Finding Self Storage in Charleston, SC: Everything You Need To Know
Just starting your Charleston self storage search? There are a few things you should know. If you're wondering how much you should expect to pay for self storage in Charleston, consider the fact that storage prices are closely related to factors like the real estate climate, the economic prospects of the city, and population growth. The US Census keeps accurate data relating to all of these factors, so we've used their data on Charleston to help inform your Charleston self storage search.Moving and Storage in Charleston, SC
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 Charleston, that could affect storage unit pricing and availability. We can get a good idea of whether or not many people are moving to or from Charleston by looking at the change in population. From 2010 to 2014, the Charleston metro area population grew from 120,677 to 130,113, a growth rate of 7.82% according to the US Census.Real Estate and Self Storage in Charleston, SC
Charleston real estate and self storage are interrelated in a few different ways. For one, land values and the cost of housing can make storage more or less expensive. We can get a better idea of the relative cost of Charleston storage by looking into data on local home values and rental rates provided by the US Census. With a median home value of $186,900 according to the US Census, Charleston real estate prices are lower than the average for the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Charleston grew by 1.52%. In terms of housing affordability, the median income in Charleston is 27.77% of the median home value, making Charleston housing less affordable than most other big cities. 65% of homes in Charleston are owner occupied, a lower rate than comparable cities.
The median monthly housing rent in Charleston is $953 per month, which is higher than most other big cities. Between 2005 and 2013, the median rent in Charleston grew by 13.86%, a higher rate than comparable cities. In terms of rent affordability, the yearly median rent in Charleston would consume 22% of the median income. This makes Charleston less affordable than similar cities. 33% of Charleston housing is renter occupied, a higher rate than other major metros.
Since self storage is also used in situations where people don't have enough space in their home, cities where homes are generally smaller may have a greater need for storage. Charleston homes have a median number of 6.4 rooms, which is a lower number than the average for large US cities. The median price per room in Charleston is $29,203, which is lower than average among the top US metro areas.
One way to get an idea of the demand for housing and storage space in Charleston is to look at housing occupancy and vacancy rates. If there's low vacancy rates in Charleston housing, there's likely low vacancy at Charleston storage facilities. This would allow storage facilities in Charleston to charge higher prices for their units. The US Census estimates that housing vacancy rates in Charleston are at 12.1%, while the occupancy rate is at 87.9%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Charleston also have higher than average occupancy rates. High occupancy rates in Charleston will make it more difficult to find a good deal on a storage unit.Self Storage Prices and Economics in Charleston, SC
Economic indicators like local income and GDP growth can also hint at how storage prices in Charleston compare to other cities. According to the most recent US Census data, median income in Charleston is $51,911, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Charleston grew by 5.27%. 3.8% of those living in Charleston make over $200,000 a year, a lower rate than the average for the top 100 US metros. The US Census reports that Charleston's total GDP is $30,667,000,000 and its GDP per capita is $43,067. That GDP per capita is lower than it is for comparable cities. Wealth and education are also highly correlated. 26% of Charleston residents over the age of 18 have a high school diploma, 19% have a college degree, and 10% have a graduate or professional degree.