by Josh Parker
We've been saying it for years- "the best time to get into self-storage was five years ago, the second best time is right now." In five years, we'll still be saying the same thing.
The truth is, the best time is always when you decide to get off the sidelines and get in the game.
Here are just a few reasons you should be in the game right now:
If you wait for the rates to come down, you'll miss it. Self-storage development takes time, so you need to start now, so when the rates come down you can take advantage of the opportunity.
Recent trends show land prices are decreasing: https://www.storageauthorityfranchise.com/post/decreases-in-self-storage-land-a-unique-opportunity
There are opportunities out there for off-market deals- don't let them all get snatched up by the big developers. Call every self-storage contractor you can find and see if they know of any projects "on hold" you may be able to swoop in and get a deal where someone ran out of money, a partner backed out, etc.
You're losing money if you wait: https://www.storageauthorityfranchise.com/post/your-losing-over-200k-per-year
Yardie just reported self-storage rental rates increased (May 2024 -June 2024) for the first time in a long while, and that Nationally, the NRSF delivered as a percentage of the starting inventory the last in the last 36 months was 8.5% vs 2.8% for the last 12 months. They also confirmed a considerable amount of new development projects ( especially in the early planning/design phases) have been abandoned.
BONUS: Storage Authority has the franchise model to launch your self-storage journey in less time, with less frustration, and help you navigate what is unknown to you, but is a well-traveled road for us.
Are you ready to get off the sidelines and in the game? Call me. 203-213-7438 or Email Josh@StorageAuthority.com
Here is a picture of an under-construction Storage Authority facility owned by one of our go-getter franchisees from last week- getting ready to pour concrete. I can tell you now that this franchisee never sat on the sidelines- he put himself fully into the game and made it happen.
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