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Self-storage market uncertainty remains high today with lenders continuing to be cautious and bridge loan demand surging as new developments are leasing up slower than expected. As we head in to the summer leasing season, valuations have softened, cap rates have risen, and underwriting has tightened, but top-tier public and private buyers remain active despite valuation and pricing discovery. The most active buyers are confident that development has slowed due to construction and financing challenges as population growth and market saturation guide only the savviest developers to break ground on new self-storage projects. The amount of new supply deliveries over the past three years is equal to 9.3% of inventory and new deliveries of the past 12 months equal 2.9% of inventory according to Yardi. This slow down in new supply is giving buyers confidence that more compelling market fundamentals are starting to materialize and better results are coming!