The Real Deal Miami

Downturn increases need for self-storage

April 20, 2009 04:04PM

The housing downturn has helped the self-storage industry, as people downsizing their homes due to foreclosures and job losses move more of their possessions into storage. The summer is usually the peak season for the industry, but self-storage operators aren’t sure what to expect this year, since the economic downturn began after last summer. Most will probably have to offer discounts to keep their units full, said Paul Puryear, director of real estate research for Raymond James.