Finding Self Storage in Little Rock, AR: Top Tips
If you're searching for self storage in Little Rock, there are a few things you should keep in mind. The pricing and availability of storage units in Little Rock 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 Little Rock, we pulled in data from the US Census.Little Rock, AR Moving and Storage
Many people use storage as part of their move, so if there are many people moving to Little Rock, you might expect storage prices to be higher and unit availability to be lower. We can get a good idea of whether or not many people are moving to or from Little Rock by looking at the change in population. The US Census tells us that the metro area population of Little Rock grew from 193,989 in 2010 to 197,706 in 2014, which is a rate of 1.92% growth over four years.Real Estate and Self Storage in Little Rock, AR
Little Rock housing prices and land values can affect storage prices as well. Storage facilities in more expensive Little Rock neighborhoods will typically charge higher rental rates. The US Census provides us with housing value and median rent data for Little Rock which we can use to get a better idea of what to expect in terms of price and availability for Little Rock self storage. With a median home value of $135,000 according to the US Census, Little Rock real estate prices are lower than the average for the top 100 US metros. Little Rock home values grew by 10.38% between 2009 and 2013. Also, considering the fact that the median income in Little Rock makes up 36.15% of the median home value, we can say that housing in Little Rock is more affordable than other US metros. In Little Rock, 66% of homes are occupied by their owner, a higher portion than other big American cities.
The median monthly housing rent in Little Rock is $754 per month, which is lower than most other big cities. Between 2005 and 2013, the median rent in Little Rock grew by 8.49%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in Little Rock would consume 19% of the median income. This makes Little Rock more affordable than similar cities. 33% of Little Rock housing is renter occupied, a higher rate than other major metros.
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 Little Rock is 6.1, which is lower than the average among the top 100 US metros. The median price per room in Little Rock is $22,131, which is lower than average among the top US metro areas.
One way to get an idea of the demand for housing and storage space in Little Rock is to look at housing occupancy and vacancy rates. If there's low vacancy rates in Little Rock housing, there's likely low vacancy at Little Rock storage facilities. This would allow storage facilities in Little Rock to charge higher prices for their units. 10.2% of housing units in Little Rock are vacant according to the US Census, while 89.8% are occupied. That's a higher rate than average for US cities, suggesting storage unit occupancy in Little Rock may also be higher. That might make it harder to find cheap storage in Little Rock.Little Rock, AR 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 Little Rock, particularly if you're moving in from another city. The median income in Little Rock is $48,808, which is lower than the average for large US cities. Between 2009 and 2013, median income in Little Rock grew by 5.83%. 2.8% of those living in Little Rock make over $200,000 a year, a lower rate than the average for the top 100 US metros. Little Rock's GDP as of 2013 was $38,625,000,000, which gives it a GDP per capita of $53,325. That GDP per capita is higher than it is for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 30% of Little Rock residents over the age of 18 have a high school diploma, 17% have a college degree, and 8% have a graduate or professional degree.