Self Storage - Equilibrium Sq Ft per person in rural areas
I have read that for determining equilibrium a good rule of thumb is to use an avg of somewhere between 7-8 sq ft of self storage per person within the radius you are analyzing. However we all know each market is very different.
In analyzing small towns in more rural areas what number do people suggest using (or do they use when doing their analyzation)?
Thanks in advance.
Most Popular Reply
@Forrest Shealy This is where it gets "fun" because you're a detective trying to find the rest of the story and the manager (if they're worth their salt isn't going to give it to you).
So the best way would be to visit the local Facilities and ask to rent a particular unit, say 10x10, and then go look at it, (you can certainly request a few different sizes or climate control so you have a reason to tour the Facility). If possible, skip the golf cart ride the manager will give you and ask to walk it.
If it's run well you should see silver locks for those that are rented, green for vacant, & red for over-locked (the latter typically having two locks). Or if it's not, you should see the common scheme of things for vacant versus occupied units, even if they are zipped tied shut.
You MAY need to actually rent a unit at the place for a month so that you can have some leeway in order to count locks. Or on those trips up & down the aisles - count fast!
Please note that it usually requires a physical visit & count as the Manager is not typically going to give you the information you want over the phone as there's always scarcity and urgency to rent. A manager's role is to get you to visit the Facility, rent you a unit before you leave regardless of what it takes, and accompany you wherever you go. So asking how many 10x10's, or 5x5's available are there, and how many total are on the premises, may or may not work.
I hope this helps.