Finding Self Storage in Richmond, VA: Top Tips
If you're searching for self storage in Richmond, there are a few things you should keep in mind. Richmond 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 Richmond to help inform your Richmond self storage search.Self Storage and Moving in Richmond, VA
If there are many people moving to or from Richmond, 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 Richmond we can get a better idea of the amount of moving activity. According to the US Census, the Richmond metro area's population grew from 204,256 in 2010 to 217,853 in 2014, a growth rate of 6.66%.Real Estate and Self Storage in Richmond, VA
The Richmond real estate climate may affect storage prices and availability in a number of ways, one of those ways being housing prices. That means that looking into US Census data on Richmond home values and rents can help us get an idea of storage pricing. Census data tells us that the median home value in Richmond is $219,000, which is higher than the average median home value among the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Richmond grew by 1.58%. In terms of housing affordability, the median income in Richmond is 26.89% of the median home value, making Richmond housing less affordable than most other big cities. 67% of homes in Richmond are owner occupied, a higher rate than comparable cities.
In terms of rental rates, median rent in Richmond is $964 per month, which is higher than other large US metros. Between 2005 and 2013, the median rent in Richmond grew by 11.96%, a higher rate than comparable cities. How affordable is that for median earners in Richmond? Median rent would take up 19.64% of a median earner's paycheck in Richmond, making it more affordable for renters than other big cities. 30% of Richmond housing is renter occupied, a lower 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 Richmond, homes have a median number of 7.1 rooms, which is higher than the average for large US cities. The median price per room in Richmond is $30,845, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Richmond housing market can help us gauge the demand for living space and thus self-storage space in Richmond, and may hint at storage availability and pricing. High occupancy rates can indicate a lack of housing supply in Richmond, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Richmond area. 11.4% of housing units in Richmond are vacant according to the US Census, while 88.6% are occupied. That's a higher rate than average for US cities, suggesting storage unit occupancy in Richmond may also be higher. That might make it harder to find cheap storage in Richmond.Economics and Storage Unit Prices in Richmond, VA
Statistics like income and economic growth can also hint at storage pricing, since higher local incomes will likely point to higher storage prices. This can be particularly useful if you're moving to Richmond from a different city. The median income in Richmond is $58,891, which is higher than the average for large US cities. Between 2009 and 2013, median income in Richmond grew by 2.63%. 5% of Richmond household have an income in excess of $200,000 a year, which is a higher rate than the average for large US cities. The US Census reports that Richmond's total GDP is $64,155,000,000 and its GDP per capita is $51,453. That's a higher GDP per capita than the average for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 27% of Richmond residents over the age of 18 have a high school diploma, 19% have a college degree, and 11% have a graduate or professional degree.