Finding Self Storage in Knoxville, TN: Everything You Need To Know
If you're searching for self storage in Knoxville, there are a few things you should keep in mind. The pricing and availability of storage units in Knoxville 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 Knoxville, we pulled in data from the US Census.Knoxville, TN Self Storage and Moving
If there are many people moving to or from Knoxville, prices could be higher than in other cities. That's because self storage if often used as part of a home move. Population changes over time are one way of gauging the amount of moving activity in Knoxville. The US Census tells us that the metro area population of Knoxville grew from 178,954 in 2010 to 184,281 in 2014, which is a rate of 2.98% growth over four years.The Relationship Between Real Estate and Self Storage in Knoxville, TN
In Knoxville, 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. We can get a better idea of the relative cost of Knoxville storage by looking into data on local home values and rental rates provided by the US Census. With a median home value of $147,000 according to the US Census, Knoxville real estate prices are lower than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Knoxville grew by 3.38%. The median income in Knoxville makes up 30.39% of the median home value, which indicates that housing in Knoxville is less affordable than in other large cities. In Knoxville, 69% of homes are occupied by their owner, a higher portion than other big American cities.
In terms of rental rates, median rent in Knoxville is $729 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Knoxville grew by 12.33%, a higher rate than comparable cities. How affordable is that for median earners in Knoxville? Median rent would take up 19.59% of a median earner's paycheck in Knoxville, making it more affordable for renters than other big cities. 30% of Knoxville housing stock is renter occupied, a lower 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 Knoxville is 6.3, which is lower than the average among the top 100 US metros. The median price per room in Knoxville is $23,333, which is lower than average among the top US metro areas.
Housing occupancy and vacancy rates in Knoxville can help us get a better idea of how much demand there is for living and storage space in Knoxville and thus the kind of storage prices and availability we should expect to find. High occupancy rates can indicate a lack of housing supply in Knoxville, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Knoxville area. The US Census estimates that housing vacancy rates in Knoxville are at 11.3%, while the occupancy rate is at 88.7%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Knoxville may also be higher. That might make it harder to find cheap storage in Knoxville.Knoxville, TN Economics and Self Storage Prices
Economic indicators like local income and GDP growth can also hint at how storage prices in Knoxville compare to other cities. Median earners in Knoxville make $44,666 a year according to the most recent US Census estimates, a lower median pay than the average for large US urban areas. From 2009 to 2013, median income in Knoxville declined by -2.32%. 2.9% of those living in Knoxville make over $200,000 a year, a lower rate than the average for the top 100 US metros. Knoxville has a total GDP of $34,346,000,000 and a GDP per capita of $40,315. That's a lower per capita GDP than the average for large cities in the United States. Wealth and education are also highly correlated. 32% of Knoxville residents over the age of 18 have a high school diploma, 16% have a college degree, and 9% have a graduate or professional degree.