Tips for Finding Self Storage in Provo, UT
There are a few things you should know about Provo self storage before you begin your search. The pricing and availability of storage units in Provo 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 Provo, we pulled in data from the US Census.Self Storage and Moving in Provo, UT
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 Provo, that could affect storage unit pricing and availability. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Provo we can get a better idea of the amount of moving activity. According to the US Census, the Provo metro area's population grew from 112,876 in 2010 to 114,801 in 2014, a growth rate of 1.71%.Self Storage and Real Estate in Provo, UT
Provo 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. That means that looking into US Census data on Provo home values and rents can help us get an idea of storage pricing. With a median home value of $220,800 according to the US Census, Provo real estate prices are higher than the average for the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Provo declined by -2.08%. In terms of housing affordability, the median income in Provo is 27.17% of the median home value, making Provo housing less affordable than most other big cities. 68% of homes in Provo are owner occupied, a higher rate than comparable cities.
At $862 per month, median rent in Provo is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Provo grew by 14.93%, a higher rate than comparable cities. That rental rate would take up 17% of a median earner's income in Provo, making Provo more affordable for renters than the average for the top 100 US metros. 33% of Provo housing stock is renter occupied, a higher percentage than other large US cities.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in Provo have a median number of 7.9 rooms, which is higher than the average for large US metros. The median price per room in Provo is $27,949, which is lower than average among the top US metro areas.
Housing occupancy and vacancy rates in Provo can help us get a better idea of how much demand there is for living and storage space in Provo and thus the kind of storage prices and availability we should expect to find. If there's low vacancy rates in Provo housing, there's likely low vacancy at Provo storage facilities. This would allow storage facilities in Provo to charge higher prices for their units. 5.1% of housing units in Provo are vacant according to the US Census, while 94.9% are occupied. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Provo may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Provo than in other cities.Provo, UT Economics and Self Storage Prices
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Provo can be particularly helpful if you're moving from another city. The median income in Provo is $59,993, which is higher than the average for large US cities. Between 2009 and 2013, median income in Provo grew by 6.16%. 3.5% of Provo household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. Provo's GDP as of 2013 was $17,918,000,000, which gives it a GDP per capita of $31,868. That's a lower GDP per capita than the average for comparable cities. Wealth and education are also highly correlated. 18% of Provo residents over the age of 18 have a high school diploma, 20% have a college degree, and 8% have a graduate or professional degree.