Self storage criteria for over saturation

[Ryan McCarthy]

Want to buy or build a self storage park. I’m Afraid my market is over saturated. Is there a population density formula to determine if there is room for another one or not

[Greg Dickerson]

Originally posted by @Ryan McCarthy:

Want to buy or build a self storage park. I’m Afraid my market is over saturated. Is there a population density formula to determine if there is room for another one or not

The industry average is 8 square foot of storage per person. Of course this will vary depending on location, market demographics and type of households etc. You can look up existing facilities in your area and check with the city or county to find out what's in the pipeline for new inventory then do the math based on the population in your area. 

Keep in mind location is huge in storage these days as it has become a retail business. You need to be where the traffic is not bring the traffic to you.