David Blum discusses the current development boom in the self storage industry, the economic cycle, and where to find pockets of opportunity From insideselfstorage.com :

Worried About New Self-Storage Development? Don’t Despair

Now, the conversation focuses on the overbuilding occurring in certain markets. Most of the new product is scrambling for its share of the customer pool, focused on occupancy and deep discounting to entice new customers. The expectation is that a quick rental bump will then allow for an increase in existing customer rates. Ultimately, but maybe longer than pro forma, income will catch up to bank projections.
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