Peter Chu, a retired lawyer living in Portland, Ore., pays nearly $400 a month for his storage unit in Seattle, where he used to live. That rate has gone up by roughly $150 since 2022. Mr. Chu is caught in an industry that was booming a few years ago during the coronavirus pandemic but now finds it has built way too many rental units. As the industry cuts so-called street rates to entice new customers, its existing customers are paying substantially higher rates that are sometimes raised twice or more in a year. “It was really attractive in the moment, but as soon as you go through planning, building, by the time you deliver, you’re kind of in a different market,” he said.

---

Persons: Peter Chu, Chu, Tyson Huebner, ” Organizations: Mr Locations: Portland ,, Seattle, Phoenix, Atlanta