Tips for Finding Self Storage in Durham, NC
Just starting your Durham self storage search? There are a few things you should know. Durham 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 Durham to give you a better idea of these factors.Self Storage and Moving in Durham, NC
If there are many people moving to or from Durham, prices could be higher than in other cities. That's because self storage if often used as part of a home move. By looking at population changes in Durham, we should be able to get an idea of how many people are moving to or from the city. From 2010 to 2014, the Durham metro area population grew from 229,195 to 251,893, a growth rate of 9.9% according to the US Census.The Real Estate Climate and Self Storage in Durham, NC
The Durham real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. The US Census provides us with housing value and median rent data for Durham which we can use to get a better idea of what to expect in terms of price and availability for Durham self storage. The median home value in Durham is $193,100 according to the US Census. That's lower than average for the top 100 US metros. Between 2009 and 2013 the median home value in Durham grew by 7.7%. Also, considering the fact that the median income in Durham makes up 27.21% of the median home value, we can say that housing in Durham is less affordable than other US metros. 61% of homes in Durham are owner occupied, a lower rate than comparable cities.
In terms of rental rates, median rent in Durham is $847 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Durham grew by 8.73%, a lower rate than comparable cities. How affordable is that for median earners in Durham? Median rent would take up 19.34% of a median earner's paycheck in Durham, making it more affordable for renters than other big cities. 39% of Durham housing is renter occupied, a higher rate than other major metros.
Another way housing may affect storage demand is in the general size of homes in that city, with areas where homes are smaller often having a greater need for extra storage space. The median number of rooms per home in Durham is 6.5, which is higher than the average among the top 100 US metros. The median price per room in Durham is $29,708, 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 Durham. If housing occupancy rates in Durham are high, it's probably safe to assume that storage facility occupancy rates in Durham are also high, which would push unit prices up. The US Census estimates that housing vacancy rates in Durham are at 9.5%, while the occupancy rate is at 90.5%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Durham, suggesting that storage unit inventory might also be tighter in Durham. With fewer units available, storage facilities in Durham may charge higher prices.Durham, NC Economics and Self Storage Prices
Statistics like income and economic growth can also hint at storage pricing, since higher local incomes will likely point to higher storage prices. This can be particularly useful if you're moving to Durham from a different city. Durham's median income is estimated to be $52,549, which is lower than average for large US cities. Between 2009 and 2013, median income in Durham grew by 4.88%. 5.8% of residents in Durham make over $200k in income a year, a higher rate than in other big cities. Durham has a total GDP of $39,530,000,000 and a GDP per capita of $74,079. That's a higher GDP per capita than the average for comparable cities. Education levels also tend to correlate with wealth. 20% of Durham residents over the age of 18 have a high school diploma, 22% have a college degree, and 18% have a graduate or professional degree.