The Self Storage Report

California's New Law Just Raised Everyone's Rates: Here's Why In this critical episode, we dive deep into the impact of California's new self-storage disclosure law, SB 709, which has been signed by Governor Newsom. We reveal why this bill designed to protect consumers will actually force operators like Extra Space to eliminate low introductory rates and charge a higher rate from day one, ultimately costing many customers more money. We also cover the essential financial and political truths: The Next Battle: Senator Menjivar, the bill's sponsor, warned on the Senate floor that this is "only the first bite of the apple," confirming that rate caps are the next legislative target for our industry. Consolidation Accelerating: We share the staggering data showing that REITs already own over 33% of all institutional-sized self-storage facilities, and we discuss the huge UK acquisition by Blackstone, proving that capital is still flowing heavily into our resilient sector. The Lobbying Urgency: We stress the importance of actively funding the industry's political action committees (PACs) now, as we move into the crucial 2026 political cycle to fight against future detrimental legislation. Gold vs. Dollar: We examine the "Debasement Trade," where Gold and Bitcoin are hitting all-time highs as investors hedge against the continuously weakening US Dollar. Tune in to get the analysis you need to navigate the political and financial pressures facing self-storage. Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ This episode was brought to you by: https://tractiq.com/ https://gojohnsoninsurance.com/

We start with a major market signal: Treasury Secretary Scott Bessent is pushing for deregulations, a move that, according to the 18.6-year real estate cycle thesis, could ignite the final speculative boom before a major crash in late 2026. We welcome self-storage icon Terry Campbell (Jonhson Insurance) as our new insurance partner to discuss why costs are soaring due to catastrophic losses. In this episode, we discuss: The Debasement Trade: Why Gold, Silver, and Bitcoin are hitting all-time highs as investors lose confidence in the dollar's value due to government debt and monetary expansion. Lending & Risk: We analyze the push to change Basel Accords to get banks lending again with highly aggressive terms (e.g., 1.15 DSCR, 35-year amortizations), potentially leading to a market pop. The AI Advantage: We share how we use ChatGPT and Tract IQ data to generate a full feasibility study and rigorously vet potential sites. Residential vs. Commercial: We show the staggering math: many are better off renting their primary home because the mortgage payment far exceeds the rent. This highlights why commercial assets like self-storage—the highest performing asset class over the last 40 years—remain the smarter investment. Community: We conclude with personal reflections on the power of mentorship, faith, and community in building a successful life. Tune in for an in-depth analysis of the current market and a roadmap for investing in hard assets! Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Our Insurance Partner (Terry Campbell): Johnson Insurance Services: https://www.gojohnsoninsurance.com This episode was brought to you by: https://tractiq.com/

We're Just Going to Say It: Your Insurance Costs Have DOUBLED We are back from the New York SSA Fall Conference, and we're bringing you the most critical takeaways you need to navigate the next 18 months. This episode is packed with insider info on the legal and financial forces reshaping the self-storage landscape. Here’s what we uncovered: The Legal Fight: We reveal a land use attorney's opinion that many local moratoriums on self-storage may be illegal under state law. We urge you to get involved with your state SSA to protect your assets. Consolidation Shock: We break down the SmartStop acquisition of Argus Professional Storage Management—a "game-changing deal" that signals 150 stores is the new scale required to compete with REITs on operational efficiency and data. Expense Crisis: The shocking truth: Insurance costs per square foot have nearly doubled since 2020/2021, severely impacting NOI. We introduce Terry Campbell from Johnson Insurance, our new partner, to help address this critical issue. Lending Reality: We explain why the predicted distressed asset crisis is not coming, thanks to developers securing long-term loan refis (10 and 20 years) during the low-rate environment. The Future is Service: The biggest lesson from the conference: successful technology focuses on improving the customer experience, not just on cutting expenses. Tune in now for an essential look at the operational, financial, and legal landscape of self-storage over the next 12-18 months! Connect with Thaddeus Campbell (S3 Partners): LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Connect with Chris Berg (Abernathy Holdings): LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Find the Show on YouTube: The Self Storage Report: youtube.com/@theselfstoragereport This Episode was brought to you by: TractIQ: https://tractiq.com/ Johnson Insurance: https://gojohnsoninsurance.com/

Today are breaking down the Federal Reserve's recent 25 basis point rate cut. They get into the tough questions, like why the 10-year Treasury is rising and what that could mean for mortgage rates and the self-storage industry. They also discuss key economic data points that suggest we could be heading for a downturn similar to 2008. In this episode, you'll hear about: The recent Fed rate cut and the unexpected rise of the 10-year Treasury yield. Why searches for mortgage assistance are at an all-time high, surpassing the levels seen during the 2008 housing crisis. The hosts' analysis of the "real estate cycle" and why they believe a significant market shift could be coming in the near future. The potential for government intervention in the housing market and what that could mean for self-storage. A powerful and personal conversation about faith, community, and the importance of supporting one another through challenging times. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ This episode was brought to you by: https://tractiq.com/

Hey there, and welcome to The Self Storage Report, broadcasting live from Italy! We are breaking down the Federal Reserve's recent 25 basis point rate cut. They get into the tough questions, like why the 10-year Treasury is rising and what that could mean for mortgage rates and the self-storage industry. They also discuss key economic data points that suggest we could be heading for a downturn similar to 2008. In this episode, you'll hear about: The recent Fed rate cut and the unexpected rise of the 10-year Treasury yield . Why searches for mortgage assistance are at an all-time high, surpassing the levels seen during the 2008 housing crisis. The hosts' analysis of the "real estate cycle" and why they believe a significant market shift could be coming in the near future . The potential for government intervention in the housing market and what that could mean for self-storage. A powerful and personal conversation about faith, community, and the importance of supporting one another through challenging times. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ This episode was brought to you by: https://www.tractiq.com

We're starting this episode with some major news: the US government just revised job numbers downward by nearly a million jobs, a shocking development that signals significant economic softness. Your hosts, Chris Berg and Thaddeus Campbell, break down what this means for the economy and the self-storage industry. We also explore the growing impact of AI on the job market and its role in displacing workers, which could paradoxically lead to more self-storage demand. The conversation delves into the crucial decisions facing the Federal Reserve and the insights from industry CEOs on how to navigate today’s competitive landscape. In this episode, you'll hear about: The recent downward revision of job numbers and what it signals about the health of the US labor market. How AI is contributing to job displacement and why this may be a driver of future self-storage demand. A look at the Federal Reserve's role in monetary policy and the potential for a rate cut based on new economic data. Why self-storage is considered a resilient asset class that can perform well even in a down economy. The importance of community networking and making informed investment decisions based on solid data. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/

In this special episode, your hosts Chris Berg and Thaddeus Campbell are joined by guest Noah Starr, CEO of TractIQ, to give you a front-row seat to the conference. We discuss the key takeaways, from the surprising level of optimism to the stark reality that self-storage development has "never been this hard". We also explore the reasons behind this difficulty, including a lack of data transparency and the macroeconomic headwinds. Plus, we share a deeply personal conversation about faith, community, and the importance of personal responsibility in navigating today's challenging world. In this episode, you'll hear about: The SSA's incredible growth, going from 52 attendees 50 years ago to over 3,700 at this year's event. The prevailing sentiment of "cautious optimism" despite market challenges. A staggering stat from Noah Starr on the amount of capital that has recently flooded into the self-storage industry. How a lack of data transparency is holding back smaller developers and contributing to overbuilding. A personal conversation between Chris and Thaddeus about the state of the country, the debasement of the US dollar, and why they believe in personal responsibility. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ Connect with Our Guest, Noah Starr: LinkedIn: https://www.linkedin.com/in/noah-starr/ Website: https://tractiq.com/

We’re kicking off with a huge number: $800 million, the amount Extra Space is looking to raise in notes. This move, along with SmartStop's $500 million in Maple Bonds, suggests that some of the industry’s biggest players are preparing to make some serious moves in the market. We also explore a fascinating story Chris uncovered using AI about a California city council meeting. The city of Cerritos is considering lifting a cap on the number of self-storage businesses, a move that could be a win for both developers and consumers. In this episode, you'll hear about: Why Extra Space and SmartStop are raising hundreds of millions in capital. What "Maple Bonds" are and why SmartStop's offering was a first for the self-storage industry. A real-world example of how AI can be used to find crucial information on local government meetings. The shift in a city’s view of self-storage, from a limited asset to a needed service that provides economic opportunities. Why industry leaders are preparing to acquire assets at a discount and are seeing a potential for major market shifts. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ This episode was brought to you by: https://www.tractiq.com

This episode is packed with a truly shocking stat: the percentage of Americans moving is at its lowest point since 1948. We explore why this is happening and what it means for the self-storage industry, which is deeply tied to the moving process. We also discuss a few other major topics, including an exclusive clip with Alex Burnham from StorageMart, a deep dive into Warren Buffett's recent investments, and an analysis of homebuilders' desperate attempts to sell their inventory. In this episode, you'll hear about: The historical data showing how much moving has slowed down in the U.S. and its impact on self-storage The trend of building smaller homes, which may eventually create more demand for storage . The "funky" incentives homebuilders are using to move inventory, and why these are a red flag . Exclusive insights from Alex Burnham on his cautious outlook for the market's immediate recovery. Why patience is a key virtue in self-storage right now. The hosts' upcoming appearances at the SSA's 50th-anniversary event in Las Vegas . Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ Our Data Partner, TractIQ: Email: noah@tractiq.com Website: https://tractiq.com/  

This episode is packed with insights from SmartStop's latest earnings, a deep dive into what's happening on the ground, and a conversation with industry leaders like Alex Burnham and Michael Schwartz. We talk about why the market is a "shrinking" one, why experience is key, and how some developers are finding new opportunities in challenging environments . Join us as we discuss the nuances of demand and supply, the importance of a long-term strategy, and what a recent lender survey reveals about the top concerns in the self-storage space. In this episode, you'll hear about: SmartStop's positive NOI growth, a rarity among recent REIT earnings. Alex Burnham's take on the market, which has outpaced the REITs for 10 straight quarters. Why the industry might be a "shrinking market," and what that means for marketing and demand. Lender concerns about oversupply and absorption risk. A case study on a portfolio deal that yielded a massive 42% IRR. The unexpected trend of LA cities becoming more receptive to self-storage projects. How having experience and an "end in mind" is crucial for navigating market challenges. Tune in for a candid and informative chat that helps you understand the current pulse and future direction of self-storage! Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ Connect with Our Data Partner, TractIQ: Email: noah@tractiq.com Website: https://tractiq.com/

In this episode, we're joined by a special guest, Noah Starr, CEO of TractIQ, to break down the latest earnings from the top self-storage REITs. With all four reporting negative NOI growth for Q2, we'll get into the data and discuss why this is happening and what it means for everyone in the industry. We dive deep into the numbers on occupancy and rent, explore the impact of development lags, and talk about the competitive advantages of big players. Noah also shares what he's hearing on the ground, from the challenges of raising capital to cities like LA softening their stance on self-storage projects. In this episode, you'll hear about: The shocking news that all four major self-storage REITs reported negative NOI growth. The biggest factors behind the numbers, including pressure from rising expenses and supply growth. A detailed look at rent trends, including the divergence between "street rates" and "achieved rates." Why understanding the REITs is crucial for any investor, big or small. The exciting and still-developing role of AI in self-storage operations and marketing. How a lack of transparency in the industry can make it difficult for investors and developers to make smart decisions. An update on why some cities are now becoming more welcoming to self-storage projects. Tune in for an insightful, data-driven conversation with a top industry expert! Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Connect with Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/ Connect with Our Guest, Noah Starr: Email: noah@tractiq.com Website: https://tractiq.com/

In this episode, we're giving you the inside scoop on the latest earnings from Public Storage and Extra Space. We'll talk about why the market reacted so strongly, what's happening with self-storage rates, and the bigger picture of how things like rising property taxes and global economics are affecting the industry. We're also diving into a fascinating stat about the speed of AI adoption and how it's changing how consumers search for storage. Plus, we'll get into why some markets are hot and others are struggling, and we'll share why we still believe in a long-term bullish outlook for self-storage. In this episode, you'll hear about: The recent stock drops for Public Storage and Extra Space and the reasons behind them. Why development costs are so high, with some projects costing over $300 a square foot. The different strategies of the industry's biggest players: Public Storage focusing on ground-up development, and Extra Space on loans. An in-depth look at regional market performance, with some surprising NOI numbers. A mind-boggling example of oversaturation in a Florida market. Why we're seeing fewer massive residential projects getting built and the potential economic pain that could follow. A statistic that reveals AI-driven searches have surged from 15% to 60% in the last six months. The importance of being a responsible developer and why "easy" development isn't always your friend. Tune in for a candid, data-driven chat that helps you stay ahead in the self-storage game! Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/

This episode is packed with insights from the recent CSSA event and a deep dive into what's really happening in the self-storage industry. We're talking about everything from the surprising downturn in ground-up development to how Millennials are driving future storage demand, and even the exciting ways AI is changing the game for real estate pros. Join us as we discuss the accelerating trend of consolidation, tackle some unexpected legal challenges facing self-storage facilities, and share why building real community and having authentic conversations are more important than ever. Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/

Hey there, and welcome to another episode of The Self Storage Report! This time, we're diving deep into the latest on self-storage rates, how the housing market is impacting investments, and an exciting new development: our partnership with Tracked IQ! We're going to unpack the interesting differences between street and web rates, give you our current take on the housing market, and chat about why your engagement helps us all understand where the industry is truly heading. In this episode, you'll hear about: Our new collaboration with Tracked IQ for enhanced data analysis in self-storage. The recent slight increase in self-storage street rates. Why web rates have seen a bit of a decline. The crucial connection between the housing market and self-storage investment. How rising mortgage rates are affecting housing market activity. Why self-storage is expected to hold strong during economic shifts. The importance of audience engagement for real-time market insights. Join us for a friendly, data-driven conversation that helps you stay ahead in the self-storage game! Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/

Join us as we explore some fascinating insights like square foot per capita projections, what all this supply growth means (especially in those smaller markets!), and why developers need to think about defensive strategies more than ever. We'll also cover demographic shifts that are changing who needs storage, the latest economic indicators, and how third-party management is evolving. Here's what you'll get from this episode: What the rising square foot per capita actually tells us about demand. Why too much supply in smaller markets can be a real risk. The critical importance of "defensive strategies" for developers. How younger generations are shaping future storage demand. Why rate battles are starting to pop up in some markets. The surprising drop in third-party management requests and what it signals. How consumer search trends are getting more specific. Why the self-storage industry is set to do well, even if the economy slows down. The increasing trend of consolidation as bigger players buy up smaller facilities. What rising interest rates mean for new self-storage development. So, if you're keen on understanding the nitty-gritty dynamics of the self-storage market and what challenges (and opportunities!) lie ahead, this episode is for you. Tune in for a comprehensive yet easy-to-understand chat! Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/

Hey there, and welcome to The Self Storage Report! In this episode, we're diving into something super relevant: the intersection of the self-storage market and today's economic trends. Join us as we break down why housing prices are still soaring despite rising interest rates, and how this impacts everything from homeownership to the demand for self-storage. We'll also explore how big investors are shaking up the housing market and what California's new CEQA reforms could mean for future development. Tune in to discover: Why many homeowners are staying put, creating a housing crunch. The real influence of investors on home prices. How the shift to renting is boosting self-storage demand. New development opportunities thanks to California's CEQA reforms. Why we might see fewer new self-storage projects down the line. The growing gap between income and housing costs. Why self-storage is becoming essential for urban renters. The future of market consolidation in the self-storage industry. Grab your headphones and join us for a friendly, insightful chat about the challenges and opportunities shaping the self-storage landscape. You won't want to miss it! Connect with Us: Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Website: https://s3.partners/ Chris Berg: LinkedIn: https://www.linkedin.com/in/chrisbergreal/ Website: https://abernatheydev.com/

Is the self-storage market about to turn? In this episode, we break down the latest signals from the economy and real estate sector — including what recent GDP numbers, home builder strategies, and land acquisitions mean for the future of self storage. We also talk about the 18.6-year real estate cycle, shifting occupancy trends, and what operators and investors need to watch for as the market evolves. Follow Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ https://s3.partners/ Reach Chris Berg: Email: cb@abernatheyholdingco.com Linkedin: https://www.linkedin.com/in/chrisbergreal/ https://www.abernatheyholdingco.com

What’s happening in the self storage market right now? In this episode, Thaddeus Campbell and Chris Berg unpack the latest trends in occupancy, pricing, and demand — and how they’re all being shaped by broader economic shifts. From rising unemployment to changing housing dynamics, we look at what’s holding steady, what’s weakening, and where opportunity might show up next. Whether you’re an investor, operator, or just watching the real estate cycle closely, this episode is packed with timely insights. Follow Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Reach Chris Berg: Email: cb@abernatheyholdingco.com LinkedIn: https://www.linkedin.com/in/chrisbergreal https://www.abernatheyholdingco.com

Google searches for self-storage are ticking up — and that could mean a shift in the market. In this episode, we (Thaddeus Campbell and Chris Berg) unpack current trends in the self-storage industry, including what rental rates, employment patterns, and search interest are telling us about where things might be headed. We also discuss why institutional capital is returning, how younger demographics are driving demand, and what the slowdown in development means for operators and investors alike. Follow Thaddeus Campbell: LinkedIn: https://www.linkedin.com/in/itsthadcampbell/ Reach Chris Berg: Email: cb@abernatheyholdingco.com LinkedIn: /chrisbergreal https://www.abernatheyholdingco.com

New York City wants to cap rental rates in self-storage, and we need to talk about it. In this first episode of The Self Storage Report, we break down what these proposed laws could mean for operators, investors, and the future of the industry. We dive into how this connects to the housing market, why the free market has worked for storage, and what rising economic pressure means for everyone in real estate. If you’re in the self-storage space or watching the housing market closely, you don’t want to miss this. Chapters 00:00 Introduction to Self Storage Report 01:49 Legislation Impacting Self-Storage in New York 10:00 The Role of Free Market in Self Storage Pricing 16:30 Housing Market Trends and Their Impact on Self-Storage Follow me: Email: thaddeus@s3.partners LinkedIn:   / itsthadcampbell   Facebook:   / itsthadcampbell   Instagram:   / itsthadcampbell   Reach Chris Berg: Email: cb@abernatheyholdingco.com LinkedIn:   / chrisbergreal   https://www.abernatheyholdingco.com