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Four Predictions About The Self-Storage Industry

Technology startups that aim to disrupt existing industries must know identifying industry trends and understand where the industry is moving. For my company, that industry is self storage, composed of small facility operators as well as a handful of large players that dominate the market.

Despite being a established industry, self storage is suffering from innovations and growth that continue to make it a worthwhile investment and an interesting area to do business.

As the creator of a peer-to-peer storage market in the U.S., here are my 4 predictions about the trajectory of the self storage industry in the coming years.

1. While demand continues to increase, it will be outpaced in the short phase by new supply.

Ever-increasing demand development is a fact of the self storage industry. Up until now, supply has kept up with interest, with over 90% occupancy rates being typical since 2015, according to the 2019 Self Storage Almanac from Mini Storage Messenger.

As for instance baby boomers begin to downsize, the need for storage units is expected to increase. Furthermore, while some believe millennials will use storage less than previous generations, data from Marcus & Millichap’s “2018 U.S. Self Storage Investment Forecast” suggests they will continue the demand trend as they still, although slightly later in life, are forming families and accumulating material possessions.

In order to match this growing demand, real estate investment trusts (REITs) have poured an enormous amount of capital into constructing hundreds of thousands of new square footage. In 2011, only $241 million was spent on mini-storage facility construction. That number has increased every year, and in 2018, nearly $5 billion was spent on new facilities, per U.S. Census Bureau data on private construction spending.

Nonetheless, industry analysts fear that this glut of new storage facilities will demand in the short term, causing a decline in the decade-long high returns enjoyed by some of the largest players in the industry, including Public Storage and Extra Space Storage. Increased supply may result in lower unit rental prices as storage operators contend to fill their units.

2. While this increased supply may temporarily halt rental price increases, many cities around the nation will continue moving to restrict or slow new self storage construction.

Putting a cap on supply growth while demand continues to increase will significantly increase rental prices in the medium to long term.

In New York, for example, the town recently signed a zoning freeze into law. Now, it takes two years just to obtain the special permission to build. The choice cited a lack of space, displacement of businesses that produce top-quality jobs and a negative impact on the aesthetics of the city for the enactment of the law. In addition, storage facilities may not provide the same amount of sales tax and other revenue as alternative commercial or industrial construction.

New York joins other major metropolitan areas, including San Francisco, Miami and Charleston, that have similar restrictions, with others likely to follow. I’ve also learned that several smaller cities intend to cap storage facility construction. While storage operators tend to be attempting to adapt by building more attractive services with smaller footprints, the burden of paying for these improvements will still fall on storage unit tenants.

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5 design trends celebrities love that interior designers hate

Superstar home decoration has long fascinated people, with shows like “MTV Cribs” and “Lifestyles of the Rich and Famous” captivating audiences for years.

In fact, part of the attraction of celebrity-focused reality shows such as “Keeping Up With the Kardashians” is seeing what a star’s home is like on a day-to-day basis.

For example, fans were delighted when they got to see exactly what Kim Kardashian West’s home looks like in a video for Vogue’s “73 Questions” series.

In spite of their popularity, interior designers don’t always love the way celebrities decorate their homes.

Some a-listers focus on creating a space that appears cool rather than one that feels comfortable in designers’ opinions.

For illustration, Kardashian West’s self-described “minimal monastery” home, which is both minimalist and monochrome, wouldn’t be every designer’s cup of tea.

Homochromatic color schemes are common among celebrities, but this can make a space feel less homey.
white room
Monochromatic styles can make a space look bland. Tom Merton/Getty Images
“The best way to make a room feel homey is to add layering, texture, handmade pieces, and warm woods,” said Kathy Anderson, owner and founder of the luxury interior design firm, Anderson Design Studio.

“Pattern mixing and maximalism is taking the place of minimalism,” Anderson told Insider.
colorful bedroom
Maximalism is replacing minimalism in the design sphere. KatarzynaBialasiewicz/Getty Images
Instead of the cool, sleek look of moderate design, experts are now leaning toward the colorful and plentiful.

“It’s timeless to use books and collected items that are meaningful to the client to accessorize and bring a sense of personality to the home,” Anderson added.

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Practical and Pretty Garden Fence Ideas

A fence is a useful way to defend your garden landscaping from critters and set it apart from the rest of your backyard. But garden fences can also pretty up your flower bed or vegetable garden. Get inspired by these gardening fence suggestions, which incorporate eye-catching materials and even enchanting gates that will warmly welcome visitors to your plot of land.

Modern Black Fence

The dark fence adds a touch of modern flair to an otherwise classic vegetable gardening on a california horse farm. Plus, the fence and added chicken wire holds out the farm’s many, many animals—95 and counting!

Classic White Archway

A mix of bright annuals and perennials add jumps of color to this old-fashioned white picket fence, complete with a lovely white archway that directs guests to the front door.

A Backyard and Fence in One

We believe this is a brilliant idea, particularly if you’re short on space: Make your fence a part of your garden using a rack and a lineup of small and tall container plants.
You can keep your fence completely traditional by using traditional wooden rails, a look that has withstood the test of time. This kitchen garden at a New York retreat spotlights raised beds bordered with Belgian neighborhood stone, pairing nicely with the tried-and-true fence.
This thriving garden belonging to painter Donna Krakovitz is overflowing with organic greens, poplars, herbs, and heirloom varieties—all contained within a simple yet sturdy wooden fence that’s sure to stand up to the elements.

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Guidelines for evaluating lenders and loan estimates

Strategies to get a lower rate
Getting a low refinancing rate is both an art and a science.

Certain strategies work, and some don’t. Every single situation is different, and the stakes are high.

Certainly, rates are hovering close to 3-year lows, but that doesn’t mean loan providers will just give you their best possible deal and call it a day.

In many cases, you have to poke and device for your best rate.

So, how do you do that?

With the right knowledge, you can approach your lender with confidence, knowing how to compare one offer with another, and even use one offer against the other.

Ready to get the best mortgage refinance rates? Here’s how.
Make certain your credit and debt are in check
To have the best rate from any lender, you should have a good credit score and a low debt-to-income ratio. In 2018, financing scores and DTIs were the two main reasons why loan providers denied refinance applications.

Loan providers offer the best prices to borrowers who have a track record of paying their bills on time and managing their debt.

So, you’ll need to make sure your financial house is in order by checking your credit report’s accuracy and calculating your DTI before you start shopping for the lowest refinance rates.

Keep in mind that a less than ideal credit score or excellent DTI doesn’t necessarily disqualify you from a mortgage refinance — but it means you won’t be able to get the best rates and maximize your savings.
Contrast multiple loan estimates
You can get as for instance many mortgage refinance estimates as you need. But regrettably, many borrowers only get 1 quote or apply with one lender.

By asking for a quote from just 1 lender, you could be leaving thousands — if not tens of thousands of dollars — in savings behind.

Thankfully, the internet makes it easy towards obtain quotes from multiple lenders.

But here’s in the kicker: you can’t simply get multiple quotes. You must show the quotes to the other lenders.

Possibilities are that high quotes will come down. Lenders will lower their rate and/or fees to keep your company. Savvy shoppers come out on top when they use multiple quotes to their benefit.