Finding Self Storage in Greenville, SC: Everything You Need To Know
If you're searching for self storage in Greenville, 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 Greenville, 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. We used US Census data on Greenville to give you a better idea of these factors.Moving and Storage in Greenville, SC
Many people use storage as part of their move, so if there are many people moving to Greenville, you might expect storage prices to be higher and unit availability to be lower. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Greenville we can get a better idea of the amount of moving activity. According to the US Census, the Greenville metro area's population grew from 59,306 in 2010 to 62,252 in 2014, a growth rate of 4.97%.The Relationship Between Real Estate and Self Storage in Greenville, SC
The Greenville real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. By looking into US Census data on Greenville housing values and median rents, we can get a better idea of the real estate climate in Greenville and how it may affect self storage. The median home value in Greenville is $137,300 according to the US Census. That's lower than average for the top 100 US metros. Between 2009 and 2013 the median home value in Greenville grew by 3.86%. Also, considering the fact that the median income in Greenville makes up 32.86% of the median home value, we can say that housing in Greenville is more affordable than other US metros. 69% of Greenville homes are owner occupied, a higher percentage than other big cities.
At $718 per month, median rent in Greenville is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Greenville grew by 10.29%, a higher rate than comparable cities. That rental rate would take up 19% of a median earner's income in Greenville, making Greenville more affordable for renters than the average for the top 100 US metros. 30% of Greenville 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. Greenville 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 Greenville is $21,453, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Greenville housing market can help us gauge the demand for living space and thus self-storage space in Greenville, and may hint at storage availability and pricing. Low rates of vacancy in Greenville housing could indicate that real estate is in short supply. Self storage units in Greenville may then also be in short supply, which means Greenville storage unit prices may be higher. Greenville is estimated to have a 87% housing occupancy rate, while the vacancy rate is at 13%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Greenville also have higher than average occupancy rates. High occupancy rates in Greenville will make it more difficult to find a good deal on a storage unit.Economics and Storage Unit Prices in Greenville, SC
Statistics like income and economic growth can also hint at storage pricing, since higher local incomes will likely point to higher storage prices. This can be particularly useful if you're moving to Greenville from a different city. According to the most recent US Census data, median income in Greenville is $45,120, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Greenville grew by 0.96%. 2.7% of residents in Greenville make over $200k in income a year, a lower rate than in other big cities. According to the latest US Census reports, Greenville has a GDP of $32,841,000,000 and a per capita GDP of $38,618. That means that Greenville's per capita GDP is lower than the average for the top 100 US metros. Education levels also tend to correlate with wealth. 28% of Greenville residents over the age of 18 have a high school diploma, 16% have a college degree, and 8% have a graduate or professional degree.