Both are correct. The decision will come down to what the cash flow and demand actual is and what they expect the future land to be worth. Sometimes you just let it go down to a low tier of maintenance, avoid all R&M and ride it out until you’re ready to cash in. The appreciation is collateral for future developments to so the model scales well.

As long as home ownership declines, storage facilities will continue to flourish. There may be a blip when all the boomer downsizing demand evaporates as their kids will trash the junk.