ver the past few decades, the self-storage industry has slowly but steadily adopted new technologies. In the late 20^th century, automated gate access became increasingly prevalent, providing tenants with greater convenience and security. Following the new millennium, management software began replacing paper ledgers and spreadsheets. Revenue management technology followed, drawing inspiration from best practices in other industries. Most recently, there’s been a noticeable proliferation in technology supporting customer acquisition, utilizing digital marketing platforms, online reservation systems, and AI-powered chatbots to drive occupancy. The pandemic was responsible for the acceleration on this front.

But what about operations? Despite its vital importance, operational innovation has taken a back seat in the race to attract new customers. As insurance costs rise and taxes tighten margins, self-storage businesses are under increasing pressure to perform. This is a pivotal moment for the industry. Isn’t it time to get smarter with the backbone of the business? Technology aimed at optimizing operations could be the solution owners didn’t know they needed.

Let’s paint a picture: An operator with several properties might struggle to establish trackable, repeatable processes in the field, let alone understand what is accomplished each day at a property. The fact that property and facilities management is still a black box today is astonishing. Smarter operational tools and some know-how can bridge these gaps. The next wave of self- storage technology promises not only to usher efficiency and accountability but also to enhance customer satisfaction and long-term profitability. The challenge begins with shifting older ways of thinking.

Rightly so. There has never been a way to track, benchmark, or measure work performed in the field. Isn’t that something? Move-outs, overlocks, maintenance, customer lock checks, vacant unit verifications, brand standards items—none of this has been proactively centralized, monitored, and reported on. Property management has been flying blind.

What if there were a new system where an owner or operator could know exactly what is being done and when? What if the data could begin to inform smarter business decisions as it relates to staffing and resource allocation? What if instead of taking weeks to train a new manager on the ins and outs of a property management system, a simple and intuitive tool guided them through their day-to-day tasks? What if corporate travel budgets could be cut in half due to real-time, proactive property curb appeal reports? What if all this intelligence could begin to inform smarter underwriting and acquisitions strategies? It is an exciting time for the self-storage industry as new technology focused on operations transforms the business as we know it.

Mobile field management applications become a must-have for any remotely managed operation. It is paramount to have a system that centralizes information concerning customer contacts. Too many remote operations are plagued by disorganized and missing data, much to the complaint of tenants. A customer will only complain so many times before they move to the facility down the street. This technology is not only for remote operations, however. More traditionally leaning organizations find that this enables a system of accountability.

SpareBox Technologies has developed precisely this tool out of a clear need. After performing thousands of property walkthroughs and learning what is critical to the success of a property manager, the years of practical field experience has been directly incorporated into the design of the remote field application RaFA.1 Mobile Field Management Apps

These sensors are particularly valuable for climate-controlled units, where maintaining stable environmental conditions is critical to protect sensitive items like electronics or documents. Alerts triggered by temperature or humidity fluctuations allow operators to address potential HVAC failures before they escalate, while door sensors notify staff if a unit is left open. These proactive measures prevent losses and improve tenant satisfaction.

Beyond security, smart sensors enhance overall efficiency by integrating with property management systems, enabling remote monitoring and quicker decision-making. They can also identify inefficiencies such as energy waste from malfunctioning systems, helping operators lower costs. By offering a comprehensive view of facility conditions, smart sensors empower operators to optimize performance and deliver a better experience for tenants.

Designed for durability, these locks are built to withstand extreme weather conditions and tampering attempts, ensuring reliable security. Many utilize resilient wireless networks that ensure continued functionality even in the face of interference or device faults. With long-lasting battery power, maintenance demands are kept to a minimum.

Operators can start small, perhaps by implementing one or two technologies at one or a few facilities before expanding to more comprehensive systems portfolio-wide. The key is to take a phased approach that aligns with your business goals and budget.

The self-storage industry is not known for its fast adoption of new technologies, and rightly so; it is a historically simple business with incredible fundamentals. However, as the next wave of innovation takes hold, operators who embrace smarter, more efficient operations will be better positioned to thrive.

Isn’t it time to work smarter? The tools are here. The opportunity is clear. Let’s embrace it.

hat does search engine optimization (SEO) for local, brick-and-mortar businesses look like for 2025?

First and foremost, your Google Business Profile (GBP) is still the foundation for local businesses. Obviously, it should be complete and have all your current information. A detailed article about setting up a GBP can be found in the September 2024 issue of Messenger.

There’s also Bing Places, which is Microsoft’s GBP equivalent.

Another article on local SEO, published in the May 2024 issue of Messenger, discussed having customers check in on Facebook and Instagram. Naturally, those still work.

With Google’s August 2024 CORE algorithm update, it now ranks fully optimized websites higher. Consequently, it demotes websites with poor SEO (See “Expect The Unexpected” in the December issue of Messenger). By the way, Google does these updates monthly to refine their search systems to enhance the quality of results. It’s constantly changing.

Certainly, you can’t deny that AI is quickly changing the digital world. Likewise, search engines constantly evolve in how they work and deliver results to searchers.

Google’s SGE is still in its experimental stages, but I expect it will be rolling out soon and evolving. It goes beyond the links in search engine results pages (SERPs). For instance, it will analyze content on web pages and extract specific information. It will attempt to better interpret the intent behind the search. For you, focus on solving problems, not just selling services or products.

SGE will provide multi-faceted answers to allow the searcher to dig deeper. It goes beyond “people also searched for …”

Traditional blue links won’t disappear completely. Nevertheless, you must create the optimized content your searchers are seeking. Remember, write for the human reader with the search engine in mind.

How can you thrive with SGE? Focus on managing your digital marketing presence (your website and social media) to provide helpful, relevant content while demonstrating experience, expertise, authority, and trustworthiness (EEAT) and optimize images and videos for effectiveness in the digital world of AI and SGE.

Your web address or URL and the H1 title of your page must have your location. Second, include your NAP (name, address, phone number, and hours). Make sure it matches what’s on your GBP. For example, an optimized H1 title would be “Brand Self-Storage, Tempe, AZ, Near ASU and the 101.”

Next, have some enticing copy with a clear call to action (what you want visitors to do) alongside a picture or video of your facility.

Include distinctive bullet points, like “near [blank] University,” “conveniently located next to [blank],” “in the heart of [blank],” or “with the only RV storage in [blank].” Moreover, include the specific problems and pain points that your facility would solve and alleviate.

After that, showcase your amenities with a picture slider and optimize links to service and product pages. Then, add a slider with your blog articles featuring your owner/manager/staff at various local events, doing community service, or telling the story of something interesting that happened at your facility (See the recent Messenger article on blogging and using AI.).

Lastly, add your staff’s pictures, which can include short bios of how long they’ve been in the area. For more details, visit https://ahrefs.com/blog/location-pages.

Add Schema Markup to your website.
This is getting into technical SEO, but if you’re struggling with getting found locally or have tough competition, you may want to invest the time or hire someone to help you with this.

What is Schema Markup? Schema.org was created 10 years ago as “a collaborative, community activity with a mission to create, maintain, and promote schemas for structured data on the Internet.”

Structured data is a standardized format, or backend code, on web pages for easier and more efficient access for both computers and humans. Simply put, it helps the search engines understand and better index the content of your pages.

And it can get very specific. Furthermore, it requires adding backend code to your website. Not everyone knows how to do that. You need a developer.

If you have a WordPress website, some SEO plugins have paid add-ons that add Local Business Schema, but other free plugins are available.

Note, SGE is new and will evolve along with AI technology. Schema markup is a standardized format. It ensures that even if the way search results are shown on SERPs changes, your essential data will regularly be crawled, indexed, and understood.

For details on the LocalBusiness Schema markup, visit Schema’s website at schema.org/LocalBusiness.

ADD LINKS TO NEARBY LOCATIONS.
Here’s where your local organization memberships come in. Whichever local entity you are a member of or support, add their logo or picture and link it to their respective websites. Set the links to open in a new tab so visitors don’t lose your page. This could include your local chamber of commerce, the state self-storage association, the local little league team you sponsor, and any local nonprofits you support. For instance, a great blog post would be if your staff went to volunteer at a local food bank or you helped an organization store stuff for a special project. Link to their website and showcase pictures.

• Local event participation and sponsorships – Along with your support comes a link back to your site from the event website. They should also tag you on social media.
• Membership listings – You link to them, and, of course, you get a link from their listings.
• Social media posts and videos – When you upload a video to YouTube, you can add the location. It’s the same with Instagram and Facebook posts. Always tag your location. Make sure all your social media profiles have the same NAP that matches your GBP.
• Other review sites and online directories – You want to make it easy for your customers to review you, so offer them other options besides Google. There’s Yelp.com, Facebook, the BBB, and TrustPilot.com, etc. In addition, there are at least 150 online directories. You don’t have to be listed in all of them, just the ones that you feel your target audience would use. Some services charge a hefty monthly fee to get you on these sites. First, check to see if your competitors are on them. Here’s an article from Search Engine Journal that lists 20 web directories that still matter: www.searchenginejournal.com/web-directories-list/287799.
• Local newspapers and bloggers – Both of these are always looking for local, community, human-interest, and tug-at-the-heartstrings stories. Send out press releases to your local newspapers, magazines, and bloggers. Offer to write articles for them.

All in all, these are just more suggestions on how to market your facility. Each place is different and each city is different, so some of these may not work for you. Considering that most are free and just take a little sweat equity up front, there’s no harm in trying!

May you have a wonderful, prosperous New Year!

t’s 2025, and as we all do at the beginning of a new year, it’s good to look for lessons learned along the way. One that keeps popping up is that people often end up with a life much different than what they envisioned growing up. This is not a bad thing. On the contrary, it’s refreshing to let life surprise you and to find out that things have turned out much better than if you had planned them yourself.

This month’s installment of “Women In Self-Storage” showcases Universal Storage Group’s Lou Barnholdt. Like most of you, she never thought she’d end up this industry. But, also just like all of you, she’s so thankful that she did.

She graduated in 1991 and went to college at Syracuse University to study environmental design and architecture. But since home was so close to campus, she kept going back and forth to visit her family. “My mom told me that I should spend more time in school and make friends, that it’d be good for me, so I forced myself to get out of my comfort zone and decided to pledge a sorority.”

After college, Barnholdt went to work with her father as a mortgage originator at Syracuse Securities. “It was my first real introduction to sales and customer relationships,” she says, showcasing how, even without being aware of it all the time, life was already showing her the steppingstones to her later chapters in life. “I learned a lot about understanding clients’ needs and guiding them through important financial decisions. It built the foundation for many of the skills I use today, particularly in communication and problem-solving.”

Her father was bored from not doing much during retirement, so he took a job as a maintenance worker at Plantation Self Storage. And thanks to him, Barnholdt interviewed for a manager role there and got the job on the spot. “I thought it would be a temporary pit stop, thinking I’d get back into the banking industry. But banking is cutthroat and commission based, and I ended up really liking working in storage instead.”

The reasons for falling in love with this space were many. “It’s a small industry, but the people are absolutely amazing,” she says. “I don’t know any other industries where you can sit side by side with your competitors and truly call them a friend.”

But getting back to that first job. “Dad was the maintenance guy, so we were back in business together.” This made her really happy with her decision. In June of 2000, Plantation Self Storage contracted with Universal Management Company, which later became Universal Storage Group (USG). “I managed that facility for seven years,” she says proudly. “We won Messenger’s Facility of the Year Award in 2000, and my dad and I were Managers of the Year in 2001.”

It’s also served her well that she worked in all those different positions before getting to leadership. “I never ask my managers for more than I would’ve done myself as a manager,” she says, “but I also expect a lot in the areas where I gave a lot. I know what they can do because I’ve been in those shoes before.”

She loves that USG has a work culture where employees are always supported. “The leadership here is exceptional, and I’ve been fortunate to work alongside such passionate, talented individuals who genuinely care about their teams and customers. They’ve definitely empowered me to grow and to take on new challenges, as well as to develop personally and professionally.”

Moreover, she appreciates that USG is at the forefront of the self-storage industry. “We offer a lot of cutting-edge solutions to our clients while maintaining a family-oriented atmosphere,” Barnholdt says. “The culture at USG is so supportive and innovative.”

She advises females in the industry to find a mentor; then, once you’ve learned the ropes yourself, pay it forward. “Stay curious. Continue learning. Always be prepared,” adds Barnholdt. “The industry is always changing, so your voice and perspective are valuable in shaping the future of the industry.”

These perspectives can be highly valuable in a rapidly changing landscape of the industry. “Self-storage has changed so much from when I first started 25 years ago,” she says. “We used to do everything manually using spreadsheets, and now we rely on advanced technologies that are constantly being developed. Staying ahead requires constant learning and adaptability.”

She’s a testament that in a fast-paced world where everyone’s constantly advised to go, go, go, it can be just as fulfilling to stay close to family and remain long term at a job that you love.

orn and raised in Michigan, Cody Hulme, regional sales manager at Trachte Building Systems, is a successful example of someone who was able to climb the corporate ladder of a reputable company instead of taking the much more usual path of attending college after graduating from high school and then entering the workforce with a degree.

Hulme started his professional career path to his current position at a construction company in his early 20s, operating as an installer for prefabricated metal packages—many of which were produced by Trachte. He was first lured by the construction industry, and incidentally the self-storage business, due to his desire to travel across the nation. As he mentions, up until that point, he had never left his hometown. “I wanted to experience something new and travel across the U.S.,” he says. That’s when he approached an acquaintance who owned a company in Michigan that built steel storage buildings. “He said he always needed more people to work on the projects, so I got the job. And while I worked as an installer I got to travel the entire country.”

“I met [Jamie Lindau] in 2013,” he says. “But it was in 2016, when I happened to be building a facility for him in Madison, Wis., at the time, already tired of being on the road all the time, that I approached him and asked if he was hiring.”

This initiative and straight-to-the-point attitude were probably the equivalent of sending a cold email nowadays. However, being in the same facility as Lindau enabled him prove his worth in a unique way, which as an opportunity he did not shy away from. And, after noticing his resourcefulness and communication skills on the job he was currently performing, Lindau went on to offer him a job as a customer service specialist.

Nowadays, the knowledge collected from different parts of the business manifests itself in most, if not all, of his responsibilities. “No one day is ever the same at this function,” Hulme says. “However, my main responsibility is to help the customers as much as I can throughout the entire building process, from site planning to overseeing projects all the way through, including the design of the building and AutoCAD.”

Trachte’s history, evolving from a simple tinsmith and furnace repair shop owned by two brothers to becoming one of the leading modular prefabricated steel structure sellers in North America, resembles Hulme’s own hardworking and resilient trajectory. Besides juggling his ever-growing list of responsibilities and promotions at Trachte, he also added the designation of property manager to his schedule from 2018 to 2023, working at the Lindau family’s Sun Prairie Self Storage facility in Wisconsin, where he performed fundamental functions that made him an integral part of Lindau’s business ecosystem.

“I had to learn how to deal with tenants living in their units,” says Hulme, “which taught me that sometimes you have to weed out the bad ones to get the good ones. But overall, in managing self-storage, there are a lot more positives than there are negatives. The negatives are very far and few between.”

However, he believes companies are not very realistic about the time it takes to get their developments up and running. For that, he recommends setting more sensible expectations, as that’s going to keep the project on track and avoid going over budget. “Setting a realistic timeline from the beginning will help the project run smoothly. Being overly aggressive will end up costing a lot more,” says Hulme. “[It’s important to not] underestimate the overall project timeline, as construction projects need to have room to adjust for delays from approvals, weather, holidays, etc.”

He also mentions that having an open and honest communication line with the construction team is key to avoiding headaches. “Communicate a timeline with all your subcontractors and make sure the subcontractors communicate back to you weekly at a minimum, especially during the construction process.”

Hulme has noticed a new interesting shift since the COVID-19 pandemic, when rentals began to happen mostly online, which is the return of customers going back to facilities to close the deal on units. He highlights this shift brings in an important new focus to businesses. “Your service and management are more important now than ever before. You need a good manager; you have to have a people person and people [at the facility] that are honest with the tenants,” he states. “In 2020, the business did a full 180 from people making appointments to meeting with you to renting online. However, now that we are kind of getting over the COVID era, more people are coming in to meet the people they are dealing with, so management is a key component in your branding.”

With that in mind, he also mentions businesses should refrain from business practices that can be seen as dishonest. “[Refrain from practices such as] offering a huge discount for the first month, then rapidly increasing the rental rate. Many customers have expressed anger over this practice and are upset about the lack of transparency with how much and when prices will increase.”

Sharing his time between U.S. and Canadian clients, he has noticed a few differences when it comes to the Canadian self-storage market. “Canada does more heated buildings, like in-floor radiant heating under the slab, while the U.S. doesn’t follow this same concept, usually choosing to do fully climate-controlled buildings with an HVAC system and requiring 48-inch frost walls in lieu of floating slabs with radiant heating under the slab.”

To this day, Hulme believes the experience of juggling different responsibilities was fundamental in his growth as a professional, as the experience made him capable of attending to all areas within the industry. “My experience of being in the field of customer service has helped a lot in my current role, as I’m able to give the best direction I can to our customers,” he says. As for his experience in the construction building, “It made me capable of helping [clients] with the installation process if they are doing their building themselves; I can also look at their site planning and give them feedback on what would work better for their facility on a case-by-case basis.”

Fast forward to becoming an adult and starting his career as a general recruiter in Scottsdale, Ariz. As serendipity would have it, one day an opportunity to work in self-storage for a technology company came across his desk. “It was a company that built self-service kiosks for storage facilities called OpenTech Alliance. Since I was already interested in that industry, I interviewed for the job,” says King, who was hired as development manager for the Western U.S.

This would be the beginning of a long career in self-storage that went well beyond his initial interest as a child. “I spent five years working for that company, learning the business, going to trade shows, working with developers and operators. I was soaking up everything I could learn from everyone I met.”

As he networked with other self-storage professionals, King ended up reaching out to one of his clients, Westport Properties, which had approximately 55 storage facilities across the country under the US Storage Centers brand at the time. Around 2010, he was given an opportunity to join Westport Properties as vice president of business development.

In 2012, his focus became the acquisition of existing storage facilities and locating land sites to develop. After thriving in his roles at Westport, as luck would have it, James and Jim Wentworth, founders of Wentworth Property Company, along with Tim Chester, one of King’s oldest friends, approached him for some advice on a complicated real estate deal they had in Scottsdale. Over the next couple of months, through the evaluation of the site, it became obvious that self-storage was the best use. One thing led to another, and King was hired by Wentworth Property Company. Then, in 2015, Wentworth Storage Company was formed.

In today’s world, there are more factors that go into site selection. The cost of housing and types of housing play a key role. What makes for a successful site in one part of the country can differ greatly from another part of the country.

They really pay attention to not only fulfilling demand but what type of demand. “More than ever before, our focus is building the right product for the market,” he says. “We also look for those trends that would cause longer or shorter stays.”

In some areas, it may make sense to build a multistory, climate-controlled facility, while in other areas drive-up storage is preferred. A common mistake is building multilevel products where drive-up products should go. Understanding the needs of your potential tenant is key. This type of thorough analysis is the difference between selecting or building a bad storage site or one that rents up quickly at good rates.

King also points out that market conditions are constantly changing. Rising interest rates, costs of construction, and fluctuating rents all play a factor, so Wentworth is always proactive to stay on top of everything. “Our team is regularly having conversations with industry leaders,” he says. “For example, bankers, brokers, institutional equity, and vendors all provide insights into the ever-evolving marketplace.”

There has been a lot of consolidation over the past 20 years in the self-storage business. In addition, there is a lot more competition. “Our opportunity to compete and buy value-add projects and land is getting more and more difficult,” says King. “There’s still business out there, but we must fight harder for it.”

Yet, despite all these challenges, Wentworth Storage Company still stands out thanks to their strong team and their ability to lean on their history of success, which King credits in part to their transparency when competing for opportunities. “Our track record and reputation mean everything to us,” he adds.

The increased competition in recent years has also impacted the way they conduct lease-up projections for the facilities in their portfolios. “When I first started in the business, we used to project a 36-month lease-up period for new deals,” says King. “But with as much need as there is for storage now, this number has decreased.” However, they’d rather err on the side of caution. “We hire third-party managers, and although we run our own projections, we also get theirs, then see how they match up. If their projections are longer, we go with theirs. We’d rather under promise and overdeliver when it comes to our investors and our partners.”

Wentworth’s team members also pride themselves on being scrappy. They network a lot and have phone calls with anyone who will listen. They underwrite a hundred deals a month. “It’s been an amazing metamorphosis of this business,” says Dave. “And every time I think it will slow down, we find something else to do.”

For example, they took a break from purchasing facilities 14 months ago, when deals weren’t making financial sense. However, during that period, they acquired land, as well as zoning and permitting, while the market has been soft in terms of development. Now that the market is slowly but surely coming back, they’re starting to develop more properties.

Even when the waiting periods between doing one thing and the next may make it seem like they have downtime on the horizon, they’re still hard at work. “We’re always striving to improve our processes,” says King. “We like to educate ourselves on what’s to come. We look at past mistakes to improve on those. We never really sit around doing nothing. Although we base our success on buying and selling real estate, we’ve used this time frame to make ourselves better.”

Their business partners agree. “When I think of them, I think of sharp shooters—very sophisticated when it comes to uncovering different acquisition opportunities,” says Josh McArtor, managing director of Eastdil Secured, a global real estate investment bank based in New York City and Santa Monica, Calif. “They have a very sophisticated database to identify what areas of town they want to invest in, develop in, redevelop in. So, a lot of times, when I get calls from different sellers who are considering several companies to do business with, it’s very easy for me to recommend Wentworth Property wholeheartedly.” He adds that whether it’s unrented space or vacant products, King just loves the entire process. “He loves the art of the deal and the chase of finding a good investment.”

Colliers has been working with Wentworth as broker and client since early 2021, and Smeck describes King as “one of those rare individuals who just really enjoys hard work and competition” and has “accomplished a lot in the self-storage sector. They want a win-win strategy that all parties look at each other and shake hands and say, ‘That was a good transaction for all of us.’ They believe the proper way to do business is to participate in transactions that are good for both sides.”

“Overall, we’re pretty slow to hire,” says King. “We strive to focus on acquiring and retaining the right people.” Matching the right skill sets to each specific job role is a point of pride for Wentworth Property Company. “We identify their highest and best uses and try to keep them in that role, while at the same time giving them a lot of freedom to grow within what they already love to do.”

The company’s core ethics match those of his two most influential mentors: his father, who always taught him to keep people’s best interests at heart, and his first boss in self-storage acquisition, the late Barry Hoeven. “He stressed the importance of treating people well.”

Then there’s also the fact that it appeals to so many different people. “When I look back at my career in self-storage, it’s pretty diverse,” he explains. “I know about tech, automation, management, purchasing, and development; and at Wentworth, we have a team of really good investors and equity partners.”

King also points out that it’s worked well for him, even though he wasn’t particularly a good student when he was younger. “But I’ve always been good at networking, getting to know people, earning their trust, and showing them that my intentions are always good,” he says. “That’s something I learned from my dad—to always keep people’s best interest at heart and communicate well; and all of it has led to my success in this business, which has been unexpected and phenomenal.”

He also calls it the blue-collar millionaire business. “Really good people are always willing to share good information. We have so many like-minded peers who want the same things that I want: success in acquiring and building, as well as selling properties in portfolios.”

Finally, he loves that Wentworth encompasses all that is good about the industry: becoming successful while watching out for others as well. “A lot of people live off the income of these investment properties, which is not our strategy. We obviously want each individual property to be successful, but it is more about accumulating portfolios with an opportunistic approach. Sometimes we decide to sell and sometimes we decide to hold. It’s a big picture thing for us.”

n 1992, Clinton strategist James Carville coined the phrase “It’s the economy, stupid!” and the media latched onto it like he was some sort of political Plato. Those four words, part of a broader message to keep the campaign focused on issues voters cared about at the time, then became part of our everyday vernacular.

In the years since, that phrase has remained shorthand for the idea that economic issues tend to dominate voter priorities, which the 2024 election proved once again. So how does the economy impact self-storage? Twelve industry experts MSM gathered for this 2025 outlook count the ways.

CHISWELL: The Trump administration is certain to produce some dramatic ripples this year, and the big test will be how fast their efforts can contribute to lowering the day-to-day cost of living for families. A growing confidence level with positive changes will help to get people motivated to start buying homes again and we’ll see a jump in rentals.

GUSSIS: Even if the Fed reduces rates further, mortgage rates won’t necessarily go down. The rates are based on treasuries, and those have to go down too. So, while the Fed lowered the benchmark, a 30-year mortgage is still 7.2 percent. If treasuries stay where they’re at, rates will stay where they’re at.

HILL: The primary issue with the housing market currently is one of affordability, and rate is just one component of that equation. There’s inventory, wage growth, and other costs of home ownership like real estate taxes and insurance. As we sit here today, housing prices remain elevated, and while taxes and insurance seem to have paced with inflation, wage growth has not. Certainly, if we see rates moderate that should help stimulate the housing market, but because of these other factors it may take longer than people are expecting for affordability to resolve.

AGHADJANIANS: I do think there’s a strong case to be made that the slowdown in home sales has converted some temporary renters into long-term renters … they’re tolerating higher ECRIs for convenience under current low introductory rate structures.

KOONIN: There might be a little bit of a lull for the next year or so. But the interest rates coming down, buzz in terms of the election being good for real estate investing with less regulation … people are feeling more confident. I think you’re going to see a bunch of capital come into the market, push the supply back up, especially come the end of the year and into 2026.

WILLIAMS: Yes, rates are going down, but they’re not going back to where they were 48 months ago. And then we’re also getting headwinds and some pushback from local municipalities as well on entitlement, permitting, and zoning. We’re just kind of at a saturation point, and there’s fewer really good parcels available. So, things have probably gotten back to more of a normalization rather than the previous feeding frenzy.

VESTAL: There is oversupply in some markets, but I’d also say we’re at an equilibrium. As far as projects being tabled, I believe they simply don’t pencil due to operational headwinds. I’ve got 25 sites right now and they’re shovel ready, but they’re not selling because the cost of capital, planning, and entitlement are elevated.

SONNE: I expect an increased transaction volume due to a slow trend of lower interest rates in 2025. But it’s going to be a 5-by-10 kind of year, an improvement over the past two years’ 5-by-5 performance, but not as strong as the 10-by-10 years of 2021 to 2022. Cash flow will continue to increase above the rate of inflation, and cap rates are showing a slow trend of compression.

AGHADJANIANS: These discounting and pricing strategies have certainly created some market turbulence, but I believe 2025 will bring clarity as we better understand what works, how, and when.

TOUHEY: Customers may tolerate ECRIs, but they’ll hurt some operators, especially a guy who’s a bit over leveraged. If a tenant moves out paying $150 and you bring in new tenants at $110, your income just went down more than 25 percent. So, you’re filtering out those that were paying higher and just bringing in those that are paying less.

MORGAN: Right now, we’re seeing slower lease-ups, but we’re also seeing slower new tenant churn. I think a lot of it purely comes down to the ECRI play, which the REITs have shown can be successful. But the real question is how quickly do we get those physical occupancy levels to the place that we need it to be?

SONNE: Although I predict physical occupancy to remain relatively flat, ECRIs will continue, albeit with more muted increases.

CHISWELL: Unless they have a facility in lease-up, many folks have probably never had occupancy levels lower than 80 percent in the past five years. Many operators, like the REITs, have actually not been below 90 percent physical occupancy during that same period. This gives our industry a very healthy financial performance profile that continues to attract new investors.

KOONIN: Commercial business may be a way to make up for any shortage of tenants. When the capital gains and federal corporate tax rate decreases, businesses start popping up because more money is being put back into the economy.

PITT: I agree, I think we’ll continue to see more folks renting storage for business use. Like a medical device sales rep, for instance, or e-commerce people that are shipping and receiving a lot of goods. More facilities might want to carve out space where a tenant can sit down and knock out administrative work.

HILL: Liquidity for self-storage mortgage capital was robust throughout 2024, and I expect that will remain so in 2025, barring some unforeseen black swan event that shakes up the capital markets. The primary constraint over the past year has been the cost of capital, not the availability of it.

VESTAL: Lenders are going to work with stabilized properties first, properties in lease-up second, and certificate of occupancy third. New construction debt will be the last to receive improved loan terms.

GUSSIS: But lenders like self-storage, and underwriting and loan dollars are driven by historical performance. The challenge today is street rates vs. ECRIs.

KOONIN: Because of the low street rate/high ECRI tactics–and it remains to be seen how effective those will be–less experienced developers are not going to be able to get deals to pencil right. And I’m not sure how receptive banks are to giving a developer underwriting when they say, “Hey, I can only get $75 today, but I promise I’ll get this unit to $200 soon.” I mean, are they really going to finance the property with that kind of speculation? I don’t think so.

HILL: Despite the Fed’s efforts to stimulate economic activity by lowering the fed funds rate, the benchmark treasury indexes have remained stubbornly elevated and, in fact, are moving in the opposite direction that many investors have been hoping for. Consider that in September 2024, prior to the first rate cut, the 10-year treasury was around 3.65 percent. Despite two rate cuts totaling 75 basis points in the fall, the 10-year treasury currently sits in the low 4s (4.15 percent as of 12/7). So even though the cost of borrowing short-term capital is decreasing, the cost of capital for many investors remains elevated, making it difficult for investors to pencil deals.

GUSSIS: Larger operators have more experience and generally greater financial strength and ability to create larger lender relationships. This all helps for gaining access to capital—and cheaper capital.

KOONIN: Many banks are capital constrained, and construction loans are risky for them because they have to get hold of extra capital for them. So, unless you’re a really strong institutional player, or you have a big balance sheet, you will struggle to get financing.

WILLIAMS: I would even go further than that. I mean, if you’re a small operator or a first-time developer, you’ll be lucky to even get in the front door.

MORGAN: Until there’s a change in the way self-storage is underwritten, it’ll be very difficult for mom-and-pops to buy stabilized deals. I still think that they can develop, but it’s about finding sites where there’s not a lot of competition or finding off-market deals where they can get a significantly better price.

HILL: We have seen interest from every type of lender, including banks, credit unions, life companies, CMBS, the SBA, and private capital, and capital has been available to both large and small operators and for almost every type of transaction, including construction.

AGHADJANIANS: We expect intense competition for acquisitions fueled by significant undeployed capital. We’re gearing up for more of that activity.

GUSSIS: I think ultimately everyone in the industry should expect continued consolidation as larger operators will simply be able to squeeze more returns out of a facility vs. the little guys.

GUSSIS: To build a facility from inception to stabilization is likely a 3- to 5-year process, so there are plenty of operators weighing out whether it makes sense. But it’s certainly much harder to be a developer today than it was five to 10 years ago because of the approvals needed, construction costs, current interest rates, current supply, current market rates, and a more sophisticated operating environment.

VESTAL: If you have a balance sheet and the stomach to landbank, then now is a good time to buy; it’ll certainly be cheaper than 12 to 24 months down the road.

HILL: I am not a huge proponent of trying to time the market when building. Rather, I think the most prudent course of action is to analyze each deal on its own merits. Investors who do their homework and identify assets that are fundamentally sound will be rewarded.

KOONIN: There’s so many different factors: There are fewer good sites available, city moratoriums, higher taxes … In coastal regions, you’ve got insane hazard insurance, it’s like $100,000 right there. All of this is going to make some new projects difficult to greenlight.

PITT: If you want to build, you should be tracking ZIP codes to see where new subdivisions are planned. You want to be skating not to where the puck is, but where it’s going to be. I would also recommend being disciplined and not compromising on a site. That’s our mentality or methodology. We’d rather have three Class-A sites than 10 Class-B sites.

WINDBIEL: On some of my most recent deals, I’ve received the same amount of interest that I did back in 2021 to 2022. I’m not saying the values are back to those levels, but from an interest perspective, it’s there. I’m getting 20-plus offers on deals again that are physically stabilized.

CHISWELL: I would caution anyone looking to develop a new facility or convert a vacant building to storage to be realistic in their assumptions in the year ahead. The value of any storage business can be enhanced by simply capitalizing their NOI with a lower cap rate. A facility with a $250,000 NOI, for example, appears to have a value of $5 million at a 5 percent cap rate, but only a value of $3,571,428 at a 7 percent cap rate–a 40 percent swing in valuation. All I’m suggesting is to be realistic as you proforma your development projects in 2025.

WINDBIEL: Agreed. Construction costs and interest rates are up, and rental rates are down due to the REIT pricing strategies. So, if you tried to build a proforma on those three issues, you’re going to have very few that truly pencil, at least to the level that so many developers need them to. My money tells me that right now there’s a lot of risk to develop.

SHOEN: Development is expensive, construction costs are up, zoning can be difficult. But you’ve got to work through these things one at a time. Dial some of those construction costs back if you can, for example. Just keep working at it until it makes sense.

GUSSIS: Storage has proven to be resilient with diverse demand drivers, which is why it’s seen by many as the superior commercial real estate type. As a whole, I think you can expect values to increase at appreciable rates of return. However, investing is all property and location specific and management capability is becoming even a bigger factor in assessing potential investment returns.

TOUHEY: The guys that are finding themselves in trouble, who are looking to sell, typically built too much and didn’t have the liquidity, net worth, and credit.

GUSSIS: There will also be some that want to get out because the investment assumptions didn’t pan out and they can still get out whole or making a few bucks. Also, if the interest rate environment seems to be stable, that should help set the market and buyers and sellers could get closer on bid/ask prices. Of course, if conditions don’t improve and owners continue to see flat or decreasing operating returns, that could cause some players to sell too.

VESTAL: I know of 30-plus projects that are delayed. They bought the land, went through entitlement, and got city approvals. But because of the cost of construction debt, some are choosing to sell. Some owners of existing properties are selling too. They’re not getting the rents they want, and they’re not going to put any more effort into it.

TOUHEY: It’s going to be a good year for the guys selling. I’ll just pick deals that are like $10 million-plus because they will still command, say, a five percent cap rate today. So, if the 10-year T-bill is 4-point and a group can buy a deal and get 5.3 percent, it’ll work. And they’re paying cash. But if it’s a $3 million deal with a five percent cap rate, well you can’t buy a deal and put 30 percent down and buy a five percent cap rate because the debt will be six percent and you’ll be writing a check every month to own that property.

VESTAL: It’s important to remember though that there’s $27 billion in self-storage debt out there, and only $22 million in default. This is still a great asset class with low default rates. Yes, you may not hit your proformas like you wanted, and there may be some stress, but there’s not much distress. Most people aren’t losing their properties or foreclosing. This isn’t a commercial office space situation. It’s a bump in the road. If you don’t have to sell today, the value of your investment will be greater later.

WINDBIEL: I’ve seen more people just waiting to build until the self-storage market gets a little bit better. They’re not selling or abandoning properties, they’ve just put the projects on hold.

CHISWELL: I am optimistic looking at my crystal ball for the year ahead. With the right due diligence homework, the storage industry continues to be one of the best entrepreneur ventures to consider.

SHOEN: I’m bullish on self-storage, and I encourage anyone who wants to build to do it. And you can expect a call from us to see if you want to become a U-Haul dealer!

That’s a wrap! See you at the 2026 discussion!

oe Shoen has had enough.

The CEO of U-Haul, along with his son Stuart, executive vice president of U-Haul, and daughter Royal, vice president of aviation at U-Haul, recently sat down to talk with MSM about the ongoing beef with Public Storage over the color orange.

As MSM reported on its website news and exclusives, Public Storage has demanded that U-Haul discontinue use of the color orange on its doors, exteriors, and signage, as well as in marketing and promotional material. U-Haul has fired back, filing a complaint in the U.S. District Court of Arizona against Public Storage. The action is not seeking a payday or damages; it’s simply asking Public Storage to drop their pursuit of an orange trademark, in turn protecting the right of U-Haul (and every other self-storage facility) to use the color orange.

The complaint further states that Public Storage’s founder Wayne Hughes has previously admitted to using orange to draw an association with U-Haul in order to attract customers. The idea that U-Haul has to defend its use of the color, especially considering it has been using it since 1945, more than 25 years before the first Public Storage ever opened, doesn’t sit well with Joe. Now, he’s fighting back for U-Haul, its independent dealers, and “all the little guys.”

“I think us being family-focused probably aligns us with a lot of your readers, many of whom are running their own family businesses,” Joe adds, noting that when he attends storage events, he’s always being introduced to someone’s child who’s now part of the operations side of things. “U-Haul always gets classed with the REITs, but they’re big finance people, while we’re more operations focused,” which is why he feels a bit of a kinship with the smaller operators.

Joe goes on to say, “When they do build, they can expect to get a call from us asking if they want to be a U-Haul dealer. It can help new owners get their place started, and if they’re not interested, we just wish them well. We want everyone to do well.”

Of course, Joe acknowledges that times are tough. “Development is expensive, construction costs are up, zoning can be difficult. But you’ve got to work through these things one at a time. Dial some of those construction costs back if you can, for example. Just keep working at it until it makes sense.”

He also feels that self-storage will continue to innovate. “Storage has been around a lot longer than most people think,” says Joe. “It just wasn’t ‘self-storage.’ There were always storage warehouses, unbranded buildings with belongings stacked floor-to-ceiling, but everything was handled by a third party. What happened next was self-storage, which involved handling your own goods. It’s a much better business model and obviously, people have embraced it.”

How does Joe feel about the trend toward remote management? “Remote shouldn’t mean no one is ever there,” he states. “Remote is about giving people more self-service options. Maybe it offers the owner a little more profit margin and the customer a little lower cost.”

“Also for the customer, more benefits,” adds Stuart. “For example, 24/7 access.”

“We have some facilities that operate this way, and we’ve learned a lot of lessons along the way,” says Joe. “I think Jefferson Shreve [the founder of Storage Express who recently won a seat in Indiana’s 6^th Congressional District] is really responsible for making the whole concept work. He spent time with us about 10 years ago and showed us the ropes of ‘remote.’ What I remember most is him saying, ‘It’s more difficult than it may seem,’ and he was right. We’re getting better at dialing things in, but again, there has to be some staff around. Completely unmanned, in my experience, is not a good solution.”

U-Box, U-Haul’s moving and storage hybrid, has been growing quickly over the last few years. U-Boxes can be kept on someone’s property temporarily or stored in U-Haul’s secure warehouses until renters are ready to pick them up or have them delivered. It’s a natural fit for U-Haul, which people have come to associate with both moving and storage. “That’s why we have 5,000 independent self-storage facilities using our trucks,” Joe says. “Of course, PODS has been a big player in portables for years, and they’re great at what they do, but they’re more industrial. Our U-Boxes are designed around household goods, with nice interiors so things won’t get banged up. We like to say U-Box is like the Door Dash of moving and storage. It’s a great convenience, and while it costs a little premium, people are willing to pay for that convenience factor.”

Another reason the company is betting on U-Box is the issue of vehicle electrification. “At the end of the day, trucks are going to burn a lot of gas. You get more fuel efficiency transporting six to 10 U-Boxes across the country than individuals driving six to 10 trucks.”

Joe believes U-Box will be even more popular in Canada with its vast expanses. “An 800-mile truck rental is not uncommon in Canada,” says Joe. “In fact, we serve the maritime providences, and that can be a 6,000-mile drive. U-Box is so much more economical in these cases. I’m confident it’s going to do great up north.”

“When people are in a jam, when there’s a disaster, our heart goes out to them,” says Joe. “We don’t want their money. We’ve got the space, so we let them have it. And who knows, maybe they’ll remember us some day down the road when they need a moving truck or storage.”

“Plus, it’s just the right thing to do,” adds Royal. “Helping within the community is important to us.”

U-Haul works directly with the American Red Cross, the military, and local police and fire departments in their efforts to get much-needed relief supplies to areas affected by natural disasters. The company became an official Red Cross Disaster Responder in 2015. The partnership allows the Red Cross access to U-Haul’s range of resources, including equipment, storage, and easily reachable U-Haul locations with an infrastructure encompassing 50 states and 10 Canadian provinces.

So back to the dispute with Public Storage. Unbeknownst to many, this has been going on behind the scene for quite a while. “[Public Storage] started this about four years ago,” says Joe. “We tried to talk with them numerous times, but effectively got the brush off. It got to the point where we had no choice but to file a complaint and hope a federal district judge will make a common sense decision.”

The complaint states that U-Haul believes Public Storage has “engaged in a multifaceted and corrupt campaign to wrongfully appropriate rights in the use of the color and word ‘orange’ in connection with self-storage services and to assert such rights against U-Haul, its sister companies, its dealers, and licensees.”

“Orange is a standard color in self-storage,” says Joe. “Claiming exclusive rights to the color, whether on doors, buildings, or marketing materials is egregious; if they can get a registration, they’ll enforce it and everyone, not just U-Haul, is going to have to change. A small operator with 500 unit doors? You’re going to have to pay to replace or repaint them. That is going to be an expensive undertaking.”

To support the notion that orange is a general self-storage color and not a color only associated with Public Storage, U-Haul has turned over to the court evidence of at least 800 self-storage operators that use the color orange on their doors. “That’s just what we’ve gathered in a few weeks,” Joe says. “I believe there are many, many more.”

A quick search of stock photography also confirms the prevalence of the color orange within the industry; there are hundreds of stock photos showing orange doors and buildings–none of which are specific to Public Storage.

U-Haul’s complaint further states that Public Storage is so determined to monopolize the color and/or the term “orange” that it has fabricated use of trademarks containing the word and knowingly filed fraudulent evidence of trademark use with the USPTO. As evidence, U-Haul has turned over examples of website pages in which Public Storage retroactively added slogans and marks centered around the word and color orange to existing pages, captured images of it, and then removed them. “It was only done to tell the judge they’d used it, but it was there for maybe four weeks,” states Joe.

Stuart speaks up on his father’s behalf. “Joe tries to be a good ambassador of the industry,” he says. “He’s looking out for everyone by doing this. We believe competition is healthy; it raises people’s games and makes them better. To try to take this color away from everyone else, that’s just picking a fight and playing unfairly.”

“U-Haul alone has 5,000 dealers who are also self-storage operators. These aren’t big operations, maybe one to three facilities. They aren’t in a position to fight this, and neither are the other little guys. So we are. Someone’s got to stop this.”

Joe continues, “But they’re the ones in the wrong. We’re not asking them to change the way they do business, we’re saying they can’t ask us to change how we do business, how our dealers do business, how other operators do business.”

“Royal and I are proud of our dad for doing this,” Stuart says. “Not just standing up for our team and organization but all these other family businesses. Dad taught me when I was a little kid that you need to stand up to bullies or they’ll continue to bully others, and the next person may not be able to fight back. So that’s what he’s doing, standing up for those that can’t stand up for themselves.”

Joe nods, and asks that others join them. “We don’t want anything from [other operators], and we certainly don’t need help with attorney’s fees. We just want to hear from you.”

He encourages anyone concerned about the case, and their own use of the color orange, to reach out to him directly on his cell phone at (602) 390-6525, or via email at Joe@Uhaul.com. “Let’s show the court that this will impact more than just U-Haul,” says Joe. “Strength in numbers.

elf-storage is the kind of service that will always be in demand. You can tailor it based on what a specific market may need (heated, wine, vehicle, drive-up storage, etc.), but at the end of the day, people always need square footage to store their stuff.

That being said, there are many things that can impact that demand, such as new competitors, seasonal changes, or even a global pandemic. Ancillary services can help you minimize related decreases in revenue; even if things are going well, they can help you maximize profits. But not all of them are created equal, so there are many elements to consider when deciding whether you’re going to embark on this road.

No one exists in a vacuum, so it’s crucial to keep in mind the entire context of your facilities.

First, how do the services you’re thinking about align with the surrounding area? “In my opinion, every store should be designed for its neighborhood,” says M. Anne Ballard, former president of marketing, training, and developmental services at Universal Storage Group (USG). “Having boxes and supplies, selling insurance, and having a coffee bar should be standard. Those things are good for the community and the store, and they add to the bottom line.

Ballard explains that in addition to the basics, vendors should think about what else would serve their market well. “If you’re in an urban or suburban location, having a showroom with good boxes and packing supplies is critical. And for heaven’s sake, if you’re going to merchandise those things, you can’t just put one dusty old box and say you sell boxes. People are smarter than that. Make sure it’s organized nicely, clean, and well-stocked, and that prices are clearly displayed. Don’t make people have to look for them. Make it easy.”

Diane Gibson, president of Cox’s Armored Mini Storage Management, Inc., agrees. “One of the main benefits of ancillary services is to be a one-stop shop,” she says. “You want people to come in and be able to get their boxes, packing materials, instead of having to go elsewhere for anything else.”

Gibson’s learned this firsthand. “We once looked at selling donuts, but we had to get 25 dozen a day from the vendor; and you don’t know how many people are going to come in. You have to ask yourself: Is it going to enhance your business or be more of a pain?”

She also cautions to ensure the services are bespoke. “Some of our facilities are in industrial parks,” Gibson says. “We do things differently there than in facilities surrounded by homes because the demographics are different. You need to know your community and what their specific needs are.”

“When someone walks in the front door and says they need to buy a box, don’t ask them what size they need,” says Ballard. “They don’t know. Ask them what they’ll be packing. A two-bedroom apartment? They’ll need two bundles of medium boxes, six rolls of tape, and a marker to label them. Packing china? Ornaments? You need packing paper. Don’t use newspapers, because your hands will stain black with all that ink. And never let a woman buy extra large boxes without telling them they should only be for Tupperware and bedding. Otherwise, it’ll be hell to move them.”

It seems like a simple enough thing to do, yet it makes a world of a difference to tenants. The more well-rounded the advice, the easier you can make things for them. Ballard also likes to ask her customers for as many details as possible. “I’ll ask what’s the move date, that way I can help them determine how much to pack and bring to their storage unit each day, so that when the movers arrive, everything’s already packed and labeled, so that they can have peace of mind.” She really emphasized the importance of labeling. It’ll save your customers a lot of headaches.

Johnson shares that one of the services at one of USG’s sites is renting out a conference room. “They’ll even order lunches and offer concierge services for events,” she says. “It depends on the site. If you’re a tenant, some of them offer use of the conference room for free, while charging a rental fee for people who aren’t tenants.”

Something else that has become standard in many facilities is providing Amazon lockers. “This isn’t a money maker, but it brings people in,” Johnson adds. “There are services that don’t make you money, but they drive traffic, which can turn into services that do make you money.” Other services Ballard has seen in some facilities include key making and selling greeting cards. They’re still practical and show some originality.

At the end of the day, you want to make money, and customers want expediency and hassle-free services. In the words of Ballard: “Save them money. Save them time. Improve their life.”

his past October, I had the privilege of attending my first European self-storage conference: the FEDESSA (Federation of European Self Storage Associations) event in Stockholm, Sweden. The 20^th Anniversary conference was themed FEDESSA’s “Greatest Hits,” and it truly lived up to the name. The blend of nostalgia, innovation, and community made it an event to remember—it was an absolute highlight of my career in the self-storage industry.

As Rennie Schafer, FEDESSA’s CEO, said, “This conference was great fun to pull together, and it was amazing how the delegates and exhibitors embraced the theme. Bringing back some of our most popular speakers from the past 20 years was highly anticipated, and they all delivered. There were certainly no second-album fadeouts, as all the speakers adapted their presentations to reflect how the industry has changed and where it’s headed.”

The creativity extended to the conference language, with “pre-sale tickets” replacing “early-bird registrations,” “jamming sessions” instead of meeting rooms, and more. It set the tone for an event that was as innovative as it was informative.

One of the many voices at the FEDESSA conference highlighted the unique differences in how regions approach self-storage innovation. Michelle Otto, president and CEO of 6Storage, shared her perspective on the focus of European operators compared to their U.S. counterparts: “As a 17-year self-storage veteran as an owner/operator and now the president of 6Storage, the FEDESSA show is one of my favorite shows to attend. The topic that stood out to me was the AI discussion. I find it interesting that Europe is focusing on AI when there are many basic operational procedures that could be adopted by the industry to increase their revenue before AI. The United States is not focusing so much on AI at this time, but we will see this in the future.”

• Anne Ballard, the legendary “Hat Lady,” reflected on her 30 years in the industry, blending humor and heartfelt insights. She emphasized that “people are what make storage great,” a sentiment echoed by many other speakers. Her presentation, filled with stories, laughter, and lessons, ended with a standing ovation.
• Geoff Ramm, a renowned expert on customer service, delivered high-energy sessions that encouraged us to create “celebrity experiences” for every customer. His marketing challenge (brainstorming ways to sell ice cream) was a highlight. Michael Tate of Storage King and I teamed up on a magician-themed idea, which won the challenge and highlighted the impact of creativity and collaboration.

• Rennie Schafer and Oliver Close presented the “2024 European Self Storage Report,” offering valuable insights into trends such as increasing demand, the rise of micro-sites, and the growing prevalence of leasehold properties. Their advice to focus on value over price resonated with operators from across Europe.
• Dr. Christina Radics shared her formula for achieving work-life balance, emphasizing gratitude, boundaries, and mindful breaks. Her session was a reminder that personal wellbeing is key to professional success.
• David Rowan explored the transformative potential of emerging technologies, while Ahmet Kuyumcu demonstrated how AI can optimize pricing using predictive algorithms. Their forward-thinking presentations highlighted the growing role of technology in shaping the industry.
• Christel Land offered actionable insights into generational buying behaviors, helping operators tailor their strategies to meet the needs of diverse customer segments.
• Izeldi Loots and Penny Bell debunked common self-storage myths, sharing practical solutions for challenges in development and operations.
• Roger Martin-Fagg closed the conference with an analysis of economic trends in Europe and the U.K., exploring the potential impacts of global political events on the industry.
• The Global Panel, featuring Michael Tate, John Lindsey, Federico Rolz, and Kevin Chan, offered a global perspective on self-storage. From Central America’s emphasis on armed security to Australia’s highly consolidated market, the discussion underscored the diversity of challenges and opportunities worldwide.
• Michael Tate also led a session on the evolving role of storage managers, emphasizing the importance of building relationships and adapting to changing customer needs.
• Janus International gave a compelling presentation on the Nokē system, showcasing how technology can enhance security and streamline operations.
• Christel Land and Penny Bell shared insights on macro and micro trends in customer behavior, offering practical tips for operators to stay ahead of the curve.
• Robbie Cameron demystified AI with real-world examples of how operators can integrate technology without feeling overwhelmed.

The Greatest Hits theme continued with an ABBA cover band that had everyone singing and dancing late into the night. Watching industry leaders let loose on the dance floor was a testament to the vibrant spirit of the FEDESSA community.

One story that stood out was about how Sweden approached social distancing during COVID-19. He joked, “They told us to keep six feet apart, and the Swedes said, ‘Why do we have to be so close now?’” It was a lighthearted way of highlighting the cultural differences between Sweden’s reserved demeanor and our more outgoing Southern personalities, which Ballard and I admittedly toned down during our stay.

Our tour covered many of Stockholm’s unique sights. We visited Sweden’s tiniest home, a one-room house tucked into a narrow alley, and the country’s smallest statue, “The Iron Boy,” a mere 15 centimeters tall. The breathtaking architecture of the city captivated us, from the royal palaces to the historic buildings lining the canals. We also heard scandalous tales from Stockholm’s past, giving us a glimpse into the city’s colorful history.

We also joined Dr. John McGlynn for a lively karaoke night at an Irish pub. The basement cellar setting added a cozy charm, and the night was filled with laughter and surprisingly impressive singing. Who knew the self-storage industry was brimming with hidden musical talent?

Stockholm’s combination of rich history, stunning architecture, and friendly people left a lasting impression. From grand palaces to tiny statues, every corner of the city told a story. It was the perfect way to round out an incredible conference experience.

As I reflect on this incredible experience, I’m inspired to bring the spirit of “Greatest Hits” to future events, focusing on innovation, collaboration, and most importantly, people. I’ll see you all at the next FEDESSA conference in Dublin, Ireland, from Sept. 30 to Oct. 2, 2025!

uman trafficking is a pervasive crime that affects millions of people globally, including right here in the United States. Victims are often trapped in horrifying circumstances, stripped of their freedom, and subjected to unimaginable exploitation. For many, the journey to escape and rebuild their lives is daunting, requiring immense courage and support.

January, designated as Human Trafficking Awareness Month, is a time to shine a light on this hidden crime and take action to combat it. It’s a chance to raise awareness, support survivors, and work toward ending this form of modern slavery. Organizations like The Sparrow Foundation are leading the charge, providing survivors with the resources, care, and support they need to heal and start anew.

Human trafficking is one of the gravest crises of our time, affecting vulnerable populations worldwide. Today, 49.6 million people are trapped in modern slavery, with 12 million of them being children, according to the International Labour Organization (ILO). This heinous crime disproportionately impacts women and girls, who make up 54 percent of those enslaved. In the United States, sex trafficking is the most common form of human trafficking, per Polaris, and child sex trafficking has been reported in all 50 states. Alarmingly, the National Center for Missing and Exploited Children (NCMEC) received 88 million reports of child sexual abuse material (CSAM) in 2022 alone. Globally, human trafficking generates $150 billion annually, making it the second most profitable illegal industry in the U.S., as reported by UNICEF.

The foundation’s impact is transformative. Survivors are not only given a safe space to heal but also the support they need to reintegrate into society with confidence. The Sparrow Foundation’s work is a critical response to the overwhelming prevalence of human trafficking, and its efforts serve as a powerful reminder of the importance of fighting for the freedom and futures of those trapped in modern slavery.

The partnership between Storage Gives and The Sparrow Foundation represents a shared dedication to restoring hope and empowering survivors. By supporting Sparrow’s mission, StorageGives amplifies the foundation’s ability to provide essential services such as safe housing, counseling, and life skills training. For survivors of human trafficking, these resources are more than just tools—they are a lifeline to a new beginning.

The results of the banquet were extraordinary. Proceeds were directed toward refurbishing a home for a survivor, providing not just a roof but a safe haven where healing and rebuilding could continue. This tangible outcome underscored the power of local communities to create lasting change when they come together for a cause.

The Louisiana banquet is more than just a fundraiser; it is a platform for raising awareness about the realities of human trafficking and inspiring action. Attendees leave with a deeper understanding of the issue and a renewed commitment to being part of the solution. Events like this not only raise essential funds but also serve as a powerful reminder that everyone has a role to play in combating human trafficking and supporting survivors. Together, through ongoing community efforts and partnerships with organizations like The Sparrow Foundation, we can make significant strides in the fight against modern slavery.

Beyond financial contributions, there are other ways to make an impact. Attending future fundraising events or sharing information about The Sparrow Foundation’s mission can help raise awareness and mobilize more people to join the fight. Together, we can amplify the voices of survivors and bring more resources to the front lines of this critical cause.

Let this month serve as a reminder that every effort matters. By partnering with StorageGives and supporting The Sparrow Foundation, you’re not just donating—you’re changing lives. Join us in breaking the chains of human trafficking and creating a future where survivors have the freedom, dignity, and hope they deserve.

he GOP is back in charge in the nation’s capital. Whether this makes me feel overjoyed, depressed, or somewhere in between, you need to be ready for the policy changes that come with the shift in political power.

Most immediately, we can expect a significant change in the Trump Administration’s use of the federal administrative agencies such as the Federal Trade Commission, National Labor Relations Board, and Department of Labor. During the Biden Administration, these agencies pushed controversial policies that had no chance of passing in a divided Congress. These policies include the regulation of so-called junk fees, click-to-cancel requirements for subscription services, increased pay requirements for salaried workers, and a ban on most non-compete agreements.

A second Trump Administration is likely to pull back on all or many of the most controversial Biden-era administrative policies. Moreover, the planned Department of Government Efficiency could push for deep cuts in the administrative state more broadly, further reducing the possibility of new regulations. Two exceptions to the scaling back of the administrative state are Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP). Although increased immigration enforcement is unlikely to have a direct effect on the self-storage industry, it could affect the vendors that some operators rely on in parts of the country with large immigrant labor pools.

Congress’ biggest early task will be addressing the expiring provisions of the Tax Cuts and Job Acts of 2017 (TCJA), or the so-called Trump tax cuts. Many of the provisions of the TCJA are scheduled to sunset at the end of 2025 unless renewed by Congress. Expiring provisions include individual tax rates, the pass-through income deduction, the bonus depreciation, and estate and gift tax exemptions.

Full GOP control of Congress and the White House means that tax laws can pass Congress without any votes from Democrats. However, that makes Republican leaders’ jobs only somewhat easier. We will certainly see battles within the GOP over the costs associated with renewing expiring TCJA provisions and whether to offset those costs with changes to tax benefits such as the 1031 exchange and carried interest exemption.

Finally, with the Democrats at least four years away from the possibility of full control in D.C., we may see certain state legislatures step in to fill the void on progressive policies. For example, California and Minnesota have already passed laws regarding so-called junk fees. Could more states follow now that the FTC’s proposed junk-fee regulation is unlikely to move forward? Or will we see Democratic-led states require higher salaries for overtime-exempt workers in response to inaction from the federal Labor Department?

Of course, this column just begins to scratch the surface on the policy changes that we can expect over the next four years. Does anyone want to talk about more and higher tariffs, less antitrust regulation, or endangered species status for cats and dogs in Springfield, Ohio? No, me neither. Anyway, it will be a busy four years in D.C. and state capitals across the country. Keep an eye on this page, the SSA’s website, and the SSA Magazine Weekly email to stay informed.

roperty and casualty (P&C) insurance was a hot topic throughout 2024, with news of carriers restricting appetite in certain areas. So, it may come as a surprise to learn that this segment is starting the year on a high note.

P&C insurance is entering 2025 with remarkable strength as strong premium growth, slowing claims cost inflation, higher investment yields, and tighter underwriting have solidified profitability. The Swiss Re Institute forecasts the industry’s combined ratio at 98 percent for 2024; however, growth in self-storage assets in high-risk areas means a greater amount of property aggregate exposed to catastrophic events.

Severe convective storms—marked by heavy rain, hail, wind, and tornadoes—have surpassed hurricanes as the leading cause of aggregate losses. These storms, along with wildfires, continue to drive up property claims and impact self-storage property insurance rates. While operators in coastal states deal with hurricane risk, wildfire zones face limited options as admitted carriers retreat, leaving excess and surplus (E&S) carriers to fill the gap. Hailstorm frequency and severity is also a key factor in rate increases due to increasing claim costs.

In terms of rate trends, self-storage operators can expect to see varied increases in 2025 based on location and loss history. Operators in low-risk, non-catastrophic regions with minimal claims may face rate hikes of 5 percent to 10 percent. Facilities in high-risk locations and those with significant claims should be prepared to see rate increases of 12 percent and up. Finding carriers willing to underwrite these risks will continue to be a challenge.

To mitigate rising premiums and secure favorable policy terms, self-storage operators should focus on the following:

• Risk Mitigation: Investing in hail-resistant roofing, storm-proof construction, and wildfire prevention measures.
• Agent/Broker Relationships: Partnering with an agent or broker with self-storage experience.
• Coverage Flexibility: Opting for higher deductibles and tailored coverage to better align a high-risk facility with a carrier’s risk appetite.
• Catastrophe Mitigation: Negotiating with contractors pre-catastrophe can yield priority response and lower rates for material and labor.

Self-storage operators should expect both challenges and opportunities in 2025. Carriers remain competitive for low-risk business, and E&S solutions can address high-risk exposures. Prioritizing risk management and partnering with an experienced insurance professional will be important in navigating insurance market turbulence and positioning operations for long-term resiliency.