The self-storage industry has a positive financial outlook and is expected to continue growing in the future. The industry has been relatively recession-resistant, as people continue to need storage space even during economic downturns. Additionally, the growing population and urbanization, as well as the rise of e-commerce, are expected to drive demand for self-storage in the future.
Revenue for the industry has been steadily increasing in recent years and is projected to continue to grow in the future. According to the Self-Storage Association (SSA), the industry's total revenue was $38.2 billion in 2019, and is projected to reach $44.8 billion by 2024. The industry is also characterized by a high occupancy rate, with the average occupancy rate being around 90%.
The industry is also becoming more popular among institutional investors, which is helping to drive growth. Many REITs (Real Estate Investment Trusts) are now investing in self-storage facilities, which is providing a steady stream of capital for the industry. This is in turn helping to drive the construction of new facilities and the expansion of existing ones.
Overall, the self-storage industry has a positive financial outlook, with steady revenue growth and high occupancy rates. The industry is expected to continue growing in the future as more people seek out convenient and flexible storage options.
For investors looking to expand their portfolio, or just breaking into this market on a national level, please reach out for more information contact Wes Shattuck with First and Main RE.
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