Self Storage Market of the Month: Redmond, WA

StorTrack’s featured market this month is Redmond, WA. Redmond is located 15 miles east of Seattle. The city prides itself on its high quality of life with 57 schools, a healthy economic base, and an emphasis on quality development and protection of the natural environment.

How is Redmond 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 Redmond, WA

Current Supply

There is a 7.48 square feet per capita supply in this market. For comparison, Washington’s square feet per capita is 8.70. Out of the 9 self-storage stores currently operating in Redmond, one is a REIT, six are mid-size operators and two are small-size operators. There are no new planned development projects in this market, though there are 70 active projects across the state.

Rate Trends

Rates in Redmond have trended down in the last 12 months, by -1.31%. The average rate per sq ft for standard, non-climate-controlled units is currently $1.89 and $2.07 for climate-controlled units.

View the Market Report for Redmond, WA

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

Additional metrics are available with report purchase.

 

To purchase a full market report for this or any other market, go to explorer.stortrack.com. Explorer is StorTrack’s market analysis platform for self-storage operators, investors and developers. Explorer is available for the evaluation of any primary, secondary and tertiary market in the US, Canada and the UK. Sign up for free to start evaluating self-storage markets.