250. The Self Storage Industry is Starting to “Thaw” (Take Advantage Now!)
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 25 June 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
The self storage industry is starting to “thaw” as renters return and occupancy begins to rise. But this isn’t happening at every facility. Many self storage operators are still struggling to get new customers in the door, and if your facility is having the same problem, this episode is exactly what you need. We’re peeling back the curtain and sharing exactly what we’re doing to raise occupancy, beat our competitors, and get units rented before the busy season ends. Last week, we talked about a return to “normal” for the self storage industry, with significant year-over-year storage demand drops. Now, it seems that we’re finally getting our busy season back as May rolls in and more facilities experience a seasonal boost. If you’re not taking advantage of this, you need to act fast. Not doing so could force your facility into higher vacancy for longer while your competitors take the customers passing you by.
We’re sharing our portfolio stats, the strategies we’re using to increase occupancy, and the operational changes we’re making to bring customers back. If you follow our lead, you could see your facility start to fill up fast this summer!
What you’ll learn in today’s show:
- Why the self storage industry is starting to ‘thaw” and why 2025 - 2027 may be the best years yet
- Exactly what we’re doing right now to bring in more customers and keep occupancy high
- Our actual self storage facility stats and why we saw a big uptick in May rentals
- Operational changes you MUST make if you want to have high occupancy at your facility
- Whether or not lower interest rates will reignite the hot housing and storage markets
- Metrics we’re watching closely that point to low or high occupancy rates
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Transcript
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| 0:00.0 | That perspective or that tone that shapes market forces absolutely solidifies future demand. |
| 0:06.3 | I love it. That means we're going to have higher occupancy and higher rates over the next three years, |
| 0:10.3 | which we said. |
| 0:11.0 | 2024 adjustment, 2025, things are going to be good. |
| 0:14.6 | 26 and 7 are going to be gangbusters. |
| 0:16.5 | I mean, I won't spill the beans, man, but I'm really excited about what we're seeing so far and really excited to dive into this. |
| 0:23.6 | It's great to see the basics working and everything planning and our business model being executed at a massive scale like this, which is absolutely amazing. |
| 0:40.5 | Welcome everybody to self-storage income, and we have got the numbers, the reports, |
| 0:47.5 | the stats, where our portfolio is at today, how that has changed over the busy season, |
| 0:53.2 | and that takes us and gives us a broader |
| 0:55.5 | look at the industry, demand, and occupancy. I'm really excited to go through this. It's a good |
| 1:02.2 | insight to this year, what's changing up, what we've seen. And we're going to draw some parallels |
| 1:09.0 | here. So I'm really excited to dive into this. |
| 1:11.8 | We got three months worth of data here. |
| 1:15.6 | So it's, you know, last year was rough. |
| 1:20.0 | Yeah, it was for a lot of people. |
| 1:21.3 | Yeah, for sure. |
| 1:22.0 | Rough year. |
| 1:22.8 | It was, demand was down a lot. |
| 1:26.8 | We had rents dropped across the board, occupancy, you know. |
| 1:31.3 | And so we had a lot of people that were just not obviously pleased. |
| 1:37.7 | We don't like it when things go down. |
... |
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