Tips for Finding Self Storage in Baton Rouge, LA
There are a few things you should know about Baton Rouge self storage before you begin your search. If you're wondering how much you should expect to pay for self storage in Baton Rouge, consider the fact that storage prices are closely related to factors like the real estate climate, the economic prospects of the city, and population growth. The US Census keeps accurate data relating to all of these factors, so we've used their data on Baton Rouge to help inform your Baton Rouge self storage search.Real Estate and Self Storage in Baton Rouge, LA
Baton Rouge housing prices and land values can affect storage prices as well. Storage facilities in more expensive Baton Rouge neighborhoods will typically charge higher rental rates. The US Census provides us with housing value and median rent data for Baton Rouge which we can use to get a better idea of what to expect in terms of price and availability for Baton Rouge self storage. Census data tells us that the median home value in Baton Rouge is $158,100, which is lower than the average median home value among the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Baton Rouge grew by 13.41%. In terms of housing affordability, the median income in Baton Rouge is 32.73% of the median home value, making Baton Rouge housing more affordable than most other big cities. In Baton Rouge, 69% of homes are occupied by their owner, a higher portion than other big American cities.
At $800 per month, median rent in Baton Rouge is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Baton Rouge grew by 12.04%, a higher rate than comparable cities. How affordable is that for median earners in Baton Rouge? Median rent would take up 18.55% of a median earner's paycheck in Baton Rouge, making it more affordable for renters than other big cities. Renters occupy approximately 30% of housing in Baton Rouge, 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. Baton Rouge homes have a median number of 6 rooms, which is a lower number than the average for large US cities. The median price per room in Baton Rouge is $26,350, 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 Baton Rouge. Low rates of vacancy in Baton Rouge housing could indicate that real estate is in short supply. Self storage units in Baton Rouge may then also be in short supply, which means Baton Rouge storage unit prices may be higher. According to US Census estimates, 90.7% of housing units in Baton Rouge are occupied, while the vacancy rate is at 9.3%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Baton Rouge may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Baton Rouge than in other cities.Baton Rouge, LA 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 Baton Rouge can be particularly helpful if you're moving from another city. The median income in Baton Rouge is $51,748, which is lower than the average for large US cities. Between 2009 and 2013, median income in Baton Rouge grew by 11.39%. 3.7% of the population in Baton Rouge make over $200,000 a year, a lower proportion than in other large cities. Baton Rouge's GDP as of 2013 was $45,769,000,000, which gives it a GDP per capita of $55,788. That means that Baton Rouge's per capita GDP is higher than the average for the top 100 US metros. Wealth and education are also highly correlated. 31% of Baton Rouge residents over the age of 18 have a high school diploma, 17% have a college degree, and 7% have a graduate or professional degree.