How Explorer’s Polygon Mapping Tool Enhances Self-Storage Market Analysis

In the competitive self-storage industry, accurately defining your market area is crucial for informed decision-making. The ability to draw custom market boundaries, like the new Polygon feature in StorTrack’s Explorer, offers a strategic advantage in market analysis and property evaluation. Traditional methods for defining a market—such as using radius, drive time, zip codes, or city limits—often miss the unique nuances of specific areas. This can result in generalized data that may not accurately reflect local conditions.

Explorer’s new Polygon map tool

By using Explorer’s polygon tool to draw the market more precisely, operators and investors can gain a more accurate, granular analytics on square footage per capita, net rentable square footage, population, average rental rates, competitor count and more. This provides a better understanding of the competitive landscape, demographic trends, and potential customer base, while also excluding non-developable areas like rivers and lakes. Additionally, it helps identify opportunities and challenges specific to the area, aiding in risk assessment and investment planning.

 

Custom market delineation also enhances competitive analysis by highlighting direct competitors and their influence on the market. This enables current and future operators to strategically position their properties and adjust pricing strategies. Overall, the ability to define your own market area is a powerful tool for optimizing site selection, improving market understanding, and making data-driven investment decisions in the self-storage industry.

Explorer is StorTrack’s market analysis platform for self-storage operators, investors and developers.

Explorer is available for the evaluation of all markets in the US, Canada, Europe and UK.

To purchase a full market report for this or any other market, go www.StoTrack.com/products/explorer

Sign up for free to start evaluating self-storage markets.