By Dr. Carla Pasternak
Let's say you are 65 years old and just retired. Your kids are out of the house, and you're planning to downsize. You're not sure what you'll do with some of the stuff you've accumulated -- a roll-top desk, an extra bed and dresser, a motorcycle -- but you're not ready to get rid of these items either. So, you rent a 10-foot by 10-foot steel locker, the size of a large bedroom, for $160 a month until you settle in to your new space.
Renting monthly storage space is a strong trend. Almost 11 million American households, nearly 10% of all U.S. households, now rent self-storage units. The industry is booming. Occupancy levels are a record 90%, fueling a whopping 17% increase in average rental rates in just three years.
Investors are flocking to this sector. Self-storage is the best performing sector among property real estate investment trusts ... Log in or subscribe to continue reading.