What is the market competition like for self storage?

The market competition for self-storage varies depending on location and the number of facilities in the area. In some markets, there is high competition among self-storage operators, while in others, there is limited competition. Competition can affect rental rates, occupancy rates, and the overall performance of self-storage facilities. The self-storage industry has seen significant growth in recent years, with new operators entering the market and existing operators expanding their portfolios. This growth has led to increased competition in some markets, which has driven innovation and improvements in the self-storage product offering.

According to Mini-Storage Messenger, in 2022 there were 51,206 self storage facilities up from 50,523 in 2021.