Tips for Finding Self Storage in Greensboro, NC
Just starting your Greensboro self storage search? There are a few things you should know. The pricing and availability of storage units in Greensboro will depend on several factors such as the real estate climate, the number of people moving into or throughout the area, housing conditions in the city, and the general wealth and prosperity of the area. In order to give you a better idea of these factors in Greensboro, we pulled in data from the US Census.Greensboro, NC Moving and Storage
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 Greensboro, prices could be higher and availability lower. By looking at population changes in Greensboro, we should be able to get an idea of how many people are moving to or from the city. From 2010 to 2014, the Greensboro metro area population grew from 269,521 to 282,586, a growth rate of 4.85% according to the US Census.The Real Estate Climate and Self Storage in Greensboro, NC
The Greensboro real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. We can get a better idea of the relative cost of Greensboro storage by looking into data on local home values and rental rates provided by the US Census. Census data tells us that the median home value in Greensboro is $140,600, which is lower than the average median home value among the top 100 US metros. Between 2009 and 2013 the median home value in Greensboro grew by 3.61%. Housing in Greensboro is more affordable than most other cities, with the median income making up 31.02% of the median home value. 65% of homes in Greensboro are owner occupied, a lower rate than comparable cities.
At $720 per month, median rent in Greensboro is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Greensboro grew by 6.19%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in Greensboro would consume 20% of the median income. This makes Greensboro less affordable than similar cities. 34% of Greensboro housing stock is renter occupied, a higher percentage than other large US cities.
Another way housing may affect storage demand is in the general size of homes in that city, with areas where homes are smaller often having a greater need for extra storage space. The median number of rooms per home in Greensboro is 6.2, which is lower than the average among the top 100 US metros. The median price per room in Greensboro is $22,677, 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 Greensboro. If there's low vacancy rates in Greensboro housing, there's likely low vacancy at Greensboro storage facilities. This would allow storage facilities in Greensboro to charge higher prices for their units. According to US Census estimates, 90.1% of housing units in Greensboro are occupied, while the vacancy rate is at 9.9%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Greensboro, suggesting that storage unit inventory might also be tighter in Greensboro. With fewer units available, storage facilities in Greensboro may charge higher prices.Economics and Storage Unit Prices in Greensboro, NC
Economic indicators like local income and GDP growth can also hint at how storage prices in Greensboro compare to other cities. Greensboro's median income is estimated to be $43,608, which is lower than average for large US cities. From 2009 to 2013, median income in Greensboro declined by -0.05%. 2.7% of those living in Greensboro make over $200,000 a year, a lower rate than the average for the top 100 US metros. Greensboro has a total GDP of $35,530,000,000 and a GDP per capita of $47,928. That's a lower per capita GDP than the average for large cities in the United States. Cities where the populace has a higher level of education are typically wealthier and more expensive. 29% of Greensboro residents over the age of 18 have a high school diploma, 17% have a college degree, and 7% have a graduate or professional degree.