It’s definitely getting overdeveloped. It’ll stop once new units go up and sit empty and all these bozos who built without doing proper due diligence go underwater. It’s also a “hot” asset class so people are chasing the run. There are a lot of people who think it’s easy money, it’s not, and can be ops heavy.

Storage facility owner here, think of it as an extension of your home, that’s how a lot of folks use units. Side note, there’s a ton of development (as you mentioned) and people not doing their homework. In one of our towns alone there are 3/4 new facilities going in, the town most definitely cannot support that number of units. Reached out to the new developers, they didn’t do feasibility studies and had no idea other people were building. You’ll see people getting burned overbuilding soon.