For years, the self-storage industry in the United States has relied on what insiders call the Four D’s: death, divorce, displacement and disaster. But the coronavirus pandemic, combined with aggressive competition and brash overexpansion, has made what once seemed like one of the few recession-proof parts of the commercial real estate industry look as vulnerable as many other businesses. The industry had been expanding since the last downturn as companies increased their footprint, eager to meet an appetite for storage space. For the same unit with climate control, rent fell 6.7 percent. And as coronavirus cases surge around the country and leaders call for more restrictions on schools and businesses seeking to reopen, the growth of the self-storage industry could be hampered further.

Source: New York Times July 21, 2020 18:33 UTC