Finding Self Storage in Baltimore, MD: Everything You Need To Know
There are a few things you should know about Baltimore self storage before you begin your search. Baltimore 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 Baltimore to help inform your Baltimore self storage search.Moving and Storage in Baltimore, MD
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 Baltimore, that could affect storage unit pricing and availability. By looking at population changes in Baltimore, 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 Baltimore grew from 621,317 in 2010 to 622,793 in 2014, which is a rate of 0.24% growth over four years.The Real Estate Climate and Self Storage in Baltimore, MD
The Baltimore real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. We can get a better idea of the relative cost of Baltimore storage by looking into data on local home values and rental rates provided by the US Census. With a median home value of $281,400 according to the US Census, Baltimore real estate prices are higher than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Baltimore declined by -5.03%. Housing in Baltimore is less affordable than most other cities, with the median income making up 24.65% of the median home value. 67% of Baltimore homes are owner occupied, a higher percentage than other big cities.
In terms of rental rates, median rent in Baltimore is $1,121 per month, which is higher than other large US metros. Between 2005 and 2013, the median rent in Baltimore grew by 15.33%, a higher rate than comparable cities. The median rent in Baltimore would eat up approximately 19% of the median income, which makes Baltimore more affordable for most renters than comparable cities. Approximately 32% of occupied housing in Baltimore is being rented out, a lower rate than comparable cities.
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 Baltimore is 7.1, which is higher than the average among the top 100 US metros. The median price per room in Baltimore is $39,634, which is higher than average among the top US metro areas.
Vacancy and occupancy rates in the Baltimore housing market can help us gauge the demand for living space and thus self-storage space in Baltimore, and may hint at storage availability and pricing. If housing occupancy rates in Baltimore are high, it's probably safe to assume that storage facility occupancy rates in Baltimore are also high, which would push unit prices up. The US Census estimates that housing vacancy rates in Baltimore are at 15.8%, while the occupancy rate is at 84.2%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Baltimore may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Baltimore than in other cities.Baltimore, MD Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Baltimore compare to other cities. Median earners in Baltimore make $69,367 a year according to the most recent US Census estimates, a higher median pay than the average for large US urban areas. Between 2009 and 2013, median income in Baltimore grew by 6.28%. 7.8% of residents in Baltimore make over $200k in income a year, a higher rate than in other big cities. The US Census reports that Baltimore's total GDP is $158,746,000,000 and its GDP per capita is $57,225. That means that Baltimore's per capita GDP is higher than the average for the top 100 US metros. Cities where the populace has a higher level of education are typically wealthier and more expensive. 27% of Baltimore residents over the age of 18 have a high school diploma, 20% have a college degree, and 14% have a graduate or professional degree.