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Self Storage Market of the Month: Lakewood, OH

StorTrack’s featured market this month is Lakewood, OH. Lakewood is a city in Cuyahoga County, and is located about 6 mile west of Downtown Cleveland. This city has a total of 32,000 housing units citywide including 12,700 one- or two-family homes.

How is Lakewood 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 Lakewood, OH (5 mile radius)

Current Supply

The square feet per capita within a 5 mi radius of Lakewood’s city center, is 5.17. For comparison, Ohio’s square feet per capita is 7.04. Out of the 21 self storage stores currently operating in this market, 8 are REITs, 8 are mid-size operators and 5 are small-size operators. There are two new planned development projects in this market, though there are 67 active projects across the state.

Rate Trends

Rates in Lakewood have trended down in the last 12 months, by -15.14%. The average rate per sq ft for standard, non-climate-controlled units is currently $1.22 and $1.66 for climate-controlled units.

View the Market Report for Lakewood, OH

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

Additional metrics are 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.