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.
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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