There is a lot riding on the accuracy of data when analyzing a market for its potential. We understand this and keep improving our product in an effort to deliver more granular market data that helps you get the real picture.
Part of the market evaluation process for self-storage investors is understanding the average rates in the market and how they’re trending. In our latest feature enhancement, StorTrack’s Explorer platform offers you a quick, at-a-glance overview of average rates per square foot in any market, while also showing how these averages differ when you include or exclude certain unit types. In many markets, getting an accurate average market rate can be a bit challenging as the rates can get skewed by the unit types offered. For example, in a market that has a large number of climate controlled or parking units, the average market rate per square foot can be significantly higher, as these units tend to be priced 30 to 50 percent higher than standard units.
Explorer users can now compare the average rates by including all unit types in the market, or by including/excluding climate controlled or parking units. This gives you a deeper, more realistic average rate and comparison of the price per square foot averages, which helps investors and developers analyze market potential more accurately.
In the Market Summary you can now see the average rates per square foot for:
- All space types (including and excluding parking units)
- All regular/standard units
- All climate controlled units
- Parking units only
This feature is now available on the Explorer map for all Explorer subscriber types (Free, Basic and Unlimited).
Is there some specific data you would like to see? Is there a feature that you think could be helpful? Feel free to write in and tell us about it. If there are enough people asking for it, we will offer it!
Explorer is StorTrack’s market analysis platform for self-storage operators, investors and developers. Explorer is available for the evaluation of any primary, secondary and tertiary market in the US, Canada and the UK..