Just as real estate prices do, storage prices can change from one block in Elgin to the next. The cheapest place for storage in Elgin is within the 73538 ZIP code, where prices average $51.00 a month. Elgin's highest-priced place for storage lies within the 60123 ZIP code, where storage rental rates are an average $129.04 a month.
You'll have a hard time telling a good price on storage from a great price when you're unfamiliar with how much self storage in Elgin typically costs to begin with. Past experience booking storage in other cities can be misleading, as average prices will be totally different in other cities--even other cities in IL. Which is why, in order to ensure that you go into your storage search as well informed as possible, we've gone ahead and processed the data for you.
On average, a self storage unit in Elgin will rent for $89.99 a month. That's roughly $1079.88 a year, for those of you whose need for storage is of a lengthier nature. Don't, however, put too much weight on that number, as it does not discriminate by unit size. The price gap between the smallest unit sizes and the largest can be very significant. The standard sizes of storage units available in Elgin include 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. The average rental rates for each size of storage unit found in Elgin are:
|Storage Unit Size||Average Price in Elgin, IL|
Some of the most successful storage finds occur when the storage seeker includes nearby towns, suburbs, and neighborhoods in their search. If you're searching for the cheapest storage unit out there, a good rule of thumb is to look farther abroad than you originally set out to. You might have to spend more on gas getting out to that unit, but the savings you'll be building up could totally compensate for that. However, if self-storage (often called mini storage or public self storage) in Elgin is relatively cheap for the area then searching farther afield might do little good. So how do prices in Elgin stack up to the rest of the state?
An average price of $89.99 a month for a storage unit makes Elgin the 36th most expensive city in Illinois for self-storage, while Illinois itself is the 12th most expensive state. To give you a better idea of what this means, Elgin's average price is $5.63 more than the state average of $84.36.
While average prices will give you a good idea of how much you should expect to spend, they don't necessarily tell us if storage is relatively affordable in that city. To give you a better idea of affordability, we've created a 'relative price' scale that estimates how expensive storage is for median income earners in that state. In Illinois, the median income is $51,483.00 a year, which would make the average $89.99 unit in Elgin cost 2.1% of a median earner's monthly income. When we compare this storage price as a percent of the local median income to other cities in Illinois, we find that it ranks in the 69th percentile, making it a moderately expensive place to rent storage.
If we measure according to the national scale and compare it to cities across the country, self-storage rates in Elgin are still somewhat expensive, ranking at the 71st percentile in terms of relative expense. Nationwide, storage costs an average $72.15 a month. Expect to pay about $17.84 more than that for self storage in Elgin.
Finding storage is a game of numbers, and one important number is that of the amount of storage facilities in your city. More facilities bring more options, so the odds of finding the perfect unit increase as the number of facilities in your area does. When it comes to the number of facilities operating in Elgin, how many options are available?
Based on our data, we estimate that there are about 13 storage facilities doing business in the Elgin, IL area. Other Illinois cities have an average of 5 facilities on our network, 8 less than Elgin, which leads us to conclude that Elgin offers a moderately-high number of facilities. Indeed, Elgin ranks as the 4th city out of the 119 cities on our network in Illinois in terms of number of storage facilities, accounting for a whopping 2.23% of facilities in the state. When compared against the national average of 9 storage facilities in each city, Elgin still offers a full 4 more than the average.
Of course, simply comparing cities irrespective of their various populations tells us very little about these cities, even when we're comparing Elgin to other cities in Illinois. Approximately 107,519 people live in Elgin, IL. Is that a large population for a city with 13 self-storage facilities, or a small one? On average, cities with populations of 100,000 to 250,000 have 18 storage facilities listed on our network, which means that Elgin, with 5 fewer facilities, has a slightly-low amount of storage space for a city its size. Elgin's below average number of facilities seems to be confirmed when we look at the actual per capita number of facilities. When compared with cities nationwide, Elgin ranks in the 32nd percentile for storage facilities per inhabitant, which means that, comparatively, Elgin is somewhat-low on storage space for its 107,519 residents. Perhaps if we only compare Elgin to other cities in Illinois it might appear to have more storage space? Unfortunately, even by that measure it does seem as if Elgin offers relatively little space, as it places in the 47th percentile for per capita storage facilities in Illinois.
The fact that Elgin is growing, and doing so at a rapid rate, also bears mentioning in our discussion of storage facilities per person. The US Census reports that Elgin saw 13.2% more people move there in the first decade of this century, 9.9% more than the 3.3% population that Illinois saw altogether. Elgin's high rate of growth, plus its low level of self-storage facilities per person, could cause demand for a storage unit, and possibly storage prices, to be extremely high.
Rental rates on self storage units can change significantly from one month to the next over the course of the year, climbing higher or diving lower depending on the season. The high season typically begins in April or May and lasts till August or September, with prices dropping back down to their lowest in the late fall and winter. The single busiest day of the high season is typically National Moving Day, also called 'Crazy Tuesday' by storage facility operators for the amount of activity they see that day, which is the day after Memorial Day. College students looking for a place to keep their things during the summer holiday can also have an effect on high season prices, pushing up prices on smaller units in particular, which is something to keep in mind if you live in a college town.
Elgin self storage prices on average change very little throughout the year relative to other cities, making seasonal price changes less of a worry for renters. Even so, it's often a good idea to book at the lowest price and then lock in that rate with the facility. Those looking for self storage in Elgin will find the lowest prices in September, with its average price of $48. April, however, is the most expensive month, averaging $106.49.
Trying to locate a very affordable self storage unit in Elgin, IL? September is the best month to find cheap storage, while your storage search will be most successful if you look in the 73538 ZIP code. Do your best to avoid searching in April, when unit prices reach their apex, and be attentive to the fact that the 60123 area has the steepest prices.
Elgin, IL self storage typically costs between $31 and $194 a month. Storage is currently in stock.
If you’re considering buying/selling a home instead of renting, it’s crucial to find a storage unit that will last you through the purchase or sale process. Especially when, according to Zillow, Elgin had an average home value of $149,900 which in the past year is up 0.082%.