Jordan Farrer Unpacks Utah's Self-Storage Market: Trends, Challenges, and Opportunities

Join us in this episode as we sit down with Jordan Farrer, a prominent figure in Utah's self-storage market. Working with Marcus & Millichap, Jordan shares his unique insights into the remarkable surge in the self-storage sector, especially during the COVID-19 pandemic. From record occupancies and rate growths to the changing landscape post-2020, we delve into various aspects of self-storage investments and management.Key highlights include:00:02  Jordan Farrer discusses his role in Utah's self-storage market and industry trends.00:58  COVID-19 led to a surge in the self-storage sector with record growth and sales from 2020 to 2021.02:22  Increased average tenant stay in self-storage, now 12-15 months, due to smaller home sizes.03:30  A development boom in 2018-2019 in self-storage slowed by recent high costs and debts.05:32  Utah's self-storage market is less mature, with many small operators and slower growth.06:40  The self-storage industry is seeing more large-scale institutional buyers and property aggregations.11:25  Shift in pricing strategy to low initial rates with subsequent increases to retain customers.13:28  A strong link between self-storage usage and the housing market, especially during moves.21:42  SBA loans as a viable entry point for new investors in self-storage.24:37  Growing trend towards remote management in self-storage, with adoption by larger operators.27:33  Increasing importance of online advertising and presence in the self-storage industry.Do you have any questions, tips, or ideas about career transitions in real estate development? Share your thoughts in the comments section below!About Us:Webster Real Estate, established in 2018, is dedicated to providing investment opportunities that deliver long-term value and high returns for our investors. Learn more about our approach to real estate investment at https://websterrealestate.comAdditional Content to Consider:Sign up for the Webster Real Estate Newsletter! https://go.websterrealestate.com/connectExplore real estate development best practices on the Webster Real Estate Insights blog: https://websterrealestate.com/insights/Subscribe to our YouTube channel for more videos about real estate and development:    / @websterrealestate