CThis article explores consolidation within self-storage, including the recent merger between Extra Space and Life Storage. Industry operators weigh in.
As a travel destination, Northern New Jersey may often be treated as a mere drive-through, but for self-storage development and investing, it’s a lush region. The Garden State boasts a dense population, the third-highest median household income in the nation, a high concentration of multi-family dwellings, and proximity to the nation’s largest metropolis: New York City. It’s also underserved, with a self-storage penetration rate of only 4 square feet per capita, well below the national average of 5.8 square feet, according to Radius+, a company that specializes in self-storage data, analytics and location intelligence.
“It’s mostly bedroom communities,”
Read why the Baltimore and Washington, D.C., self-storage market continues to draw investor interest, despite surges in new supply and the effects of COVID-19.