Finding Self Storage in Chattanooga, TN: Top Tips
If you're searching for self storage in Chattanooga, there are a few things you should keep in mind. Chattanooga 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 Chattanooga.Chattanooga, TN Moving and Storage
Many people use storage as part of their move, so if there are many people moving to Chattanooga, you might expect storage prices to be higher and unit availability to be lower. By looking at population changes in Chattanooga, 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 Chattanooga grew from 169,100 in 2010 to 173,778 in 2014, which is a rate of 2.77% growth over four years.Real Estate and Self Storage in Chattanooga, TN
The Chattanooga real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. The US Census provides us with housing value and median rent data for Chattanooga which we can use to get a better idea of what to expect in terms of price and availability for Chattanooga self storage. The median home value in Chattanooga is $141,300 according to the US Census. That's lower than average for the top 100 US metros. Between 2009 and 2013 the median home value in Chattanooga grew by 7.62%. Housing in Chattanooga is more affordable than most other cities, with the median income making up 31.82% of the median home value. 68% of homes in Chattanooga are owner occupied, a higher rate than comparable cities.
In terms of rental rates, median rent in Chattanooga is $718 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Chattanooga grew by 12.72%, a higher rate than comparable cities. The median rent in Chattanooga would eat up approximately 19% of the median income, which makes Chattanooga more affordable for most renters than comparable cities. Renters occupy approximately 29% of housing in Chattanooga, a lower rate than similar cities.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in Chattanooga have a median number of 6.3 rooms, which is lower than the average for large US metros. The median price per room in Chattanooga is $22,429, 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 Chattanooga. Low rates of vacancy in Chattanooga housing could indicate that real estate is in short supply. Self storage units in Chattanooga may then also be in short supply, which means Chattanooga storage unit prices may be higher. According to US Census estimates, 88.9% of housing units in Chattanooga are occupied, while the vacancy rate is at 11.1%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Chattanooga may also be higher. That might make it harder to find cheap storage in Chattanooga.Chattanooga, TN Economics and Self Storage Prices
Economic indicators like local income and GDP growth can also hint at how storage prices in Chattanooga compare to other cities. The median income in Chattanooga is $44,955, which is lower than the average for large US cities. Between 2009 and 2013, median income in Chattanooga grew by 2.96%. 2.8% of Chattanooga household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. Chattanooga has a total GDP of $20,945,000,000 and a GDP per capita of $38,632. That's a lower GDP per capita than the average for comparable cities. Wealth and education are also highly correlated. 30% of Chattanooga residents over the age of 18 have a high school diploma, 14% have a college degree, and 7% have a graduate or professional degree.