Self-Storage Vacancy Rates Down, Rents Healthy In Q2
The self-storage industry fared well this past quarter.
Vacancy rates continued to decline while rents remained healthy in the segment, which experts attribute to students being out of school and in need of temporary storage for their belongings. More people also move during the summer months, affecting self-storage, National Real Estate Investor reports.
In Q2, vacancy rates reached 11%, the lowest for that quarter in four years with the exception of 2015. At the same time, occupancy has grown by 11% since 2012, due in large part to slow growth in storage units under construction. [NREI]