The pandemic changed everything including where and how people live. For instance, I moved from Illinois to Georgia as thousands leave high tax states for low tax states. Public Storage and other self-storage REITs are booming as people need somewhere to store their stuff during uncertain times.
“Self-storage thrives when people experience change, and Covid disrupted norms across all generations, “ said Drew Dolan, principal at DXD Capital, a self-storage developer and investor. He added that many customers who needed self-storage in 2020 were first-time customers.
Operators moved quickly during the pandemic to offer customers more choices for reservation and move-ins, including online rental agreements and kiosks that limited contact with other people.
“What used to be a 45-minute transaction can now be a six-minute experience,” said Natalia N. Johnson, chief administrative officer of Public Storage, in a recent presentation to investors. In April, the Glendale, Calif,-based self-storage company known for its orange doors, acquired a portfolio of 48 properties for $1.8 billion in Washington, D.C., Virginia and Maryland. CubeSmart and Extra Space Storage Inc. added dozens of locations to their portfolios this year.Wall Street Journal
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