Special Report

National Self-Storage Outlook 

Third Quarter 2020

Self-Storage Demonstrates Durability Through the Health Crisis; Positive Long-Term Demand Drivers Remain Intact

Physical distancing accelerates automation, aids demand. While self-storage businesses were classified as essential and were able to stay open during lockdowns, many still recorded subdued leasing velocity in March and April. The pace of move-ins has since improved, aided by the expansion of online rental platforms and remote access systems such as electronic locks that minimize personal interaction. The shift to remote work and learning as well as physical distancing at restaurants and businesses likely contributed to leasing activity. At the same time, the number of existing tenants moving out of units remained well below historical levels. Together these trends are driving notable changes in property performance.

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