Self Storage Market of the Month: Passaic, NJ

November 2024

StorTrack’s featured market this month is Passaic, NJ. Passaic is located north of Newark on the Passaic River and boasts a diverse economy spanning health care, manufacturing, and retail.

How is Passaic as a self-storage market and is it a good place to consider investing in? We’ve used StorTrack’s Explorer  platform to look at some metrics to analyze its potential as a self-storage investment.

Self Storage Market Metrics for Passaic, NJ

Current Supply:
  • There is a supply of 2.87 square feet per capita in this market. For comparison, New Jersey’s square feet per capita is 5.53
  • Of the four self-storage facilities currently operating in Passaic, two are large operators, while the other two are medium and small operators, respectively.
  • There are no new planned development projects in this market, though there are 157 active projects across the state
Rate Trends:

Rates in Reston have trended downward in the last 12 months. The average rate per sq ft for a standard unit is $1.84 and climate-controlled units are currently $1.40.

View the Report for Passaic, NJ

Is this a good market for you to invest in? To understand Passaic’s potential as a self-storage market, view this complimentary report, giving you useful market statistics and metrics.

Additional metrics available with report purchase.

Instant Market Analysis

Get a comprehensive market report for this or any market—visit www.StorTrack.com/products/explorer. StorTrack’s Explorer platform is the go-to market analysis tool, designed specifically for self-storage operators, investors, and developers.

With Explorer, access in-depth evaluations of primary, secondary, and tertiary markets across the US, Canada, Europe, and the UK. Sign up for free today and start making informed investment decisions with confidence!

 

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