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.com)**Additional Content to Consider:**Sign up for the Webster Real Estate Newsletter! https://go.websterrealestate.com/connect)**Explore 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)