Everything You Need to Know About Finding Self Storage in Denver, CO
Before beginning your self storage search in Denver, there are a few things you should know. Denver 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. We used US Census data on Denver to give you a better idea of these factors.Denver, CO Self Storage and Moving
If there are many people moving to or from Denver, 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 Denver we can get a better idea of the amount of moving activity. The Denver metro area grew from 603,365 persons in 2010 to 663,862 persons in 2014 according to the US Census, an increase of 10.03%.Self Storage and Real Estate in Denver, CO
Denver 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. The US Census provides us with housing value and median rent data for Denver which we can use to get a better idea of what to expect in terms of price and availability for Denver self storage. With a median home value of $247,800 according to the US Census, Denver real estate prices are higher than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Denver grew by 1.18%. The median income in Denver makes up 25.32% of the median home value, which indicates that housing in Denver is less affordable than in other large cities. 64% of homes in Denver are owner occupied, a lower rate than comparable cities.
The median monthly housing rent in Denver is $962 per month, which is higher than most other big cities. Between 2005 and 2013, the median rent in Denver grew by 12.38%, a higher rate than comparable cities. In terms of rent affordability, the yearly median rent in Denver would consume 18% of the median income. This makes Denver more affordable than similar cities. 32% of Denver housing is renter occupied, a lower rate than other major metros.
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. Denver homes have a median number of 7 rooms, which is a higher number than the average for large US cities. The median price per room in Denver is $35,400, which is higher than average among the top US metro areas.
Housing occupancy and vacancy rates in Denver can help us get a better idea of how much demand there is for living and storage space in Denver and thus the kind of storage prices and availability we should expect to find. If there's low vacancy rates in Denver housing, there's likely low vacancy at Denver storage facilities. This would allow storage facilities in Denver to charge higher prices for their units. The US Census estimates that housing vacancy rates in Denver are at 7.9%, while the occupancy rate is at 92.1%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Denver may also be higher. That might make it harder to find cheap storage in Denver.Denver, CO Self Storage Prices and Economics
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Denver can be particularly helpful if you're moving from another city. Denver's median income is estimated to be $62,742, which is higher than average for large US cities. Between 2009 and 2013, median income in Denver grew by 4.69%. 6.2% of those living in Denver make over $200,000 a year, a higher rate than the average for the top 100 US metros. According to the latest US Census reports, Denver has a GDP of $166,150,000,000 and a per capita GDP of $61,543. That GDP per capita is higher than it is for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 22% of Denver residents over the age of 18 have a high school diploma, 24% have a college degree, and 12% have a graduate or professional degree.