Finding Self Storage in Akron, OH: Top Tips
There are a few things you should know about Akron self storage before you begin your search. Storage unit prices and availability in Akron are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. The US Census keeps accurate data relating to all of these factors, so we've used their data on Akron to help inform your Akron self storage search.Moving and Storage in Akron, OH
Self storage is commonly used as a secure place to store one's belongings when moving into a new home. If there's a high amount of moving activity in Akron, that could affect storage unit pricing and availability. By looking at population changes in Akron, we should be able to get an idea of how many people are moving to or from the city. The US Census tells us that the metro area population of Akron declined from 198,951 in 2010 to 197,859 in 2014, a loss of -0.55%.Real Estate and Self Storage in Akron, OH
In Akron, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. The US Census provides us with housing value and median rent data for Akron which we can use to get a better idea of what to expect in terms of price and availability for Akron self storage. With a median home value of $139,100 according to the US Census, Akron real estate prices are lower than the average for the top 100 US metros. The median home value in Akron declined by -2.52% between 2009 and 2013. The median income in Akron makes up 36.23% of the median home value, which indicates that housing in Akron is more affordable than in other large cities. 68% of homes in Akron are owner occupied, a higher rate than comparable cities.
Median rent is $751 in Akron according to the US Census, a lower rate than other sizeable US cities. Between 2005 and 2013, the median rent in Akron grew by 4.31%, a lower rate than comparable cities. The median rent in Akron would eat up approximately 18% of the median income, which makes Akron more affordable for most renters than comparable cities. 29% of Akron housing stock is renter occupied, a lower percentage than other large US cities.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in Akron have a median number of 6.6 rooms, which is higher than the average for large US metros. The median price per room in Akron is $21,076, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Akron housing market can help us gauge the demand for living space and thus self-storage space in Akron, and may hint at storage availability and pricing. If there's low vacancy rates in Akron housing, there's likely low vacancy at Akron storage facilities. This would allow storage facilities in Akron to charge higher prices for their units. The US Census estimates that housing vacancy rates in Akron are at 13.1%, while the occupancy rate is at 86.9%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Akron may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Akron than in other cities.Akron, OH Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Akron compare to other cities. According to the most recent US Census data, median income in Akron is $50,392, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Akron grew by 4.25%. 3.3% of those living in Akron make over $200,000 a year, a lower rate than the average for the top 100 US metros. The US Census reports that Akron's total GDP is $29,662,000,000 and its GDP per capita is $42,181. That's a lower GDP per capita than the average for comparable cities. Wealth and education are also highly correlated. 33% of Akron residents over the age of 18 have a high school diploma, 17% have a college degree, and 9% have a graduate or professional degree.