How can you prepare your Self Storage business for a Recession?

The Covid-19 pandemic has affected our country in many ways.  One focus recently has been discussion that the Unites States will be heading into a recession.  There are definitely things that businesses can do to better prepare for an economic climate like this.

In a recent Article titled “The Recession Is Coming! Get Insider Advice on How to Prepare Your Self-Storage Business” written by Scott Meyers, of Inside Self Storage, Scott discusses some tactics to prepare.

Scott states that “Self-storage may be one of the “safer” real estate sectors during an economic downturn, but that doesn’t guarantee business survival. Read lessons learned by industry insiders during the last recession and advice on how to prepare for the next one.”

He notes that “During the last recession, from 2008 to 2010, nearly 1.4 million small businesses shuttered their doors, according to the U.S. Small Business Administration. In the real estate sector, self-storage fared quite well thanks to the recession-resistant nature of the industry. In fact, while the National Association of Real Estate Investment Trusts “All Equity Index” lost almost 40 percent across all sectors in 2008, self-storage REITs returned 5 percent including dividends.” READ ENTIRE ARTICLE

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