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Self Storage Market of the Month: Novi, MI

StorTrack’s featured market this month is Novi, MI. Novi is a city in Oakland County in the U.S. state of Michigan. Novi continues to be one of the fastest-growing cities in Michigan. While Novi is recognized for its large concentration of retail businesses clustered at the Novi Road and I-96 interchange, there are several large retail centers in the city as well as many individual retail businesses. Novi ranks among the top Oakland County communities for research, technology and service companies.

How is Novi as a self-storage market and is it a good place to consider investing in? We’ve used StorTrack’s Explorer platform to look at some metrics to analyze its potential as a self-storage investment.

Self Storage Market Metrics for Novi, MI

Current Supply

The square feet per capita in this market is 5.03. For comparison, Michigan’s square footage per capita is 7.67. Out of the five self storage stores currently operating in Novi, one is REIT and four mid-operators. There are currently no planned development projects in this market, though there are 89 active projects across the state.

Rate Trends

Rates in Novi have trended low in the last 3 months, by -0.92%. The average rate per sq ft for standard, non-climate-controlled units is currently $1.32 and $1.81 for climate-controlled units.

View the Market Report for Novi, MI

Is this a good market for you to invest in? To understand Novi’s potential as a self-storage market, view this complimentary report, giving you useful market statistics and metrics. Additional metrics available with report purchase.

To purchase a full market report for this or any other market, go to 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. Sign up for free to start evaluating self-storage markets.