Finding Self Storage in Charlotte, NC: Everything You Need To Know
There are a few things you should know about Charlotte self storage before you begin your search. Charlotte 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. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Charlotte.Moving and Storage in Charlotte, NC
One of the primary uses of self storage is as a safe place to keep your things between moving homes. If many people are moving to or from Charlotte, prices could be higher and availability lower. By looking at population changes in Charlotte, we should be able to get an idea of how many people are moving to or from the city. The Charlotte metro area grew from 738,746 persons in 2010 to 809,958 persons in 2014 according to the US Census, an increase of 9.64%.The Real Estate Climate and Self Storage in Charlotte, NC
Charlotte 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 Charlotte storage by looking into data on local home values and rental rates provided by the US Census. The median home value in Charlotte is $164,800 according to the US Census. That's lower than average for the top 100 US metros. The median home value in Charlotte grew by 0.18% between 2009 and 2013. In terms of housing affordability, the median income in Charlotte is 31.58% of the median home value, making Charlotte housing more affordable than most other big cities. In Charlotte, 67% of homes are occupied by their owner, a higher portion than other big American cities.
At $827 per month, median rent in Charlotte is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Charlotte grew by 6.85%, a lower rate than comparable cities. How affordable is that for median earners in Charlotte? Median rent would take up 19.07% of a median earner's paycheck in Charlotte, making it more affordable for renters than other big cities. Renters occupy approximately 32% of housing in Charlotte, a lower rate than similar cities.
Self storage is commonly used when people need extra space, so cities where homes are smaller on average may have a greater need for storage space. In Charlotte, homes have a median number of 6.5 rooms, which is higher than the average for large US cities. The median price per room in Charlotte is $25,354, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Charlotte housing market can help us gauge the demand for living space and thus self-storage space in Charlotte, and may hint at storage availability and pricing. Low rates of vacancy in Charlotte housing could indicate that real estate is in short supply. Self storage units in Charlotte may then also be in short supply, which means Charlotte storage unit prices may be higher. Charlotte is estimated to have a 90.6% housing occupancy rate, while the vacancy rate is at 9.4%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Charlotte may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Charlotte than in other cities.Charlotte, NC Economics and Self Storage Prices
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 Charlotte from a different city. The median income in Charlotte is $52,051, which is lower than the average for large US cities. From 2009 to 2013, median income in Charlotte declined by -2.1%. 4.7% of residents in Charlotte make over $200k in income a year, a higher rate than in other big cities. Charlotte's GDP as of 2013 was $130,318,000,000, which gives it a GDP per capita of $55,755. That GDP per capita is higher than it is for comparable cities. Wealth and education are also highly correlated. 26% of Charlotte residents over the age of 18 have a high school diploma, 20% have a college degree, and 8% have a graduate or professional degree.