How to Build Self Storage in the Great Recession of 2023 and Why Self Storage Franchising? are 2 articles I was asked to write for October publication. When they come out I can send you a link. Just email me. marc@storageauthority.com
The bottom line is inflation (higher construction costs) and higher interest rates may require you to have $250,000 or more additional equity to invest than in the past. But given the higher covid/work-from-home/inflation occupancies and rental rates, you have an opportunity to make more profits than ever. And if you wait it is likely to be even more than $250K.
The bottom line is inflation (higher construction costs) and higher interest rates may require you to have $250,000 or more equity to invest. But given the higher covid/work-from-home/inflation occupancies and rental rates can provide an opportunity to make more profits than ever.
There is no doubt that fewer facilities will be built in 2023 & 2024 to meet the growing demand. Another reason to build now.
I know a thing or two about building a self storage in a recession. I built 2 in the 2008 Recession. You can see from above it was the most severe economic recession in the US since the Great Depression of the 30's. Was it challenging? Of course, it was. Would I do it again absolutely!! It has made me a millionaire many times over. But the question is it your time to build. I can send you the articles noted above and it may be an easy yes or no for you. If you are on the fence give me a call at 860-830-6764
But as always you need the knowledge to do it right the first time. And to build and operate a premier facility. And that is where self storage franchising comes in. Storage Authority provides its franchise owners the knowledge needed to find land, evaluate land, design & build your facility. Storage Authority provides benefits that most owners would not have on their own.
Get more information on Storage Authority Franchise at www.storageauthorityfranchise.com/opportunity3
Marc Goodin is President of Storage Authority Franchising. He owns 3 self storages he designed, built, and manages. He has been helping others in the self-storage industry for over 25 years. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best selling self storage books are available on Amazon.