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The Impact of Large Self Storage Operators On Rates And The Industry
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In this episode, Rick Beal and Megan Smith discuss the impact of large self-storage operators on rates and the industry. They explore the consolidation happening in the self-storage sector, where major players are acquiring smaller and larger facilities at an unprecedented rate. This consolidation has resulted in a marketplace where a few companies have considerable influence over pricing structures. The hosts also discuss the implications of this trend for consumers and small owner-operators. They emphasize the need for owner-operators to adapt to the changing industry landscape and provide strategies for navigating rate games and handling rate increases.
Takeaways
- Consolidation in the self-storage industry leads to a marketplace where a few large operators significantly influence rates and pricing structures.
- Small owner-operators face challenges in marketing, revenue management, and compliance with new regulations.
- Owner-operators must focus on local presence and connections to compete effectively in their markets.
- Playing rate games and implementing revenue management strategies are crucial for owner-operators to stay competitive.
- Handling rate increases requires effective communication and education to help tenants understand the reasons behind the increases.
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