Everything You Need to Know About Finding Self Storage in Providence, RI
If you're searching for self storage in Providence, there are a few things you should keep in mind. Providence 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. We used US Census data on Providence to give you a better idea of these factors.Moving and Storage in Providence, RI
Self storage is commonly used as a secure place to store one's belongings when moving into a new home. If there's a high amount of moving activity in Providence, that could affect storage unit pricing and availability. By looking at population changes in Providence, we should be able to get an idea of how many people are moving to or from the city. According to the US Census, the Providence metro area's population grew from 178,081 in 2010 to 179,154 in 2014, a growth rate of 0.6%.Self Storage and Real Estate in Providence, RI
The Providence real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. The US Census provides us with housing value and median rent data for Providence which we can use to get a better idea of what to expect in terms of price and availability for Providence self storage. Census data tells us that the median home value in Providence is $259,500, which is higher than the average median home value among the top 100 US metros. The median home value in Providence declined by -11.82% between 2009 and 2013. Housing in Providence is less affordable than most other cities, with the median income making up 21.58% of the median home value. 62% of homes in Providence are owner occupied, a lower rate than comparable cities.
In terms of rental rates, median rent in Providence is $881 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Providence grew by 5.64%, a lower rate than comparable cities. That rental rate would take up 19% of a median earner's income in Providence, making Providence more affordable for renters than the average for the top 100 US metros. Approximately 37% of occupied housing in Providence is being rented out, a higher rate than comparable cities.
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 Providence, homes have a median number of 6.3 rooms, which is lower than the average for large US cities. The median price per room in Providence is $41,190, which is higher than average among the top US metro areas.
Vacancy and occupancy rates in the Providence housing market can help us gauge the demand for living space and thus self-storage space in Providence, and may hint at storage availability and pricing. High occupancy rates can indicate a lack of housing supply in Providence, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Providence area. 12.3% of housing units in Providence are vacant according to the US Census, while 87.7% are occupied. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Providence may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Providence than in other cities.Providence, RI Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Providence compare to other cities. Providence's median income is estimated to be $56,007, which is higher than average for large US cities. Between 2009 and 2013, median income in Providence grew by 0.64%. 4.5% of Providence household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. The US Census reports that Providence's total GDP is $68,975,000,000 and its GDP per capita is $42,961. That GDP per capita is lower than it is for comparable cities. More educated cities are often wealthier cities. 28% of Providence residents over the age of 18 have a high school diploma, 17% have a college degree, and 10% have a graduate or professional degree.