Storage Units Market Demand “Will they come?”

I’ll give you the tool I use, but you will have to make an investment of your own time. Otherwise you don’t own the data.  Below you will find information on Storage Units Market Demand in Omaha, NE, Council Bluffs, IA, and the surrounding areas.

Storage Units Market Demand “Will they come?”

Step 1 “Capacity”:

Count the units and sizes in that market. Get headcount by googling the town or zip code. Be aware of the town is standalone, or it might have a large population outside since it is a suburban community to a larger town nearby. Add those people in by using the County or School area population.

Example:

Town 1:
#of units/headcount= 300 units in the area/ population 3,000= 10 units per 100 people.

Town 2:
500 4,000= 12.5 per 100
Town 3:
and so on.

Do every stand-alone town in a 60-mile radius, or until your satisfied. You will get a High, Low, and average. I have a certain ratio per 100 headcounts (not households, not age, not sex) I use when deciding to buy or build in a town. You will get to the same answer I have.

Luckily we are all the same. Death, divorce, fire, home sale, floods, layoffs, etc. No matter whether your Rich or poor, city or country folk. The ratio above works anywhere.

Step 2 “Existing”:

In each town count the number of units by size. When I do my ratio I assume all units are the same. Count the 10/15/20’s. Any smaller units just make them equivalents of a 10 x15. 3 5 x 10’s= 1 unit

Although I am counting them all as the same, the reason, I say count by size is for when you build.

Now let’s calculate “Demand”:

The number of units needed (Step 1) minus Number of units existing (Step 2) = Quantity to build.

Town 1:
500 – 400 = 100

Town 2:
300 – 100 = 200

Town 3:
and so on.

This will help you pick which town you have the greatest potential for success. “Subject” to other factors that is where you want to either buy or build first. You only need to do the above once. I have kept this ratio in my head for the first time and make all my decisions using it before I move into a market. If you’re in a large city, use this ratio. Pick the zip codes in your territory.

Many exceptions to the above

1. My town has the highest per 100 counts around by far, and I am still building. There are reasons.
2. I just built in a town that was not the best of the ratios. But the largest facility with 1/2 the business is 4 miles out of town by themselves.
3. There is a town that is Fully Saturated. No extra unit will ever be rented in it. I would love to build there. Everyone built 10 x 20’s for some reason and they did it at the south end of town where the zoning is easiest. I can build halfway to the population who is in the Northend of town and I would hone in on 10’s and 15’s with some ’20s. Everyone thinks they have less than they have. They will rent 10’s or 15’s first.
4. We are building our last location. Your eyes never stop looking. The best spot I have seen is a cornfield where you can’t see a single house. I would love to have built that one.

You don’t know me

• Own the data yourself. Don’t have me give you the figure. Question the logic, “all of us are the same”.
• We are in 5 towns, 8 locations. Most are in towns of 5,000 or less. We are in Phase 1 rent upstage in our first large city location (630) and in the building stage across town (330).

I have used this tool for all of the Buyouts or build-outs above. “Put your money where your mouth is.”

Ad Hoc- Traffic counts

Two locations, one with 70,000 Vehicles per day and one with 15,000 per day. Both in the same general area. I picked the 15,000; why? Learn nuances. Start small and make your mistakes then.

Don’t trust me.  Own the info, it’s your money.  Everything in the Storage business can be validated.

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