The city of Lenexa in Kansas wasn't a fan of a proposed self storage development, until these changes were made.
Too much of a good thing can be your demise. Is the self storage industry the Icarus of our day?
Saturated markets have hurt properties’ average op incomes & pro forma rates, but investor appetite is still strong.
Understanding the current development cycle, is it time to hunker down until the cycle bottoms out?
What is the norm, versus what is unique? Solar panels, climate control, and heightened security are trending.
Is self storage even desired by the governing bodies that vote on their site development? Or The public around them?
"People who are ready for a 15 percent loss in occupancy or a 20 percent loss in gross revenue should OK."
Having the ability to analyze demand is key in site-selection, so don't wait until its too late.
Unless you have the years of expertise, a feasibility study by a self storage expert is highly recommended.
What makes this type of storage unique is that there are no specific demand indicators.