How to Calculate the Demand for Self-Storage in Your Market!
Wednesday, September 14
There is only so much demand for self-storage in a market. You don’t want to build in a market that is oversaturated, and you don’t want to buy in a market that has no demand left. You cannot create demand. Only 10% of the population usually uses self-storage. Because of this, you don’t want t...
Determining Your Competition’s Occupancy Levels is Critical
Monday, September 12
One of the trickiest parts of researching your market is determining your competitor’s occupancy levels. You need to know what your competition is doing if you are going to determine your own potential occupancy levels. You may have found what you think is a great opportunity, the occupancy leve...
Determining the Density of Your Market Area
Friday, September 09
Now that you know what your market area is and what your competition looks like, you need to look at the surrounding area’s population. If there aren’t enough people in your area, then you won’t be able to keep your self-storage facility full. The easiest way to go this is to go to a website lik...
How do you determine the size of your self-storage market?
Wednesday, September 07
Every market in every part of the country is going to be different. You may find that your market changes from city to city even when they are just across the river from each other. You don’t want to invest in a market that is oversaturated. You don’t want to invest in an area where the popula...
What Does It Cost to Build a Self-Storage Facility?
Monday, September 05
Prices are all over the place right now and it is impossible to get some of the materials that you need for months. In other words, if you are building right now, you need to be aware of the current climate. You need to know that it is going to take longer, you are going to have more in holding...
How Do I Know What This Vacant Lot Can Produce in Gross Income?
Wednesday, August 31
Figuring out what a vacant lot can produce is a lot easier and more difficult than it seems. In our last blog, we talked about how to determine how many units you can put on the lot. Now we are going to talk about how to determine what kind of income those units will produce. The first step is...