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Self Storage Market of the Month: Dearborn, MI

StorTrack’s featured market this month is Dearborn, MI. Dearborn is a city in Wayne County. Dearborn is the seventh-largest city in Michigan and is the world headquarters of the Ford Motor Company. One of the largest employers in Dearborn is Oakwood Healthcare System (now a part of Beaumont Health) and the other noted employers include auto suppliers like Visteon, education facilities such as Henry Ford College, and museums such as The Henry Ford.

How is Dearborn 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 Dearborn, MI

 

Current Supply

The square feet per capita in this market is 3.34. For comparison, Michigan’s square footage per capita is 7.4. Out of the four self storage stores currently operating in Dearborn, one is REIT and four are mid-sized or small operators. There are currently no planned development projects in this market, though there are 90 active projects across the state.

Rate Trends

Rates in Dearborn have trended up in the last 3 months, by 18.36%. The average rate per sq ft for standard, non-climate-controlled units is currently $1.68 and $1.82 for climate-controlled units.

View the Market Report for Dearborn, MI

Is this a good market for you to invest in? To understand Dearborn’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.stortrack.com. 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.