Finding Self Storage in Memphis, TN: Top Tips
Before beginning your self storage search in Memphis, there are a few things you should know. Memphis 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. The US Census keeps accurate data relating to all of these factors, so we've used their data on Memphis to help inform your Memphis self storage search.Memphis, TN 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 Memphis, prices could be higher and availability lower. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Memphis we can get a better idea of the amount of moving activity. The US Census tells us that the metro area population of Memphis grew from 652,597 in 2010 to 656,861 in 2014, which is a rate of 0.65% growth over four years.The Real Estate Climate and Self Storage in Memphis, TN
Memphis real estate and self storage are interrelated in a few different ways. For one, land values and the cost of housing can make storage more or less expensive. We can get a better idea of the relative cost of Memphis storage by looking into data on local home values and rental rates provided by the US Census. According to the US Census, the median value of a home in Memphis is $134,300, which is lower than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Memphis grew by 3.47%. Also, considering the fact that the median income in Memphis makes up 35.37% of the median home value, we can say that housing in Memphis is more affordable than other US metros. In Memphis, 63% of homes are occupied by their owner, a lower portion than other big American cities.
In terms of rental rates, median rent in Memphis is $833 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Memphis grew by 10.62%, a higher rate than comparable cities. In terms of rent affordability, the yearly median rent in Memphis would consume 21% of the median income. This makes Memphis less affordable than similar cities. 35% of Memphis housing is renter occupied, a higher rate than other major metros.
Self storage is commonly used when people need extra space, so cities where homes are smaller on average may have a greater need for storage space. In Memphis, homes have a median number of 6.6 rooms, which is higher than the average for large US cities. The median price per room in Memphis is $20,348, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Memphis housing market can help us gauge the demand for living space and thus self-storage space in Memphis, and may hint at storage availability and pricing. If housing occupancy rates in Memphis are high, it's probably safe to assume that storage facility occupancy rates in Memphis are also high, which would push unit prices up. According to US Census estimates, 85.8% of housing units in Memphis are occupied, while the vacancy rate is at 14.2%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Memphis may also be higher. That might make it harder to find cheap storage in Memphis.Self Storage Prices and Economics in Memphis, TN
Economic indicators like local income and GDP growth can also hint at how storage prices in Memphis compare to other cities. According to the most recent US Census data, median income in Memphis is $47,497, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Memphis grew by 4.83%. 3.5% of Memphis household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. Memphis's GDP as of 2013 was $63,081,000,000, which gives it a GDP per capita of $47,015. That's a lower GDP per capita than the average for comparable cities. More educated cities are often wealthier cities. 30% of Memphis residents over the age of 18 have a high school diploma, 15% have a college degree, and 8% have a graduate or professional degree.