Question about Self-Storage pricing / cap rates

[Jon Q.]

Experienced self-storage investors,

I've you've investor for longer than one full market cycle, I'm interested to know your thoughts about self-storage pricing/cap rate trends, primarily in markets with 100K+ populations.  Also, what market cycle does self-storage more closely mirror, industrial or apartments?  Any other insights are appreciated.

I'm looking for 100+ unit self-storage deals in 50K+ population markets that may have higher than average vacancy...but I'm sure you all are as well.