As we enter the 4th quarter of 2019, self-storage investors are achieving higher than normal returns and extending the valuation push during this unprecedented real estate cycle. Many investors are finding that real opportunity lies in the arbitrage a real estate investor can capitalize on between cap rates and interest rates. While the word arbitrage is usually thought of as high finance concept, there are some viable opportunities that might be available in the self-storage investment market today. The term arbitrage mans that an investor can take advantage of some pricing or other discrepancies in the marketplace. For example, if a stock were selling on the London Exchange for $50 and on the New York Exchange for $55, it would become clear that you should buy in London and sell at the same time in New York. Do it once and you are entitled to call yourself an Arbitrageur (even though it sounds French, don’t let it go to your head). Now that you understand the basic concept, how can we make arbitrage work for us in the self-storage marketplace?