Everything You Need to Know About Finding Self Storage in Raleigh, NC
Just starting your Raleigh self storage search? There are a few things you should know. The pricing and availability of storage units in Raleigh 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. We used US Census data on Raleigh to give you a better idea of these factors.Raleigh, NC Self Storage and Moving
If there are many people moving to or from Raleigh, prices could be higher than in other cities. That's because self storage if often used as part of a home move. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Raleigh we can get a better idea of the amount of moving activity. The Raleigh metro area grew from 406,295 persons in 2010 to 439,896 persons in 2014 according to the US Census, an increase of 8.27%.Self Storage and Real Estate in Raleigh, NC
Raleigh 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 Raleigh storage by looking into data on local home values and rental rates provided by the US Census. Census data tells us that the median home value in Raleigh is $205,400, which is higher than the average median home value among the top 100 US metros. Between 2009 and 2013 the median home value in Raleigh grew by 7.99%. Housing in Raleigh is less affordable than most other cities, with the median income making up 30.23% of the median home value. 67% of Raleigh homes are owner occupied, a higher percentage than other big cities.
At $894 per month, median rent in Raleigh is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Raleigh grew by 10.23%, a higher rate than comparable cities. How affordable is that for median earners in Raleigh? Median rent would take up 17.28% of a median earner's paycheck in Raleigh, making it more affordable for renters than other big cities. 33% of Raleigh housing is renter occupied, a lower rate than other major metros.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in Raleigh have a median number of 6.8 rooms, which is higher than the average for large US metros. The median price per room in Raleigh is $30,206, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Raleigh housing market can help us gauge the demand for living space and thus self-storage space in Raleigh, and may hint at storage availability and pricing. High occupancy rates can indicate a lack of housing supply in Raleigh, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Raleigh area. 7.5% of housing units in Raleigh are vacant according to the US Census, while 92.5% are occupied. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Raleigh may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Raleigh than in other cities.Economics and Storage Unit Prices in Raleigh, NC
Cities with a wealthier population and a faster-growing economy may see higher storage prices. Looking at economic statistics for Raleigh can be particularly helpful if you're moving from another city. According to the most recent US Census data, median income in Raleigh is $62,088, which is higher than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Raleigh grew by 3.29%. 5.7% of Raleigh household have an income in excess of $200,000 a year, which is a higher rate than the average for large US cities. Raleigh has a total GDP of $62,758,000,000 and a GDP per capita of $51,640. That means that Raleigh's per capita GDP is higher than the average for the top 100 US metros. Education levels also tend to correlate with wealth. 20% of Raleigh residents over the age of 18 have a high school diploma, 26% have a college degree, and 13% have a graduate or professional degree.