Stein Investment Group Plots Nationwide Expansion - Atlanta-based Stein Investment Group is in the early stages of developing a national self-storage portfolio. Since buying its first self-storage property in 2010, Stein Investment has established a... Read more.
To the surprise of those who have never visited, Indianapolis offers a surprisingly-active downtown for a Midwestern metropolis. But what's truly surprising is that all of Indianapolis's urban amenities are available at a very affordable cost of living, with quiet, family-oriented neighborhoods integrated into the urban core in a way that many American metros have failed to acheive. Visitors from bigger cities are often pleasantly shocked to discover how Indianapolis has managed to combine urbanity with practicality. But of course, if you're from Indianapolis or plan on moving there already know all of that. Do you know, though, in which month storage units are cheapest in Indianapolis?
It's often true that the same storage unit at the same storage facility will cost significantly more or less in April than it does in November. That's because self storage is a seasonal industry. 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 for self-storage businesses is typically the notorious 'National Moving Day' (which facility operators have dubbed 'Crazy Tuesday' for the chaotic scene at many facilities) the day after Memorial Day. University towns often see the sharpest seasonal spikes, as college students rent a significant number of storage units when they go home during their summer break. Smaller sized units in particular will see a rise in price during this period.
According to our data, there's very little change in the average price of a storage unit throughout the year in Indianapolis, meaning you shouldn't have to put too much thought into seasonality when looking for your unit. If you'd still like to play it safe, which of course is always a good idea, one way to guard against seasonal price changes is by setting up an agreement with the facility to pay a single rate for your entire rental period. Your chances of getting a low price on a storage unit in Indianapolis are highest during February, when the average rental rate drops to a low $39.85. Your chances are lowest during October, which with an average price of $75.87 is the most expensive time to book a unit.
Storage prices can vary widely depending on which part of Indianapolis you're in The best prices on storage in Indianapolis can be found in the 46214 ZIP code. Units there average $56.63 a month. The priciest part of town to rent storage in is the 46250 ZIP code, where rates average $97.67 per month.
You'll have a tough time telling a good deal on storage in Indianapolis from a great one if you don't know what storage in Indianapolis normally costs. Even if you've booked storage units in other cities in the past, prices could be very different in your current city, which makes it difficult to know what is standard. In order to prevent you from going into your storage search unprepared, we here at SelfStorage.com have prepared the numbers you need to know.
On average, storage businesses in Indianapolis charge a rate of $44.33 per month to rent a storage unit. For those looking for a long term storage solution, that's an average of $531.96 a year. Note that this is the average price regardless of size and shouldn't be taken too literally. The price difference between the smallest units and the largest can be huge. In Indianapolis you'll have the option of booking six standard storage unit sizes, such as 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. The following are the average prices for each size:
|Storage Unit Size||Average Price in Indianapolis, IN|
It's often true that certain areas in a city offer much lower storage rental rates than others. A more expansive search could help uncover some hidden storage gems. The sum you'll save each month could totally be worth the extra drive, especially if you'll only need to visit your unit on the rare occasion. Knowing whether or not you should look in nearby cities depends on whether or not self-storage (sometimes called mini storage or public self storage) in those cities is less expensive than in Indianapolis. We've gone ahead and figured that out for you.
With its average price of $44.33 a month for a unit, Indianapolis is the 22nd most expensive city for self-storage in the state of Indiana, which itself is the 27th most-expensive state for storage. In general, storage units in Indianapolis go for $21.36 less than the state average of $65.69.
These average prices don't necessarily tell you how affordable storage in one city is compared to another, as the cost of living changes from place to place. 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 Indiana, the median income is $46,020.00 a year, which would make the average $44.33 unit in Indianapolis cost 1.16% of a median earner's monthly income. When compared to the price of storage as a percent of income in all Indiana cities, Indianapolis ranks at the 22nd percentile, meaning that storage here is extremely affordable.
When placed on a national scale and compared to cities across the country, storage prices in Indianapolis are still very cheap, ranking at the 24th percentile in terms of relative expense. Expect to pay $27.82 less than the national average of $72.15 when searching for self storage in Indianapolis.
Over the course of your search you'll likely be comparing a number of facilities against one another to find the right option for you. Most would agree that the more storage businesses there are to compare, the better. After all, who doesn't like options? If I'm searching for storage in Indianapolis, should I expect plenty of available storage facilities, or only a few?
There are 72 total storage facilities in Indianapolis, IN on the SelfStorage.com network. If we compare this to other cities in Indiana, which average 9 facilities per city, Indianapolis offers 63 more--quite the substantial number. Indianapolis accounts for a surprising 26.87% of all facilities listed in Indiana, coming in at 1st out of 29 cities in terms of facility count. Even by national standards, Indianapolis boasts a large number of facilities, 63 more than the national average of 9 facilities in each city.
Of course, simply comparing cities irrespective of their various populations tells us very little about these cities, even when we're comparing Indianapolis to other cities in Indiana. Are the 72 facilities in Indianapolis sufficient at supplying the 807,584 people who call it home with enough extra storage space? For its population, Indianapolis has a few more facilities than average. The average for cities with a population of 250,000 to 1,000,000 is 49 facilities, which of course is 23 less than the 72 in Indianapolis. But if we look at the number of facilities per person in Indianapolis, our story begins to change: indeed, these figures seem to have disputed our claim that Indianapolis has a large number of self-storage facilities per person. With 72 storage businesses for 807,584 residents, Indianapolis ranks in the 22nd percentile for storage facilities per person in cities on our self-storage network. This means that there's very little storage space per each resident of Indianapolis in relation to the amount of space per resident in other cities. How does Indianapolis compare to other cities in Indiana? Even when we restict the scope to other cities in its state, Indianapolis still only ranks at the 3rd percentile for per capita storage facilities.
We feel we should also mention the fact that Indianapolis has seen moderate population increases in the past decade, jumping 3.2% from 2000 to 2010. That's not an inconsequential increase, however it is 3.4% less than the 6.6% growth the state of Indiana saw in total. Keep in mind, though, that while there's probably not as much demand generated by people moving into town as there is in other Indiana cities, Indianapolis already has relatively fewer storage facilities for its size than many of those faster-growing cities.
Are you seeking out a super-low price on a self storage unit in Indianapolis, IN? The best bargains can be found during February within the 46214 ZIP code. If you can, try not to conduct your storage search during October, when units are at their highest average price, and be aware that the 46250 area has the worst prices.
Indianapolis self storage typically costs between $35 and $145 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, the average price of a home in Indianapolis is $114,900.