284. Why the Self Storage Industry MUST Adapt or End Up Like the Hotel Industry w/ Steve Mirabito

Get my FREE self storage starter pack to learn how to analyze, underwrite, and operate your next storage investment: https://www.selfstorageincome.com/start-podcast  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! What you’ll learn in today’s show: The number one thing self storage investors need to prepare for Why self storage owners should start overlaying the “valet” storage model Steve’s journey to becoming a major player in self storage development How the self storage industry has evolved since the 1980s Why all independent operators should join a self storage co-op What self storage investors can learn from the hospitality industry StoragePRO: https://www.storagepro.com StoragePRO Management: https://www.storagepromanagement.com  📌 Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Mentioned article: https://www.selfstorageincome.com/blog/the-self-storage-industry-a-brief-overview  📑 Our Self-Storage Feasibility Studies will help you speed up the process in understanding markets, potential risks, and analyzing the facility itself. https://cedar.cc/feasibility-studies/ 🎙️ Do you have a great story to share on the Self Storage Income podcast? You can now apply here! https://form.asana.com/?k=TGU88eU0bFTFW1iHcckuTA&d=1203571084143207 📖 Get AJ's book that teaches you everything he knows about self-storage ! https://a.co/d/aRSKcSq 📉 Take advantage of today’s market conditions and invest with us: https://cedar.cc/invest