Everything You Need to Know About Finding Self Storage in New Orleans, LA
There are a few things you should know about New Orleans self storage before you begin your search. If you're wondering how much you should expect to pay for self storage in New Orleans, 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 New Orleans to give you a better idea of these factors.Moving and Storage in New Orleans, LA
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 New Orleans, 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 New Orleans we can get a better idea of the amount of moving activity. According to the US Census, the New Orleans metro area's population grew from 347,987 in 2010 to 384,320 in 2014, a growth rate of 10.44%.Real Estate and Self Storage in New Orleans, LA
In New Orleans, 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 New Orleans housing values and median rents, we can get a better idea of the real estate climate in New Orleans and how it may affect self storage. According to the US Census, the median value of a home in New Orleans is $174,700, which is lower than the average for the top 100 US metros. Between 2009 and 2013 the median home value in New Orleans grew by 2.34%. Also, considering the fact that the median income in New Orleans makes up 27.1% of the median home value, we can say that housing in New Orleans is less affordable than other US metros. 63% of homes in New Orleans are owner occupied, a lower rate than comparable cities.
Median rent is $921 in New Orleans according to the US Census, a higher rate than other sizeable US cities. Between 2005 and 2013, the median rent in New Orleans grew by 10.56%, a higher rate than comparable cities. How affordable is that for median earners in New Orleans? Median rent would take up 23.35% of a median earner's paycheck in New Orleans, making it less affordable for renters than other big cities. 36% of New Orleans 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 New Orleans is 6.3, which is lower than the average among the top 100 US metros. The median price per room in New Orleans is $27,730, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the New Orleans housing market can help us gauge the demand for living space and thus self-storage space in New Orleans, and may hint at storage availability and pricing. High occupancy rates can indicate a lack of housing supply in New Orleans, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the New Orleans area. New Orleans is estimated to have a 74.9% housing occupancy rate, while the vacancy rate is at 25.1%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in New Orleans also have higher than average occupancy rates. High occupancy rates in New Orleans will make it more difficult to find a good deal on a storage unit.Economics and Storage Unit Prices in New Orleans, LA
Economic indicators like local income and GDP growth can also hint at how storage prices in New Orleans compare to other cities. The median income in New Orleans is $47,341, which is lower than the average for large US cities. Between 2009 and 2013, median income in New Orleans grew by 0.32%. 4.2% of the population in New Orleans make over $200,000 a year, a lower proportion than in other large cities. The US Census reports that New Orleans's total GDP is $70,665,000,000 and its GDP per capita is $56,898. That's a higher per capita GDP than the average for large cities in the United States. Wealth and education are also highly correlated. 30% of New Orleans residents over the age of 18 have a high school diploma, 16% have a college degree, and 8% have a graduate or professional degree.