Self Storage Association.
tophouseholds have a self-storage unit, but there isn't enough new demand to make up for the many new facilities that have popped up around the country.
top... Menifee, who leads investment research for the Americas at PGIM Real Estate, a division of Prudential Financial, said that "most of the decrease in construction activity is attributed to higher construction costs and less availability of construction debt."
topPreviously, the increases would happen after customers had been renting for around a year, but "now, that's hitting in Month 2 or 3 - the move-in rates now are almost like a promotional rate," said Kristin Millington,...
topPreviously, the increases would happen after customers had been renting for around a year, but "now, that's hitting in Month 2 or 3 - the move-in rates now are almost like a promotional rate," said Kristin Millington, the director of the self-storage and manufactured housing groups at Crow Holdings Capital,...
top... hitting in Month 2 or 3 - the move-in rates now are almost like a promotional rate," said Kristin Millington, the director of the self-storage and manufactured housing groups at Crow Holdings Capital, a real estate development and investment firm
top... rates also make it harder for developers of storage facilities to finance construction.. . Lee Menifee, who leads investment research for the Americas at PGIM Real Estate, a division of Prudential Financial, said that "most of the decrease in construction activity is attributed to higher construction costs and less...
topHigher interest rates also make it harder for developers of storage facilities to finance construction.. . Lee Menifee, who leads investment research for the Americas at PGIM Real Estate, a division of Prudential Financial, said that "most of the decrease in construction...
topAs the industry cuts so-called street rates to entice new customers, its existing customers are paying substantially higher rates that are sometimes raised twice or more in a year
topAs the industry cuts so-called street rates to entice new customers, its existing customers are paying substantially higher rates that are sometimes raised twice or more in a year
topDuring the pandemic, a wave of city dwellers fled their homes as offices closed, many searching for more outdoor space and residences closer to family.
top... an industry that was booming a few years ago during the coronavirus pandemic but now finds it has built way too many rental units. As the industry cuts so-called street rates to entice new customers, its existing customers are paying substantially higher rates that are sometimes raised twice or more in a year
topOne of the reasons for the drop in demand is that people aren't relocating as much. During the pandemic, a wave of city dwellers fled their homes as offices closed, many searching for more outdoor space and residences closer to family