221. Self Storage Markets have Changed - Aftermath of 2023
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 28 November 2023
⏱️ 43 minutes
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Summary
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The Self Storage Market is now more different than ever. This is the first time we're seeing the impact of high interest rates in this industry. All the policy changes in the last year have culminated in us approaching storage in a way we have never before.
What's going on with the self storage market? In this episode, Conner and AJ break down what they're seeing in their private equity side as well as the operations side. If you're an investor, owner, or wanting to get into it - this is a time of consolidation that will impact every corner of our industry.
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Transcript
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| 0:00.0 | We are doing a development in Arizona. |
| 0:03.4 | And I was having this conversation with people. |
| 0:05.8 | And I was like, you know, we would have been so much worse off if a year ago or a year |
| 0:10.5 | half and ago, we would have had everything done and ready to break around. |
| 0:14.0 | We got, so that that deal got put off about eight months just because of the market |
| 0:18.8 | and timing and what was going on and that actually |
| 0:21.8 | was the best thing that could have possibly happened because we got to adapt to the market |
| 0:27.3 | and we got to see things and we got to change so the end product is much better that now we have |
| 0:31.4 | this uh this backdrop that we can take a look at and see how did these high interest rates |
| 0:36.5 | affect storage because i mean at the end of the day, that was completely unknown. |
| 0:41.7 | Oh, 100%. |
| 0:42.2 | We never had that in the self-storage industry where we went through a time with interest rates this way. |
| 0:58.1 | Welcome everybody to self-storage income. |
| 1:00.2 | And you know what? |
| 1:02.3 | It's getting towards the end of the year now. |
| 1:06.0 | It's been quite a year. |
| 1:09.3 | A year for the books, really. |
| 1:12.8 | Maybe not in good ways, but one for the books. One for the books. Storage industry. Holy moly. How you doing, Connor? Doing fantastic, man. Yeah, |
| 1:17.0 | doing fantastic. No complaints at all. I mean, like you said, this year has been one for the books |
| 1:20.9 | in a lot of ways. We have been just nonstop grinding through summertime, busy season, |
| 1:29.1 | doing things that we've never done before to drive occupancies, to drive revenue and things that we have done before, getting back |
| 1:33.7 | to basics, going back to some of these things like customer service and these other things that |
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