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Unparalleled Site Selection Insights

The Challenge

A leading self-storage acquisition, development and management company was seeking entry into the Riverside, CA market. The company met with Powerlytics to help answer two questions:

  • Is Riverside, CA a good location within the Riverside–San Bernardino–Ontario MSA?
  • If so, what are ideal locations for self-storage placement within the city of Riverside?

The Solution

Using only a small subset of its 5,000+ variables, Powerlytics was able to analyze current income metrics and trends to develop high-level conclusions.

Key factors considered included:

  • Avg. household income
  • Household income 5-year CAGR
  • % of income from W2 as a measure of income stability

Riverside showed some similar income dynamics as the broader county and MSA

  1. Riverside, CA has slightly lower overall household income and a lower % of homeowners as compared to Riverside County.
  2. However, 5-year CAGR is higher and W2 income is a higher percentage of total household income
  3. Riverside total household income is similar total Riverside–San Bernardino–Ontario MSA ($62,341).


The Outcomes

  • Riverside, CA has similar income dynamics to the broader Riverside County and broader MSA
  • Five Riverside ZIP Codes covering a 6 x 2-mile area exhibit the optimal combination of income and growth (92503, 92504, 92506, 92508, 92518) to render them attractive for placement of a self-storage facility.
  • Within these five highest income ZIP Codes, 92503 and 92508 demonstrate potential economic stability as measured by % owners and W2 as % of total income.

The second phase is developing an algorithm to identify the optimal locations for future self-storage placement across the entire US.

Data could be used to develop a model that would rank all 40 million US 9-digit ZIP Codes in order of attractiveness, enabling the Self-Storage Provider to inform both site selection and marketing to potential self-storage customers.