You might need a self-storage unit in North York, Toronto, Etobicoke, or Brampton if you’re transitioning between homes, or downsizing your space. In fact, the state of the housing market has a direct affect on the self-storage market.
Self-storage operators everywhere are enjoying the benefits of high average occupancy at their facilities coupled with continued slow growth in new-property developments, according to an article published by “National Real Estate Investor” (NREI).
The demand for self-storage units has been boosted by the homeownership rate (65.1 percent) floating at about 4 percent below where it was 10 years ago, according to Marc Boorstein, principal with MJ Partners Real Estate Services. Fewer homeowners leads to more renters, which means an increase in demand for self-storage.
The self-storage industry currently has 91 percent occupancy, with rental rates for a typical 10-by-10 unit about $87 per month, according to the NREI report. Rental income was up 4.1 percent year over year during the second quarter.
If you’re looking for rental units after moving or downsizing your home, we can help. Please feel free to contact us if you need a self-storage unit in North York, Toronto, Etobicoke, or Brampton. We offer mini storage, self-storage and truck storage.
