Over the past decade, the Toronto self-storage market has grown at a steady pace. According to Inside Self Storage, some investors and operators throughout Canada are currently facing a number of challenges, including site selection, rising land and construction costs, and taxes. Despite their challenges, more facilities are opening their doors to customers each day, providing a safe space for their items.
For individuals living in Toronto or any of the surrounding communities and find themselves in a bind as far as where to put some of their favorite trinkets, there are plenty of self storage units located throughout the area that will cater to their needs. The sizes and types vary; some offer larger spaces, while others are simple and low cost.
The source reported that although the market is expected to open up within the next few months, it is hard to determine a price of rentals on average.
“It’s difficult to generalize about rents because of market variations,” Inside Self Storage revealed. “In areas where the supply is in balance and occupancies are stable, new tenants have received regular rent increases. Increases appear to average 3 percent annually in these markets. Several markets in the Lower Mainland have become very competitive over the past few years due to new supply and, in one particular submarket, no rent increases have been possible for four years.”
People who would like to remain up to date on all the self storage news, the Self Storage Association reported that last year, about 95.4 percent of current self storage owner-operator members would heartily recommend membership in the SSA to their market competitors.