Everything You Need to Know About Finding Self Storage in Virginia Beach, VA
There are a few things you should know about Virginia Beach self storage before you begin your search. Virginia Beach 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. We used US Census data on Virginia Beach to give you a better idea of these factors.Virginia Beach, VA Self Storage and Moving
Self storage is commonly used as a secure place to store one's belongings when moving into a new home. If there's a high amount of moving activity in Virginia Beach, that could affect storage unit pricing and availability. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Virginia Beach we can get a better idea of the amount of moving activity. The Virginia Beach metro area grew from 439,073 persons in 2010 to 450,980 persons in 2014 according to the US Census, an increase of 2.71%.The Relationship Between Real Estate and Self Storage in Virginia Beach, VA
In Virginia Beach, 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. That means that looking into US Census data on Virginia Beach home values and rents can help us get an idea of storage pricing. With a median home value of $240,000 according to the US Census, Virginia Beach real estate prices are higher than the average for the top 100 US metros. Virginia Beach home values grew by 2.74% between 2009 and 2013. In terms of housing affordability, the median income in Virginia Beach is 24.52% of the median home value, making Virginia Beach housing less affordable than most other big cities. 63% of homes in Virginia Beach are owner occupied, a lower rate than comparable cities.
Median rent is $1,073 in Virginia Beach according to the US Census, a higher rate than other sizeable US cities. Between 2005 and 2013, the median rent in Virginia Beach grew by 16.88%, a higher rate than comparable cities. The median rent in Virginia Beach would eat up approximately 22% of the median income, which makes Virginia Beach less affordable for most renters than comparable cities. Approximately 35% of occupied housing in Virginia Beach is being rented out, a higher rate than comparable cities.
Since self storage is also used in situations where people don't have enough space in their home, cities where homes are generally smaller may have a greater need for storage. Virginia Beach homes have a median number of 6.9 rooms, which is a higher number than the average for large US cities. The median price per room in Virginia Beach is $34,783, which is higher 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 Virginia Beach. If there's low vacancy rates in Virginia Beach housing, there's likely low vacancy at Virginia Beach storage facilities. This would allow storage facilities in Virginia Beach to charge higher prices for their units. According to US Census estimates, 92.8% of housing units in Virginia Beach are occupied, while the vacancy rate is at 7.2%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Virginia Beach, suggesting that storage unit inventory might also be tighter in Virginia Beach. With fewer units available, storage facilities in Virginia Beach may charge higher prices.Economics and Storage Unit Prices in Virginia Beach, 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 Virginia Beach from a different city. Median earners in Virginia Beach make $58,844 a year according to the most recent US Census estimates, a higher median pay than the average for large US urban areas. Between 2009 and 2013, median income in Virginia Beach grew by 4.66%. 3.8% of those living in Virginia Beach make over $200,000 a year, a lower rate than the average for the top 100 US metros. Virginia Beach has a total GDP of $83,162,000,000 and a GDP per capita of $48,707. That's a lower per capita GDP than the average for large cities in the United States. Wealth and education are also highly correlated. 27% of Virginia Beach residents over the age of 18 have a high school diploma, 17% have a college degree, and 9% have a graduate or professional degree.