Covid greatly increased the demand for self-storage as people started spending more time in their homes.
People started cleaning out their houses, undertook home improvement projects, and people working from home created home offices. As well college students returned home and people started migrating out of large cities. This was a phenomenon that no storage analyst saw coming as virtually every facility in the United States filled up as rates continued to skyrocket!
As the utilization of storage increase from 8.8% to 10.4% of the US population using storage, Dave started to evaluate development of new facilities in all trade areas in Northwest Ohio. Although storage is a small niche sector, it is very desirable for fund managers as it has performed better then any other real estate asset class during the last three economic downturns.