By StorTrack
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.
Storage Market Metrics for Passaic, N.J.
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 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.
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.
StorTrack now tracks over 69,300 storage facilities and 4,000+ development projects across the U.S. and Canada. Whether you’re new or experienced, the company can provide you with data tools to support your investment and operational decisions.
