But which city has the highest daily influx of residents? The self storage industry should take note.
Relative to many other businesses in the broader economy, storage remains moderately resilient.
We all know valet service is an increasingly popular element for millennials, but what other trends have emerged?
What are the key elements that give self storage the extra edge for surviving tough economic times?
Having the ability to analyze demand is key in site-selection, so don't wait until its too late.
There is now over 1.7 billion square feet of self storage space in the U.S., or approx. 5.4 square feet per person.
We are beginning to see a new wave of development in countries such as Thailand and the Philippines.
Capitalization rates for self storage facilities have stabilized over the previous three years.
Unless you have the years of expertise, a feasibility study by a self storage expert is highly recommended.
Generally, "other income" - retail sales, tenant insurance, etc. - ranges from 1-10% of storage unit rental income.