StorTrack’s featured market this month is Evanston, IL. Evanston is located 12 miles north of Downtown Chicago. Northwestern University, NorthShore University HealthSystem and Evanston-Skokie School District 65 are a few top employers in the city. Evanston has a thriving business economy, several shopping areas and public lakefront recreation activities.
How is Evanston 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 Evanston, IL
Current Supply:
There is a 2.95 square feet per capita supply in this market. For comparison, Illinois’s square feet per capita is 6.27. Out of the four self-storage stores currently operating in Evanston, three are REITs and one is a mid-size operator. There are no new planned development projects in this market, though there are 57 active projects across the state.
Rate Trends:
Rates in Evanston have trended up in the last 12 months, by +51.37%. The average rate per sq ft for standard, non-climate-controlled units is currently $1.31 and $1.69 for climate-controlled units.
View the Market Report for Evanston, IL
Is this a good market for you to invest in? To understand Evanston’s potential as a self storage market, view this complimentary report, giving you 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 US, Canada and the UK.
To purchase a full market report for this or any other market, go to explorer.stortrack.com.
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