Finding Self Storage in Albuquerque, NM: Everything You Need To Know
If you're searching for self storage in Albuquerque, there are a few things you should keep in mind. Albuquerque 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. The US Census keeps accurate data relating to all of these factors, so we've used their data on Albuquerque to help inform your Albuquerque self storage search.Albuquerque, NM Moving and Storage
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 Albuquerque, that could affect storage unit pricing and availability. Population changes over time are one way of gauging the amount of moving activity in Albuquerque. The Albuquerque metro area grew from 547,085 persons in 2010 to 557,169 persons in 2014 according to the US Census, an increase of 1.84%.The Real Estate Climate and Self Storage in Albuquerque, NM
The Albuquerque 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 Albuquerque which we can use to get a better idea of what to expect in terms of price and availability for Albuquerque self storage. The median home value in Albuquerque is $179,100 according to the US Census. That's lower than average for the top 100 US metros. The median home value in Albuquerque grew by 4.13% between 2009 and 2013. In terms of housing affordability, the median income in Albuquerque is 27.55% of the median home value, making Albuquerque housing less affordable than most other big cities. 67% of the housing stock in Albuquerque is owner occupied, a higher rate than other major American cities.
Median rent is $801 in Albuquerque according to the US Census, a lower rate than other sizeable US cities. Between 2005 and 2013, the median rent in Albuquerque grew by 14.43%, a higher rate than comparable cities. The median rent in Albuquerque would eat up approximately 19% of the median income, which makes Albuquerque more affordable for most renters than comparable cities. Approximately 32% of occupied housing in Albuquerque is being rented out, a lower rate than comparable cities.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in Albuquerque have a median number of 6.1 rooms, which is lower than the average for large US metros. The median price per room in Albuquerque is $29,361, 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 Albuquerque is to look at housing occupancy and vacancy rates. If housing occupancy rates in Albuquerque are high, it's probably safe to assume that storage facility occupancy rates in Albuquerque are also high, which would push unit prices up. Albuquerque is estimated to have a 93.8% housing occupancy rate, while the vacancy rate is at 6.2%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Albuquerque also have higher than average occupancy rates. High occupancy rates in Albuquerque will make it more difficult to find a good deal on a storage unit.Albuquerque, NM Self Storage Prices and Economics
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 Albuquerque from a different city. The median income in Albuquerque is $49,339, which is lower than the average for large US cities. Between 2009 and 2013, median income in Albuquerque grew by 4.88%. 3.2% of Albuquerque household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. Albuquerque has a total GDP of $39,618,000,000 and a GDP per capita of $43,857. That GDP per capita is lower than it is for comparable cities. More educated cities are often wealthier cities. 25% of Albuquerque residents over the age of 18 have a high school diploma, 16% have a college degree, and 11% have a graduate or professional degree.