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Finding the Right Site for Your Self Storage Business
Posted 9/18/2018
Author Cindy Rivera
 
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If you are looking for the ideal self storage site on which you can build, you know the long road ahead and the many challenges which likely await. There are many factors to consider when selecting a site including demographics, income, self storage saturation, market rates and local building restrictions and regulations, to name a few.

Doing preliminary research can be overwhelming. Firstly, you need to understand the local self storage saturation. Knowing how many self storage facilities are already present, their location relative to your site and what types of stores they are, is important in determining whether the market already has enough supply or has enough demand for the construction of a new site. Equally important is knowing the rental rates and trends in the area. Pricing intelligence can help you identify whether a market is aggressive or passive and provide you with deeper knowledge on your potential for growth. Further, any historic rental rate trends and pricing analytics can help you discover opportunities. Lastly, the demographics of a market are key in helping you determine demand and help you plan for the type of facility to build.

Luckily, for those still in the preliminary phase of site selection or those not yet ready to commit to a full feasibility study, there are now some low-cost data tools and solutions available to the self storage market. Some tools can help you find the ideal site for your investment, going as far as helping you narrow down a region of interest to a specific city or zip code based on criteria set by you (ie. geography, demographics, rental rates, trends, market inventory, etc.). Low-cost, instant market analysis solutions are also available. These solutions are available to all and provide vital information while enabling you to perform quick and effective first stage due diligence before you make any major decisions.

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