Tips for Finding Self Storage in Grand Rapids, MI
If you're searching for self storage in Grand Rapids, there are a few things you should keep in mind. If you're wondering how much you should expect to pay for self storage in Grand Rapids, consider the fact that storage prices are closely related to factors like the real estate climate, the economic prospects of the city, and population growth. In order to give you a better idea of these factors in Grand Rapids, we pulled in data from the US Census.Moving and Storage in Grand Rapids, MI
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 Grand Rapids, prices could be higher and availability lower. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Grand Rapids we can get a better idea of the amount of moving activity. From 2010 to 2014, the Grand Rapids metro area population grew from 187,998 to 193,792, a growth rate of 3.08% according to the US Census.Self Storage and Real Estate in Grand Rapids, MI
The Grand Rapids 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 Grand Rapids which we can use to get a better idea of what to expect in terms of price and availability for Grand Rapids self storage. Census data tells us that the median home value in Grand Rapids is $139,300, which is lower than the average median home value among the top 100 US metros. Between 2009 and 2013 the median home value in Grand Rapids declined by -3.47%. The median income in Grand Rapids makes up 37.41% of the median home value, which indicates that housing in Grand Rapids is more affordable than in other large cities. In Grand Rapids, 74% of homes are occupied by their owner, a higher portion than other big American cities.
At $745 per month, median rent in Grand Rapids is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Grand Rapids grew by 9.88%, a lower rate than comparable cities. That rental rate would take up 17% of a median earner's income in Grand Rapids, making Grand Rapids more affordable for renters than the average for the top 100 US metros. Renters occupy approximately 26% of housing in Grand Rapids, 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 Grand Rapids, homes have a median number of 6.7 rooms, which is higher than the average for large US cities. The median price per room in Grand Rapids is $20,791, which is lower than average among the top US metro areas.
Housing occupancy and vacancy rates in Grand Rapids can help us get a better idea of how much demand there is for living and storage space in Grand Rapids and thus the kind of storage prices and availability we should expect to find. If housing occupancy rates in Grand Rapids are high, it's probably safe to assume that storage facility occupancy rates in Grand Rapids are also high, which would push unit prices up. According to US Census estimates, 89.5% of housing units in Grand Rapids are occupied, while the vacancy rate is at 10.5%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Grand Rapids may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Grand Rapids than in other cities.Grand Rapids, MI Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Grand Rapids compare to other cities. The median income in Grand Rapids is $52,108, which is lower than the average for large US cities. Between 2009 and 2013, median income in Grand Rapids grew by 5.38%. 3% of residents in Grand Rapids make over $200k in income a year, a lower rate than in other big cities. Grand Rapids has a total GDP of $45,221,000,000 and a GDP per capita of $44,454. That's a lower GDP per capita than the average for comparable cities. Wealth and education are also highly correlated. 29% of Grand Rapids residents over the age of 18 have a high school diploma, 18% have a college degree, and 8% have a graduate or professional degree.