Finding Self Storage in Rochester, NY: Everything You Need To Know
There are a few things you should know about Rochester self storage before you begin your search. If you're wondering how much you should expect to pay for self storage in Rochester, 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. The US Census keeps accurate data relating to all of these factors, so we've used their data on Rochester to help inform your Rochester self storage search.Self Storage and Moving in Rochester, NY
If there are many people moving to or from Rochester, prices could be higher than in other cities. That's because self storage if often used as part of a home move. By looking at population changes in Rochester, we should be able to get an idea of how many people are moving to or from the city. From 2010 to 2014, the Rochester metro area population fell from 210,230 to 209,983, a loss of -0.12% according to the US Census.Self Storage and Real Estate in Rochester, NY
Rochester 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. The US Census provides us with housing value and median rent data for Rochester which we can use to get a better idea of what to expect in terms of price and availability for Rochester self storage. Census data tells us that the median home value in Rochester is $130,100, which is lower than the average median home value among the top 100 US metros. Between 2009 and 2013 the median home value in Rochester grew by 6.99%. In terms of housing affordability, the median income in Rochester is 40.55% of the median home value, making Rochester housing more affordable than most other big cities. 68% of the housing stock in Rochester is owner occupied, a higher rate than other major American cities.
Median rent is $788 in Rochester according to the US Census, a lower rate than other sizeable US cities. Between 2005 and 2013, the median rent in Rochester grew by 7.65%, a lower rate than comparable cities. The median rent in Rochester would eat up approximately 18% of the median income, which makes Rochester more affordable for most renters than comparable cities. 31% of Rochester housing stock is renter occupied, a lower percentage than other large US cities.
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 Rochester is 6.7, which is higher than the average among the top 100 US metros. The median price per room in Rochester is $19,418, which is lower than average among the top US metro areas.
Housing unit occupancy can give us an idea of what the demand is like for living and storage space in Rochester. If housing occupancy rates in Rochester are high, it's probably safe to assume that storage facility occupancy rates in Rochester are also high, which would push unit prices up. Rochester is estimated to have a 89.6% housing occupancy rate, while the vacancy rate is at 10.4%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Rochester may also be higher. That might make it harder to find cheap storage in Rochester.Rochester, NY Economics and Self Storage Prices
Economic indicators like local income and GDP growth can also hint at how storage prices in Rochester compare to other cities. According to the most recent US Census data, median income in Rochester is $52,762, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in Rochester grew by 2.58%. 3.4% of residents in Rochester make over $200k in income a year, a lower rate than in other big cities. Rochester has a total GDP of $48,966,000,000 and a GDP per capita of $45,168. That GDP per capita is lower than it is for comparable cities. Education levels also tend to correlate with wealth. 27% of Rochester residents over the age of 18 have a high school diploma, 17% have a college degree, and 12% have a graduate or professional degree.