The short answer is yes. Pricing for self-storage facilities is as attractive now as it has ever been for a few different reasons. The first comes down to simple supply-demand. There are fewer properties on the market right now than there have been at any point in time in the past five years. And there are actually more buyers than we have ever seen before. Partially, you just have the institutional type investors who have to place X amount of equity every single year into self-storage properties.
And then you also have investors who are typically in the hospitality or the retail airspace who are trying to diversify because those properties might not be doing as well and they see this recession-resistant asset class, like self-storage as a far more attractive opportunity. And last, but probably most importantly, buyers right now can just get debt at such a cheap rate that it just makes sense to place it into self-storage.
Investors and lenders or like, are seeing the attractive qualities of self-storage. As we went through the last economic recession back in 08, which was more financially driven and it proved up and performed all there. Now, we're going through an illness related kind of recession and once again, because it's more stuff- centric, as opposed to people-centric, like you were saying, hospitality and retail, you're seeing that the property again is performing well, even in these worst of times. And because of that rates, leverage, everything's just really attractive right now.
The honest truth is, whether or not it's a good time to sell really depends on your personal situation. And that's part of a larger conversation that we would love to have with you. So, if you are interested or even thinking about selling, refinancing, or purchasing a self-storage facility, please give us a call. Thank you.