Tips for Finding Self Storage in Columbia, SC
Just starting your Columbia self storage search? There are a few things you should know. Storage unit prices and availability in Columbia are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. The US Census keeps accurate data relating to all of these factors, so we've used their data on Columbia to help inform your Columbia self storage search.Self Storage and Moving in Columbia, SC
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 Columbia, prices could be higher and availability lower. We can get a good idea of whether or not many people are moving to or from Columbia by looking at the change in population. According to the US Census, the Columbia metro area's population grew from 130,371 in 2010 to 132,067 in 2014, a growth rate of 1.3%.The Real Estate Climate and Self Storage in Columbia, SC
Columbia housing prices and land values can affect storage prices as well. Storage facilities in more expensive Columbia neighborhoods will typically charge higher rental rates. We can get a better idea of the relative cost of Columbia storage by looking into data on local home values and rental rates provided by the US Census. With a median home value of $139,400 according to the US Census, Columbia real estate prices are lower than the average for the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Columbia grew by 5.45%. Housing in Columbia is more affordable than most other cities, with the median income making up 35.36% of the median home value. In Columbia, 68% of homes are occupied by their owner, a higher portion than other big American cities.
Median rent is $821 in Columbia according to the US Census, a lower rate than other sizeable US cities. Between 2005 and 2013, the median rent in Columbia grew by 12.77%, a higher rate than comparable cities. How affordable is that for median earners in Columbia? Median rent would take up 19.99% of a median earner's paycheck in Columbia, making it less affordable for renters than other big cities. Approximately 31% of occupied housing in Columbia is being rented out, a lower rate than comparable 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. Columbia homes have a median number of 6.4 rooms, which is a lower number than the average for large US cities. The median price per room in Columbia is $21,781, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Columbia housing market can help us gauge the demand for living space and thus self-storage space in Columbia, and may hint at storage availability and pricing. If there's low vacancy rates in Columbia housing, there's likely low vacancy at Columbia storage facilities. This would allow storage facilities in Columbia to charge higher prices for their units. Columbia is estimated to have a 87% housing occupancy rate, while the vacancy rate is at 13%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Columbia may also be higher. That might make it harder to find cheap storage in Columbia.Columbia, SC Economics and Self Storage Prices
Economic indicators like local income and GDP growth can also hint at how storage prices in Columbia compare to other cities. According to the most recent US Census data, median income in Columbia is $49,294, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Columbia grew by 2.04%. 2.8% of those living in Columbia make over $200,000 a year, a lower rate than the average for the top 100 US metros. Columbia has a total GDP of $33,199,000,000 and a GDP per capita of $41,896. That means that Columbia's per capita GDP is lower than the average for the top 100 US metros. Wealth and education are also highly correlated. 27% of Columbia residents over the age of 18 have a high school diploma, 17% have a college degree, and 10% have a graduate or professional degree.