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Jordan Farrer Unpacks Utah's Self-Storage Market: Trends, Challenges, and Opportunities
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Join us in this episode as we sit down with Jordan Farrer, a prominent figure in Utah's self-storage market. Working with Marcus & Millichap, Jordan shares his unique insights into the remarkable surge in the self-storage sector, especially during the COVID-19 pandemic. From record occupancies and rate growths to the changing landscape post-2020, we delve into various aspects of self-storage investments and management.
Key highlights include:
00:02 Jordan Farrer discusses his role in Utah's self-storage market and industry trends.
00:58 COVID-19 led to a surge in the self-storage sector with record growth and sales from 2020 to 2021.
02:22 Increased average tenant stay in self-storage, now 12-15 months, due to smaller home sizes.
03:30 A development boom in 2018-2019 in self-storage slowed by recent high costs and debts.
05:32 Utah's self-storage market is less mature, with many small operators and slower growth.
06:40 The self-storage industry is seeing more large-scale institutional buyers and property aggregations.
11:25 Shift in pricing strategy to low initial rates with subsequent increases to retain customers.
13:28 A strong link between self-storage usage and the housing market, especially during moves.
21:42 SBA loans as a viable entry point for new investors in self-storage.
24:37 Growing trend towards remote management in self-storage, with adoption by larger operators.
27:33 Increasing importance of online advertising and presence in the self-storage industry.
Do you have any questions, tips, or ideas about career transitions in real estate development? Share your thoughts in the comments section below!
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Webster Real Estate, established in 2018, is dedicated to providing investment opportunities that deliver long-term value and high returns for our investors. Learn more about our approach to real estate investment at https://websterrealestate.com
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