Tips for Finding Self Storage in Cincinnati, OH
Before beginning your self storage search in Cincinnati, there are a few things you should know. Storage unit prices and availability in Cincinnati are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Cincinnati.Cincinnati, OH Self Storage and Moving
If there are many people moving to or from Cincinnati, prices could be higher than in other cities. That's because self storage if often used as part of a home move. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Cincinnati we can get a better idea of the amount of moving activity. According to the US Census, the Cincinnati metro area's population grew from 296,918 in 2010 to 298,165 in 2014, a growth rate of 0.42%.The Real Estate Climate and Self Storage in Cincinnati, OH
In Cincinnati, 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. By looking into US Census data on Cincinnati housing values and median rents, we can get a better idea of the real estate climate in Cincinnati and how it may affect self storage. Census data tells us that the median home value in Cincinnati is $153,400, which is lower than the average median home value among the top 100 US metros. Cincinnati home values grew by 0.26% between 2009 and 2013. In terms of housing affordability, the median income in Cincinnati is 35.65% of the median home value, making Cincinnati housing more affordable than most other big cities. 68% of Cincinnati homes are owner occupied, a higher percentage than other big cities.
At $738 per month, median rent in Cincinnati is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Cincinnati grew by 9.33%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in Cincinnati would consume 16% of the median income. This makes Cincinnati more affordable than similar cities. 31% of Cincinnati housing stock is renter occupied, a lower percentage than other large US 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. Cincinnati homes have a median number of 6.7 rooms, which is a higher number than the average for large US cities. The median price per room in Cincinnati is $22,896, 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 Cincinnati. If there's low vacancy rates in Cincinnati housing, there's likely low vacancy at Cincinnati storage facilities. This would allow storage facilities in Cincinnati to charge higher prices for their units. The US Census estimates that housing vacancy rates in Cincinnati are at 17.2%, while the occupancy rate is at 82.8%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Cincinnati, suggesting that storage unit inventory might also be tighter in Cincinnati. With fewer units available, storage facilities in Cincinnati may charge higher prices.Cincinnati, OH Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Cincinnati compare to other cities. Median earners in Cincinnati make $54,692 a year according to the most recent US Census estimates, a lower median pay than the average for large US urban areas. Between 2009 and 2013, median income in Cincinnati grew by 2.56%. 4.3% of Cincinnati household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. The US Census reports that Cincinnati's total GDP is $111,279,000,000 and its GDP per capita is $52,035. That's a higher GDP per capita than the average for comparable cities. Education levels also tend to correlate with wealth. 31% of Cincinnati residents over the age of 18 have a high school diploma, 18% have a college degree, and 10% have a graduate or professional degree.