The demand for self-storage facilities, which boomed during the pandemic, is cooling off in cities like Atlanta and Phoenix where a glut of new supply has hit the market.
Street rates at self-storage facilities are dropping as operators lower rates to avoid occupancy declines.
However, this national trend hasn't put a dent in the value of self-storage properties in the outer boroughs of New York City, a market with a high percentage of renters and low vacancy rates that continues to attract investors in storage facilities.
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