Finding Self Storage in Hartford, CT: Everything You Need To Know
There are a few things you should know about Hartford self storage before you begin your search. Hartford 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. In order to give you a better idea of these factors in Hartford, we pulled in data from the US Census.Moving and Storage in Hartford, CT
If there are many people moving to or from Hartford, prices could be higher than in other cities. That's because self storage if often used as part of a home move. We can get a good idea of whether or not many people are moving to or from Hartford by looking at the change in population. US Census data tells us that the Hartford metro area's population shrank from 125,314 in 2010 to 124,705 in 2014, a decline of -0.49%.The Relationship Between Real Estate and Self Storage in Hartford, CT
In Hartford, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. By looking into US Census data on Hartford housing values and median rents, we can get a better idea of the real estate climate in Hartford and how it may affect self storage. According to the US Census, the median value of a home in Hartford is $249,900, which is higher than the average for the top 100 US metros. Hartford home values declined by -0.28% between 2009 and 2013. Also, considering the fact that the median income in Hartford makes up 27.37% of the median home value, we can say that housing in Hartford is less affordable than other US metros. 68% of the housing stock in Hartford is owner occupied, a higher rate than other major American cities.
In terms of rental rates, median rent in Hartford is $981 per month, which is higher than other large US metros. Between 2005 and 2013, the median rent in Hartford grew by 9.98%, a lower rate than comparable cities. That rental rate would take up 17% of a median earner's income in Hartford, making Hartford more affordable for renters than the average for the top 100 US metros. Approximately 31% of occupied housing in Hartford is being rented out, a lower rate than comparable 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 Hartford is 6.5, which is higher than the average among the top 100 US metros. The median price per room in Hartford is $38,446, which is higher than average among the top US metro areas.
Housing occupancy and vacancy rates in Hartford can help us get a better idea of how much demand there is for living and storage space in Hartford and thus the kind of storage prices and availability we should expect to find. If housing occupancy rates in Hartford are high, it's probably safe to assume that storage facility occupancy rates in Hartford are also high, which would push unit prices up. According to US Census estimates, 87.1% of housing units in Hartford are occupied, while the vacancy rate is at 12.9%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Hartford also have higher than average occupancy rates. High occupancy rates in Hartford will make it more difficult to find a good deal on a storage unit.Hartford, CT Economics and Self Storage Prices
The local economy will also have an effect on self storage prices. Wealthier cities will likely have higher storage unit prices than cities where incomes are generally lower, so it may be useful to look at these numbers for Hartford, particularly if you're moving in from another city. According to the most recent US Census data, median income in Hartford is $68,404, which is higher than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Hartford grew by 3.07%. 7.3% of the population in Hartford make over $200,000 a year, a higher proportion than in other large cities. The US Census reports that Hartford's total GDP is $81,261,000,000 and its GDP per capita is $66,830. That GDP per capita is higher than it is for comparable cities. Wealth and education are also highly correlated. 27% of Hartford residents over the age of 18 have a high school diploma, 19% have a college degree, and 14% have a graduate or professional degree.