Self-Storage REIT Update – 3rd Quarter 2023
December 27, 2023
The ever-evolving self-storage sector has experienced healthy performance over the past several years due to an increase in demand and only moderate amounts of new product coming to market. Self-storage properties performed remarkably well over the past 24 months with properties showing rapid gains in occupancy and rents. Despite the recent slowdown, rental rates have experienced continuous increases and vacancies are expected to remain stable as the self-storage sector returns to seasonality, closer in line with historical performance. Provided that market fundamentals remain strong and emerging technological advancements meet changing consumer demand, the self-storage market continues to have a positive outlook, albeit with slower growth projections moving forward compared to the previous 24 months.
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