Wanted: Self-Storage in the Wake of Hurricanes
Hurricanes Harvey and Irma struck Texas and Florida respectively, leaving behind damage, flooding and other issues. The storms also left behind a growing demand for self-storage. People need safe and dry places to store salvaged possessions from damaged homes.
Life Storage Inc., which owns and operates 69 storage locations in Houston and Beaumont, TX, said it experienced a pickup in demand after Hurricane Harvey roared ashore. The Buffalo, NY-based REIT indicated its occupancy was 92% in Houston before the storm, and now it’s close to full.
Houston’s overall vacancy rate in Q2 2017 was 11.2%, up from 10.6% at the end of 2016. The forecasted vacancy of 12.2% by the end of 2017, issued by Reis Inc., could change if developers pull back on construction plans.
For comments, questions or concerns, please contact Amy Sorter
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