Self Storage Market Research

[Joshua Nackenson]

New investors in Self Storage -- I'm curious what resources folks are using for local market-level research?

• - they say your market is typically 3-5 mile radius, but I imagine it would be much larger in a less densely population area. how are other investors defining their market in smaller tertiary markets?

• - what resources/means are you using to collect local market research
  • - they often throw out ~ 7 sq ft storage/person as a rough idea of most market equilibrium -- 
    • - how are you figuring out total self storage sq ft available in your market?
    • - how about population in a smaller market? census data is often limited to pre-defined boundaries that may not match your "market" boundaries
  • - how do you determine trends in pricing and vacancies?
    • - is it possible to get reliable information about the vacancy rates of the competition in your market? I imagine if you call them up and ask what their vacancy rate is, they've got no incentive to share that "insider" information....
  • - how do you determine unmet market needs? 
    • - ie. mostly opportunities for future value-add and/or development: boat/RV storage, air-conditioned, etc.
  • - what means are most effective for skip-tracing information of owners?
    • - the corporation information registered with the state is not necessarily going to give you a means of personally contacting the owner...

I really appreciate all the help. I'm looking forward to the time when I'm a more experience investor and can pay it forward and offer up assistance to new investors.

Thanks,

Josh