It may be, and probably will be, the market will sustain this growth for a year, maybe two, but we're due for a recession, and I think prices will come back to, somewhat, moderate levels to start in vesting in UT. 

We had the largest housing recession since the GFC.

The recession is still in fresh in the eyes of hoteliers.

And when we have the next recession, rent money keeps coming in because people need a place to live.

All that changed after the GR (Great Recession) and by law, loan servicers can't crush you like in the old days. 

That way you kind of hedge your bets (aka Risk/Reward).Self Storage is historically Recession-Resistant as it has everything to do with Death, Divorce, Down-sizing, Dislocation, etc. - things that are prevalent in normal times and certainly, in not-so-normal-times, too.However, RV & Boat Storage is similar but different, in that approx 1 out of 10 folks in the USA rents a Self Storage Unit, and that is not the case with Boats & RV's; hence it being a much more niche strategy. 

This was during the recession in 1992 and REO’s were abundant.

Starting from the bottom, Recession, construction slows down and even stops.

I like the B and C class rentals in Denver metro for that reason because there is a larger tenant base that can qualify and still cover the mortgage through job loss, divorce, recessions, etc. 

It sounds like he believes CAP rates have a significant chance of going higher still given most likely conditions.Hospitality can be highly risky as some asset types can be heavily affected by a recession and corporate travel restrictions.