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It’s no secret that every presidential election year can cause upheaval in capital and real-estate markets. But despite the U.S. experiencing a tumultuous election cycle, many self-storage owners are cautiously optimistic about the brief respite in declining rental rates, as well as occupancy levels.
Read on for several positives in our industry that are actively taking place – and offer the potential to set you up for success in 2025.
It’s commonly known that our industry experienced a boom during the pandemic, leading to some of the highest rental rates and occupancy levels we’ve ever seen. This boom led to increased development activities across all market types – urban, secondary and tertiary alike. As a result, this brought more attention and resources to an asset-class industry that historically has been considered "behind the curve" in technology, innovation and more.
As these enhancements and new products have become available, the self-storage experience has become far more elevated for both owners and tenants. And now facilities can take advantage of those advancements in technology platforms, products and services to address some of their most pressing issues such as using tech to fortify units from break-ins by installing higher security doors and Nokē Smart Entry keyless entry, keypads and electronic locks.
If you’re not currently considering expanding your facility and/or taking on a new construction project, you may be like many owners and operators nationwide who are assessing their immediate must-dos to increase their ROI and stay competitive with the new supply in many markets. As we all know, tenants make decisions to rent for a variety of reasons, but the curb appeal of your site is one of them. You’ll want to formulate a plan to handle the necessary repairs on currently unrentable units, address the safety and security of your site and ensure you’re doing all you can to stand out in your market in order to increase occupancy rates and revenue.
If you’re unsure where to start when considering which improvements make sense for your facility or facilities, consult with the professionals. For example, at Janus, our Facilitate division is expert at helping you keep up with repairs and preventative maintenance. And our R3 division helps transform facilities with a mix of offerings to fit your needs, including replacing your storage unit doors, optimizing your unit mix and idle land and adding a more robust security solution. Thinking about building a new facility? We help there, too, with our SmartReady™ package that provides the blueprint to lay the groundwork for a true smart building before the ground is even broken.
At Janus, we’re far more than an award-winning door provider. We’re a total solutions provider ready to help you decide on your next move.
About Our Expert
Theresa Gallas is the Director of Industry Engagement for Janus International, bringing over 15 years of expertise in technology, construction, real estate, access control, data-driven decisions and facility improvements within the self-storage sector. Prior to joining Janus in 2019, she worked with the Storage Business Owners Alliance, co-founded List Self Storage and served as past chair of the Self Storage Association’s Women’s Council. She is currently a board member of the Self Storage Association of Michigan as well as multiple non-profit organizations.
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