StorTrack’s featured market this month is Lakewood, Ohio,.a city in Cuyahoga County located about six miles west of Downtown Cleveland on the shore of Lake Erie. This city has a total of 32,000 housing units citywide including 12,700 one- or two-family homes.
How is Lakewood as a self-storage market and is it a good place to consider investing in? StorTrack’s Explorer platform to look at some metrics to analyze its potential as a self-storage investment.While this information is specific to self-storage, developers of RV and boat storage will also find it useful when formulating feasibility of future project. Lakewood has numerous boat launches and has close proximity to many beautiful camping areas.
Self Storage Market Metrics for Lakewood, OH
(5-mile radius analysis)
Current Supply
The square feet per capita within a 5-mile radius of Lakewood’s city center is 5.17. For comparison, Ohio‘s square feet per capita is 7.04. Out of the 21 self storage stores currently operating in Lakewood, eight are REITs, eight mid-size operators and five are small-size operators. There are two new planned development projects in this market, though there are 67 active projects across the state.
Rate Trends
Rates in Lakewood have trended down in the last 12 months, by -15.14%. The average rate per sq ft for standard, non-climate-controlled units is currently $1.22 and $1.66 for climate-controlled units.
Is this a good market for you to invest in? To understand Lakewood’s potential as a self-storage market, view a complimentary report providing useful market statistics and metrics. Additional metrics available with report purchase.
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 U.S., Canada and the UK.
