A few months ago, StorTrack launched SiteFinder, a powerful and one-of-a-kind mapping tool which combines market intelligence and demographic information to help you pinpoint the location for your next self-storage investment opportunity. With SiteFinder you are able to run location searches based on criteria you define – criteria which can be based on region, rates, trends, demographics and inventory.
For this example, we focus on potential site locations in Florida. SiteFinder pinpoints Cities or Zip Codes which match the combined criteria you define. In this particular search, we look up all locations in Florida where ‘Regular’ (or walk-in) rates across all unit types over the last 12 months have increased by 5 percent or more. Further, we are only looking for cities where the population is greater than 70,000 where the annual Median Household Income is over $65,000 and the number of big box (REIT) stores is less than two.
The results bring back several cities across Florida matching the criteria entered:
Now that we have identified the cities matching the criteria we selected, we take a closer look at the rates in each of those cities to understand any trends taking place in those markets. Below is a breakdown of the average price per square foot over the last 12 months in each of the cities and how they compare with state-level figures. The figures below show 12 of the 20 cities have 5 or more facilities, with 2 or less of these facilities being a big box brand store. Of the 20 cities, 8 of these have rates which are more than 10 percent under the state’s average price per square foot.
For those looking to invest in self-storage but aren’t sure in which direction to look, SiteFinder is the perfect tool. Whether you are looking into larger markets in the metro areas, secondary or tertiary markets, SiteFinder will use StorTrack’s robust market data to find locations based on what you’re looking for in a market. To sign up for a trial of StorTrack’s SiteFinder tool, give us a call at 1-800-969-7424 or reach out to email@example.com.