The self-storage sector is facing elevated demand, and that will support industry growth continuing in the latter half of 2022, according to Mark Winmill, CEO of Global Self Storage (NASDAQ: SELF), a REIT focused on the self-storage industry.
“The key industry growth drivers for the U.S. self-storage market include high average occupancy rates, job growth and population growth,” said Winmill. He says industry-wide demand remains high, with average occupancy rates still above 94.5 percent in 2021. In addition, the occupancy rate remains elevated despite an increased supply of approximately 62 million new net rentable square feet, according to the 2022 Self Storage Almanac.
Yardi Matrix recently reported that street rates for self-storage rents ticked up in April (the most recent data available) and reached the all-time high set in fall 2021.
“Demand remains strong and is shifting to cities where cost of living is lower as population and migration growth inc