Finding Self Storage in Toledo, OH: Everything You Need To Know
If you're searching for self storage in Toledo, there are a few things you should keep in mind. The pricing and availability of storage units in Toledo 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. In order to give you a better idea of these factors in Toledo, we pulled in data from the US Census.Self Storage and Moving in Toledo, OH
One of the primary uses of self storage is as a safe place to keep your things between moving homes. If many people are moving to or from Toledo, prices could be higher and availability lower. Population changes over time are one way of gauging the amount of moving activity in Toledo. The US Census tells us that the metro area population of Toledo declined from 287,028 in 2010 to 281,031 in 2014, a loss of -2.09%.The Relationship Between Real Estate and Self Storage in Toledo, OH
In Toledo, 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. The US Census provides us with housing value and median rent data for Toledo which we can use to get a better idea of what to expect in terms of price and availability for Toledo self storage. With a median home value of $118,200 according to the US Census, Toledo real estate prices are lower than the average for the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Toledo declined by -8.3%. Housing in Toledo is more affordable than most other cities, with the median income making up 37.7% of the median home value. 64% of Toledo homes are owner occupied, a lower percentage than other big cities.
The median monthly housing rent in Toledo is $663 per month, which is lower than most other big cities. Between 2005 and 2013, the median rent in Toledo grew by 5.24%, a lower rate than comparable cities. That rental rate would take up 18% of a median earner's income in Toledo, making Toledo more affordable for renters than the average for the top 100 US metros. 31% of Toledo 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 Toledo is 6.6, which is higher than the average among the top 100 US metros. The median price per room in Toledo is $17,909, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Toledo housing market can help us gauge the demand for living space and thus self-storage space in Toledo, and may hint at storage availability and pricing. If housing occupancy rates in Toledo are high, it's probably safe to assume that storage facility occupancy rates in Toledo are also high, which would push unit prices up. Toledo is estimated to have a 86.7% housing occupancy rate, while the vacancy rate is at 13.3%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Toledo, suggesting that storage unit inventory might also be tighter in Toledo. With fewer units available, storage facilities in Toledo may charge higher prices.Economics and Storage Unit Prices in Toledo, OH
Economic indicators like local income and GDP growth can also hint at how storage prices in Toledo compare to other cities. According to the most recent US Census data, median income in Toledo is $44,556, which is lower than the average for the top 100 US metro areas. From 2009 to 2013, median income in Toledo declined by -2.41%. 2.4% of those living in Toledo make over $200,000 a year, a lower rate than the average for the top 100 US metros. Toledo's GDP as of 2013 was $28,252,000,000, which gives it a GDP per capita of $46,434. That's a lower per capita GDP than the average for large cities in the United States. Wealth and education are also highly correlated. 32% of Toledo residents over the age of 18 have a high school diploma, 14% have a college degree, and 8% have a graduate or professional degree.