I see a slow slog downward until we hit the balance point mostly because the rates will remain elevated 6%+ for another year at least.

Or are things like cap rate, cash on cash return and cash flow more important than the amount of rent you receive?

Rental rates are holding strong, which is promising for investors.

I have thought about doing a HELOC but I feel like I am just creating another payment at a higher interest rate.

What is the going rate for a 3 bedroom detached?

I haven't noticed a drop in rates. 

I would wait till rates eventually go down and there are real opportunities in real estate and take advantage of it then

What is your prediction on rental rates and multifamily property values in your market over the next year? 

I'm in the position to apply(depending on lender DTI requirement) for conventional financing through the builder at <6% interest rate in this current market.

Storage occupancy rates during past recessions has remained relatively stableFor example, during a recession, when folks downsize from a 3 bed/1 bath to a 2 bed/1 bath, those people, historically, keep their belongings and put them in storage.Also, during inflationary times, self-storage operators can better manage rates because most leases are month-to-month.