Everything You Need to Know About Finding Self Storage in Wichita, KS
If you're searching for self storage in Wichita, there are a few things you should keep in mind. If you're wondering how much you should expect to pay for self storage in Wichita, 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. We used US Census data on Wichita to give you a better idea of these factors.Wichita, KS Moving and Storage
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 Wichita, prices could be higher and availability lower. Population changes over time are one way of gauging the amount of moving activity in Wichita. According to the US Census, the Wichita metro area's population grew from 382,821 in 2010 to 388,413 in 2014, a growth rate of 1.46%.Self Storage and Real Estate in Wichita, KS
Wichita housing prices and land values can affect storage prices as well. Storage facilities in more expensive Wichita neighborhoods will typically charge higher rental rates. We can get a better idea of the relative cost of Wichita storage by looking into data on local home values and rental rates provided by the US Census. The median home value in Wichita is $121,600 according to the US Census. That's lower than average for the top 100 US metros. Between 2009 and 2013 the median home value in Wichita grew by 9.06%. Also, considering the fact that the median income in Wichita makes up 41.58% of the median home value, we can say that housing in Wichita is more affordable than other US metros. 67% of Wichita homes are owner occupied, a higher percentage than other big cities.
At $697 per month, median rent in Wichita is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Wichita grew by 11.88%, a higher rate than comparable cities. That rental rate would take up 17% of a median earner's income in Wichita, making Wichita more affordable for renters than the average for the top 100 US metros. 32% of Wichita housing is renter occupied, a lower rate than other major metros.
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 Wichita, homes have a median number of 6.7 rooms, which is higher than the average for large US cities. The median price per room in Wichita is $18,149, which is lower than average among the top US metro areas.
One way to get an idea of the demand for housing and storage space in Wichita is to look at housing occupancy and vacancy rates. High occupancy rates can indicate a lack of housing supply in Wichita, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Wichita area. According to US Census estimates, 90.7% of housing units in Wichita are occupied, while the vacancy rate is at 9.3%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Wichita, suggesting that storage unit inventory might also be tighter in Wichita. With fewer units available, storage facilities in Wichita may charge higher prices.Wichita, KS Economics and Self Storage Prices
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 Wichita from a different city. Wichita's median income is estimated to be $50,556, which is lower than average for large US cities. Between 2009 and 2013, median income in Wichita grew by 4.22%. 2.8% of those living in Wichita make over $200,000 a year, a lower rate than the average for the top 100 US metros. Wichita has a total GDP of $29,174,000,000 and a GDP per capita of $45,709. That's a lower per capita GDP than the average for large cities in the United States. More educated cities are often wealthier cities. 28% of Wichita residents over the age of 18 have a high school diploma, 18% have a college degree, and 8% have a graduate or professional degree.