Tips for Finding Self Storage in Tucson, AZ
If you're searching for self storage in Tucson, there are a few things you should keep in mind. Storage unit prices and availability in Tucson 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 Tucson to help inform your Tucson self storage search.Self Storage and Moving in Tucson, AZ
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 Tucson, that could affect storage unit pricing and availability. By looking at population changes in Tucson, 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 Tucson grew from 521,215 in 2010 to 527,972 in 2014, which is a rate of 1.3% growth over four years.The Relationship Between Real Estate and Self Storage in Tucson, AZ
Tucson 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 Tucson storage by looking into data on local home values and rental rates provided by the US Census. With a median home value of $167,500 according to the US Census, Tucson real estate prices are lower than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Tucson declined by -14.93%. Also, considering the fact that the median income in Tucson makes up 27.37% of the median home value, we can say that housing in Tucson is less affordable than other US metros. 63% of homes in Tucson are owner occupied, a lower rate than comparable cities.
In terms of rental rates, median rent in Tucson is $798 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Tucson grew by 11.3%, a higher rate than comparable cities. How affordable is that for median earners in Tucson? Median rent would take up 20.89% of a median earner's paycheck in Tucson, making it less affordable for renters than other big cities. Approximately 35% of occupied housing in Tucson is being rented out, a higher rate than comparable 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. Tucson homes have a median number of 5.9 rooms, which is a lower number than the average for large US cities. The median price per room in Tucson is $28,390, 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 Tucson. If there's low vacancy rates in Tucson housing, there's likely low vacancy at Tucson storage facilities. This would allow storage facilities in Tucson to charge higher prices for their units. According to US Census estimates, 89.4% of housing units in Tucson are occupied, while the vacancy rate is at 10.6%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Tucson also have higher than average occupancy rates. High occupancy rates in Tucson will make it more difficult to find a good deal on a storage unit.Tucson, AZ Economics and Self Storage Prices
The local economy will also have an effect on self storage prices. Wealthier cities will likely have higher storage unit prices than cities where incomes are generally lower, so it may be useful to look at these numbers for Tucson, particularly if you're moving in from another city. According to the most recent US Census data, median income in Tucson is $45,841, which is lower than the average for the top 100 US metro areas. From 2009 to 2013, median income in Tucson declined by -0.1%. 2.9% of Tucson household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. According to the latest US Census reports, Tucson has a GDP of $33,355,000,000 and a per capita GDP of $33,420. That's a lower GDP per capita than the average for comparable cities. More educated cities are often wealthier cities. 23% of Tucson residents over the age of 18 have a high school diploma, 16% have a college degree, and 10% have a graduate or professional degree.