Finding Self Storage in St. Louis, MO: Everything You Need To Know
There are a few things you should know about St Louis self storage before you begin your search. Storage unit prices and availability in St Louis are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in St Louis.St. Louis, MO Moving and Storage
Many people use storage as part of their move, so if there are many people moving to St Louis, you might expect storage prices to be higher and unit availability to be lower. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for St Louis we can get a better idea of the amount of moving activity. The US Census tells us that the metro area population of St Louis declined from 319,258 in 2010 to 317,419 in 2014, a loss of -0.58%.The Real Estate Climate and Self Storage in St. Louis, MO
St Louis housing prices and land values can affect storage prices as well. Storage facilities in more expensive St Louis neighborhoods will typically charge higher rental rates. We can get a better idea of the relative cost of St Louis 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 St Louis is $158,100, which is lower than the average median home value among the top 100 US metros. The median home value in St Louis grew by 1.87% between 2009 and 2013. Housing in St Louis is more affordable than most other cities, with the median income making up 34.45% of the median home value. 70% of St Louis homes are owner occupied, a higher percentage than other big cities.
In terms of rental rates, median rent in St Louis is $794 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in St Louis grew by 11.52%, a higher rate than comparable cities. How affordable is that for median earners in St Louis? Median rent would take up 17.49% of a median earner's paycheck in St Louis, making it more affordable for renters than other big cities. Renters occupy approximately 27% of housing in St Louis, a lower rate than similar cities.
Cities where homes tend to be smaller may have a greater need for extra storage space. Homes in St Louis have a median number of 6.3 rooms, which is lower than the average for large US metros. The median price per room in St Louis is $25,095, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the St Louis housing market can help us gauge the demand for living space and thus self-storage space in St Louis, and may hint at storage availability and pricing. If there's low vacancy rates in St Louis housing, there's likely low vacancy at St Louis storage facilities. This would allow storage facilities in St Louis to charge higher prices for their units. The US Census estimates that housing vacancy rates in St Louis are at 19.3%, while the occupancy rate is at 80.7%. That's a higher rate than average for US cities, suggesting storage unit occupancy in St Louis may also be higher. That might make it harder to find cheap storage in St Louis.St. Louis, MO Economics and Self Storage Prices
The local economy will also have an effect on self storage prices. Wealthier cities will likely have higher storage unit prices than cities where incomes are generally lower, so it may be useful to look at these numbers for St Louis, particularly if you're moving in from another city. According to the most recent US Census data, median income in St Louis is $54,463, which is lower than the average for the top 100 US metro areas. Between 2009 and 2013, median income in St Louis grew by 2.85%. 4.3% of St Louis household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. The US Census reports that St Louis's total GDP is $136,519,000,000 and its GDP per capita is $48,729. That GDP per capita is lower than it is for comparable cities. Education levels also tend to correlate with wealth. 28% of St Louis residents over the age of 18 have a high school diploma, 18% have a college degree, and 10% have a graduate or professional degree.