Finding Self Storage in Boston, MA: Everything You Need To Know
There are a few things you should know about Boston self storage before you begin your search. The pricing and availability of storage units in Boston will depend on several factors such as the real estate climate, the number of people moving into or throughout the area, housing conditions in the city, and the general wealth and prosperity of the area. The US Census keeps accurate data relating to all of these factors, so we've used their data on Boston to help inform your Boston self storage search.Self Storage and Moving in Boston, MA
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 Boston, that could affect storage unit pricing and availability. Population changes over time are one way of gauging the amount of moving activity in Boston. From 2010 to 2014, the Boston metro area population grew from 620,598 to 655,884, a growth rate of 5.69% according to the US Census.Self Storage and Real Estate in Boston, MA
In Boston, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. We can get a better idea of the relative cost of Boston storage by looking into data on local home values and rental rates provided by the US Census. The median home value in Boston is $362,400 according to the US Census. That's higher than average for the top 100 US metros. The median home value in Boston declined by -6.74% between 2009 and 2013. In terms of housing affordability, the median income in Boston is 20.19% of the median home value, making Boston housing less affordable than most other big cities. In Boston, 62% of homes are occupied by their owner, a lower portion than other big American cities.
The median monthly housing rent in Boston is $1,198 per month, which is higher than most other big cities. Between 2005 and 2013, the median rent in Boston grew by 7.73%, a lower rate than comparable cities. The median rent in Boston would eat up approximately 20% of the median income, which makes Boston more affordable for most renters than comparable cities. Approximately 36% of occupied housing in Boston is being rented out, a higher 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 Boston is 6.7, which is higher than the average among the top 100 US metros. The median price per room in Boston is $54,090, which is higher than average among the top US metro areas.
Vacancy and occupancy rates in the Boston housing market can help us gauge the demand for living space and thus self-storage space in Boston, and may hint at storage availability and pricing. If housing occupancy rates in Boston are high, it's probably safe to assume that storage facility occupancy rates in Boston are also high, which would push unit prices up. The US Census estimates that housing vacancy rates in Boston are at 7.3%, while the occupancy rate is at 92.7%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Boston, suggesting that storage unit inventory might also be tighter in Boston. With fewer units available, storage facilities in Boston may charge higher prices.Economics and Storage Unit Prices in Boston, MA
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 Boston, particularly if you're moving in from another city. According to the most recent US Census data, median income in Boston is $73,180, which is higher than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Boston grew by 4.76%. 9.6% of the population in Boston make over $200,000 a year, a higher proportion than in other large cities. Boston has a total GDP of $349,652,000,000 and a GDP per capita of $74,425. That means that Boston'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. 25% of Boston residents over the age of 18 have a high school diploma, 23% have a college degree, and 17% have a graduate or professional degree.