Self Storage street rates have tanked, hitting a historical low for the last decade. But that's not the whole story. Customers are getting tired of what's happening.
Typically, street rates, or the rate that is advertised publicly, will correlate with two things: revenue and occupancy. Usually, when people don't rent enough units, you have to drop the price to spur demand. Well, that's not what's happening. Occupancies are dropping, yes, but they are returning to historical normal levels. So why are rates tanking more than occupancy?
Let's break it down: how do you ACTUALLY make money in self storage, and what are the big REITs doing?
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