The more facilities there are in the area you're searching, the more options you'll have. So does Richmond offer plenty of options when it comes to different storage facilities?
Industry experts at SelfStorage.com estimate that there are approximately 8 storage facilities servicing the Richmond, IN community. For a city in Indiana, Richmond is home to relatively few storage facilities. The average city in Indiana has 9 facilities listed on our network, a full 1 more than what can be found in Richmond. To put it into more perspective, that's only 2.99% of the facilities in Indiana listed on our storage network, which places Richmond as only the 9th largest city in terms of storage business count out of all 29 cities in Indiana. In addition to having few facilities compared to other cities in Indiana, Richmond also offers a below-average number of storage facilities compared to other cities across the nation: 1 fewer than the national average of 9, to be precise.
But making comparisons between any cities, whether it be comparing Richmond to its neighbors in Indiana or on a national scale, isn't a very fruitful excercise when we ignore a city's population. Are the 8 facilities in Richmond sufficient at supplying the 36,569 people who call it home with enough extra storage space? The average number of facilities listed on our storage network in cities with populations of 25,000 to 50,000 is 7. As Richmond's facility count beats that by 1, we can establish that Richmond has a bit more storage space than average for a city its size. One might point out that comparing Richmond to cities of a similar size doesn't prove its healthy supply of storage space for the size of the population, and that a better measure would be actually looking at its facilities per capita. Well, we have, and it has firmly substantiated our former results. In terms of self-storage facilities per capita, Richmond ranks in the 52nd percentile nationwide, meaning that it has a moderately-high amount of storage space for its 36,569 residents. But despite having a high number of per capita storage businesses on the national scale, Richmond actually comes in on the low end for a city in Indiana, where it only ranks in the 42nd percentile.
In order to conclude our discussion of facilities per person, we think it's worth mentioning the fact that Richmond has seen a decrease in the number of people who call it home in recent years. The 2010 census reported a 6.4% loss versus the 2000 census, indicating that more people are leaving the city than deciding to settle there. At the same time, however, Indiana as a whole saw its population rise by 6.6%. Recall, however, that Richmond also had a low number of storage facilities per person for its state, so while there might not be as much demand generated by inbound migration, demand may already be high due to its short supply.
The self storage market being of a seasonal nature, the prices on offer at the moment could be substantially different from those you'll see two months from now. Peaking in May through September, when most people in the United States move, and dropping to their lowest in October through March, when far fewer people move homes, storage prices and closely linked to moving patterns. Memorial Day weekend marks the definitive end to the low season. The following Tuesday is often so busy that it's popularly known as 'Crazy Tuesday' within the self storage industry. College towns often see more radical seasonal swings, as their student populations drive demand on smaller units in particular up during the summer.
Those looking for storage in Richmond shouldn't have to worry as much about seasonal prices swings, as according to our data these swings are much less extreme here than elsewhere. But even if price changes are less of a risk in Richmond, locking in a rate is almost always a smart, safe move. Your chances of getting a low price on a storage unit in Richmond are highest during September, when the average rental rate drops to a low $36. Your chances are lowest during June, which with an average price of $53 is the most expensive time to book a unit.
It's often the case that storage prices can swing to the opposite end of the spectrum within a few blocks in the same city, just as real estate values are liable to do. 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. 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. But is it worth expanding your search, or is self-storage (commonly called mini storage or public storage) cheaper in Richmond than its surroundings? We asked the analysts at SelfStorage.com to find out.
Richmond's average price of $50.33 a month for a unit ranks it as the 19th most expensive city for self-storage in Indiana, which itself ranks as the 27th most expensive state for storage. To give you a better idea of what this means, Richmond's average price is $15.36 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. In order to establish some kind of index of affordability for Richmond storage, we've developed a 'relative price' scale which takes the cost of living in terms of state median income into account. A storage unit in Richmond will on average cost 1.31% of a median earner's monthly income, given that the yearly median income in Indiana is $46,020.00. Compared to the price-as-percent-of-income in other Indiana cities, Richmond ranks at the 33rd percentile, making storage here relatively affordable.
The same holds true on a national scale, where storage in Richmond is comparatively relatively cheap, ranking at the 32nd percentile among cities nationwide. Expect to pay $21.82 less than the national average of $72.15 when searching for self storage in Richmond.
How can you hunt for a cheap storage unit if you don't know how much one in Richmond should cost? Storage prices being as highly-dependent on location as they are, there's little use in comparing the facilities in Richmond with those in other cities you might have rented a storage unit in in the past. There's no need to fret, however, as our analysts have gone through the data and have all the statistics on storage in Richmond that you might need.
Rental rates average $50.33 a month for a storage unit in Richmond. Over the period of a year, that would cost approximately $603.96, in case you're thinking of renting for a longer period of time. It's important to note here that that average price does include all standard storage unit sizes. Prices for different unit sizes are, of course, quite different from one another. In Richmond you'll have the option of booking six standard storage unit sizes, such as 5x5, 5x10, 10x10, 10x15, 10x20 and 10x30. The average prices for each are:
|Storage Unit Size||Average Price in Richmond, IN|
As they are closely linked to real estate prices, self storage unit prices can be very different in one part of Richmond to another. Those trying to find the cheapest storage in Richmond would do well by looking at facilities in the 47374 ZIP code, where storage units go for an average of $37.00 a month, the cheapest in all of Richmond. Richmond's highest-priced area for storage lies within the 94801 ZIP code, where storage rental rates are an average $167.15 a month.
Are you seeking an incredibly affordable self storage unit in Richmond, IN? September offers the cheapest prices on storage, and the best place to look for storage is in the 47374 ZIP code. The worst time to search for storage is during June, which is the most expensive time to book a unit, and be aware that the 94801 area is the most expensive part of town for storage.
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, Richmond had an average home value of $69,800 which in the past year is up 0.161%.