Tips for Finding Self Storage in Salt Lake City, UT
Before beginning your self storage search in Salt Lake City, there are a few things you should know. Salt Lake City storage unit prices and availability are closely related to things like real estate prices, the type of housing available in the area, the city's wealth, and whether or not many people are moving to the area. We used US Census data on Salt Lake City to give you a better idea of these factors.Moving and Storage in Salt Lake City, UT
Many people use storage as part of their move, so if there are many people moving to Salt Lake City, you might expect storage prices to be higher and unit availability to be lower. Population changes over time are one way of gauging the amount of moving activity in Salt Lake City. The Salt Lake City metro area grew from 186,522 persons in 2010 to 190,884 persons in 2014 according to the US Census, an increase of 2.34%.Self Storage and Real Estate in Salt Lake City, UT
Salt Lake City housing prices and land values can affect storage prices as well. Storage facilities in more expensive Salt Lake City neighborhoods will typically charge higher rental rates. The US Census provides us with housing value and median rent data for Salt Lake City which we can use to get a better idea of what to expect in terms of price and availability for Salt Lake City self storage. With a median home value of $228,700 according to the US Census, Salt Lake City real estate prices are higher than the average for the top 100 US metros. The median home value in Salt Lake City grew by 0.93% between 2009 and 2013. The median income in Salt Lake City makes up 26.5% of the median home value, which indicates that housing in Salt Lake City is less affordable than in other large cities. In Salt Lake City, 68% of homes are occupied by their owner, a higher portion than other big American cities.
The median monthly housing rent in Salt Lake City is $893 per month, which is lower than most other big cities. Between 2005 and 2013, the median rent in Salt Lake City grew by 12.19%, a higher rate than comparable cities. In terms of rent affordability, the yearly median rent in Salt Lake City would consume 18% of the median income. This makes Salt Lake City more affordable than similar cities. Renters occupy approximately 31% of housing in Salt Lake City, a lower rate than similar cities.
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. Salt Lake City homes have a median number of 7.3 rooms, which is a higher number than the average for large US cities. The median price per room in Salt Lake City is $31,329, which is lower than average among the top US metro areas.
Housing unit occupancy can give us an idea of what the demand is like for living and storage space in Salt Lake City. If housing occupancy rates in Salt Lake City are high, it's probably safe to assume that storage facility occupancy rates in Salt Lake City are also high, which would push unit prices up. According to US Census estimates, 92.3% of housing units in Salt Lake City are occupied, while the vacancy rate is at 7.7%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Salt Lake City also have higher than average occupancy rates. High occupancy rates in Salt Lake City will make it more difficult to find a good deal on a storage unit.Salt Lake City, UT Economics and Self Storage Prices
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Salt Lake City can be particularly helpful if you're moving from another city. Salt Lake City's median income is estimated to be $60,616, which is higher than average for large US cities. Between 2009 and 2013, median income in Salt Lake City grew by 5.09%. 4.2% of residents in Salt Lake City make over $200k in income a year, a lower rate than in other big cities. The US Census reports that Salt Lake City's total GDP is $70,719,000,000 and its GDP per capita is $61,948. That's a higher GDP per capita than the average for comparable cities. Education levels also tend to correlate with wealth. 25% of Salt Lake City residents over the age of 18 have a high school diploma, 18% have a college degree, and 9% have a graduate or professional degree.