Finding Self Storage in San Francisco, CA: Everything You Need To Know
Before beginning your self storage search in San Francisco, there are a few things you should know. San Francisco 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. In order to give you a better idea of these factors in San Francisco, we pulled in data from the US Census.Self Storage and Moving in San Francisco, CA
If there are many people moving to or from San Francisco, 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 San Francisco, we should be able to get an idea of how many people are moving to or from the city. From 2010 to 2014, the San Francisco metro area population grew from 805,825 to 852,469, a growth rate of 5.79% according to the US Census.The Real Estate Climate and Self Storage in San Francisco, CA
In San Francisco, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. By looking into US Census data on San Francisco housing values and median rents, we can get a better idea of the real estate climate in San Francisco and how it may affect self storage. Census data tells us that the median home value in San Francisco is $579,300, 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 San Francisco declined by -12.87%. Housing in San Francisco is less affordable than most other cities, with the median income making up 13.45% of the median home value. In San Francisco, 54% of homes are occupied by their owner, a lower portion than other big American cities.
Median rent is $1,409 in San Francisco according to the US Census, a higher rate than other sizeable US cities. Between 2005 and 2013, the median rent in San Francisco grew by 11.91%, a higher rate than comparable cities. How affordable is that for median earners in San Francisco? Median rent would take up 21.71% of a median earner's paycheck in San Francisco, making it less affordable for renters than other big cities. 42% of San Francisco housing stock is renter occupied, a higher percentage than other large US 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 San Francisco, homes have a median number of 6.1 rooms, which is lower than the average for large US cities. The median price per room in San Francisco is $94,967, which is higher than average among the top US metro areas.
Housing occupancy and vacancy rates in San Francisco can help us get a better idea of how much demand there is for living and storage space in San Francisco and thus the kind of storage prices and availability we should expect to find. If there's low vacancy rates in San Francisco housing, there's likely low vacancy at San Francisco storage facilities. This would allow storage facilities in San Francisco to charge higher prices for their units. According to US Census estimates, 91.7% of housing units in San Francisco are occupied, while the vacancy rate is at 8.3%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in San Francisco may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in San Francisco than in other cities.Economics and Storage Unit Prices in San Francisco, CA
Economic indicators like local income and GDP growth can also hint at how storage prices in San Francisco compare to other cities. San Francisco's median income is estimated to be $77,887, which is higher than average for large US cities. Between 2009 and 2013, median income in San Francisco grew by 4.02%. 12.9% of those living in San Francisco make over $200,000 a year, a higher rate than the average for the top 100 US metros. The US Census reports that San Francisco's total GDP is $356,081,000,000 and its GDP per capita is $78,611. That GDP per capita is higher than it is for comparable cities. Wealth and education are also highly correlated. 18% of San Francisco residents over the age of 18 have a high school diploma, 26% have a college degree, and 16% have a graduate or professional degree.