In what some are calling "one of the most unaffordable housing markets in the past 30 years," self storage units, especially non-climate controlled (NCC) have had a rough time as stifled home sales have greatly crimped demand, according to Yardi Matrix's National Self Storage Report for December 2023.
Self storage operators rely on a population that moves about the country. But with elevated mortgage rates fewer people are packing up and moving to a new area especially if it means taking on a higher rate. .
Healthy new development in the sector is not helping much, either. Although some developers are delaying their new projects, as they can.
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