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Self-Storage Continues Steady Growth
The self-storage industry might be starting to attract investor attention, according to commercial real estate research firm Reis Inc. Vacancy rates declined in Q12016, while rents continued increasing at a healthy rate.
Reis economists Victor Calanog and Barbara Byrne noted that self-storage metrics can be difficult to collect and compare, given differing unit sizes, climate control versus non-climate control and leasing seasonality. However, despite the industry’s idiosyncrasies, the Reis economists believe demand will remain steady, as users become accustomed to storing their goods. Furthermore, the sector should do fairly well, especially as apartment occupancy increases.
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