303. Building a Self Storage Facility in 2025: What to Know Before You Start

Building a storage facility may be easier now than it has been in the past five years. With so much of the competition out of the market, top-tier building companies are completing projects faster. And with higher tariffs on pause, now may be one of the best times to lock in pricing before they rise again. But maybe this is your first storage facility construction project or your first facility in general. What should you know BEFORE you start in 2025?    We brought Forge Building Company, the experts in self storage development, back on the show to give a 2025 update. They’re sharing the biggest opportunities for building in the 2025 market, the pitfalls that only experienced developers know to avoid, how to get your project passed by the city, and what’s happened to material costs since the latest round of tariffs.    Development demand has shrunk by a whopping 20% - 30%, so this could be the perfect time to get into the game before rates drop and demand skyrockets back up. Plus, Hamish Bell and Melissa Anderson from Forge even share the new types of “space” modern self storage facilities are adding to increase revenue AND make the city happy.    What you’ll learn in today’s show: Why the drop-off in self storage development demand could be a good thing for investors  Build now or wait? How to decide when tariffs could boomerang back  Signs that a self storage market is worth building a new facility in  How to get your plans approved by the city and get your inspection passed  Choosing the right unit types for YOUR specific market (do NOT blindly divide your unit mix) —   Attend the Self Storage Income Live Event!  https://www.selfstorageincome.com/live-event    Forging Ahead: Construction Resilience and Opportunity in 2025 - https://forgebuildings.com/forging-ahead-construction-resilience-and-opportunity-in-2025/    Forge Building Company - https://forgebuildings.com/    Interested in Building? Email: [email protected]    📌 Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 🎙️ Do you have a great story to share on the SSI 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 📉 Learn about our current investment opportunities at Cedar Creek Capital: https://cedar.cc/invest