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.
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 nine self-storage stores currently operating in Redmond, one is a large operator, 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.
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.