Why the Self Storage Industry MUST Adapt or End Up Like Hotels... Episode 284
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Is self storage in trouble? Not exactly, but we need to adapt to avoid suffering the same fate as the hotel industry. Today’s guest has had his finger on the pulse of the self storage industry since the 1980s, and he’s going to share where we’re at and where we’re headed!
We had the opportunity to chat with Steve Mirabito, who is not only the founder and president of StoragePRO but also a board member for Storelocal, the largest self storage co-op in the world. In this episode, he winds the clock back nearly 40 years and shares about his journey into self storage and the challenges he faced early on. You’ll learn all about the birth of the industry, the role Steve played in popularizing this asset class, and how self storage has evolved since.
Most importantly, where does the industry stand today, and what can investors expect going forward? Steve will share his unique perspective on some of the biggest opportunities and threats in self storage, the lessons investors can learn from the rise and fall of the hotel industry, and the number one thing you need to prepare for in 2025 and the years ahead!
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StoragePRO: https://www.storagepro.com
StoragePRO Management: https://www.storagepromanagement.com
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Chapters:
00:00 Intro
02:27 Steve’s Self Storage Journey
12:15 Financing & Development
20:13 The Evolution of Self Storage
23:24 Hotel Industry Parallels
28:24 The Self Storage Co-Op
37:26 Biggest Opportunities
43:05 The Threat of “Valet” Storage
48:15 Overlaying the Valet Model
54:34 Connect with Steve!
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