For anyone getting into the self-storage business, whether you’re planning to buy an existing facility or build a new one (and especially the latter), it’s important to understand the supply and demand for self-storage space in the markets where you operate.
I know of two websites that can help with this. One is RadiusPlus, and the other is StorTrack. I use StorTrack more often because I understand their systems better, and from what I can tell, they seem to offer more nuanced information about each market and facility.
Neither system is perfect, but they are both VERY useful and can save a ton of time when trying to understand these market dynamics in the US and Canada.
Since it’s been so helpful to me, I wanted to make a video explaining how I use it, along with a cool little trick to quickly see which cities in your state have the highest ratio of storage space available per person (high supply vs. demand) and which areas have the lowest ratio of storage per person (low supply vs. demand).
I have no affiliate relationship with StorTrack and don’t make any money from these data services. Just wanted you all to be aware of a super-easy way to do this market research on any market you’re evaluating.