Self-storage well-positioned for post-pandemic growth
The self-storage industry has performed well amid the COVID-19 pandemic, and is well positioned for the post-pandemic environment, given its inflation-resistant leases and a moderate slowing in new supply.
According to Yardi Matrix, the self-storage sector has been one of the best performing property types during the past 18 months. As of June, rental rates for a 10- by 10-foot climate-controlled unit rose 12.7 percent on a year-over-year basis, while non-climate-controlled units of the same size saw an uptick in rents of 10.6 percent since June 2020.
“Self-storage has been resilient,” said Mark Winmill, CEO of Global Self Storage, a self-administered and self-managed REIT. “The self-storage industry has proven to be consistently strong in times of economic expansion and weakness. COVID-19 has presented unexpected challenges and created disruptions across various industries and verticals, including our business, tenants, employees and the communities in which we