The demand for storage being as highly seasonal as it is, moving between highs and lows throughout the year, the season you decide to book a unit during can have as much affect on the price you pay as any other factor. This seasonality is primarily driven by moving season, which lasts from May to September and generally causes storage prices to spike. Sometimes called 'National Moving Day' or 'Crazy Tuesday', the day following Memorial Day is typically the busiest for storage businesses and the highest point of the high season. Those looking for storage in areas with a large population of college students might find that seasonality affects prices on smaller unit sizes in particular, as students book 5x5s and 5x10s to store their things while they go home for the summer.
Seasonality seems to be a very low factor in Lexington self storage prices, with little change between high and low season prices. Despite the low level of seasonality, those looking for a self storage unit may still want to lock in their price at the time of booking. Shop for self storage in Lexington during March to get the best price, when units go for an average of $69.22. Prices reach their highest in June, which at an average price of $119.35 a month you might want to avoid.
Storage prices often follow real estate trends, which means that certain areas of Lexington can be significantly more or less expensive than others. You'll find the best prices on storage in the 27295 ZIP code, which averages $80.71 a month for a storage unit. Units rent at the highest price in the 40505 ZIP code, where they average $130.80 a month.
If you're new to searching for self storage in Lexington you might not know what kind of prices should be expected. Since storage prices can change dramatically from one town to the next, the only real comparison you can make is with other facilities in the immediate area. In order to prevent you from going into your storage search in the dark, we've had our analysts comb through all the data on Lexington storage you might need.
self storage renters in Lexington pay an average montly rate of $75.87. That's roughly $910.44 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 Lexington include 5x5, 5x10, 10x10, and 10x15. and 10x30. Here are the average monthly rental prices for each unit size:
|Storage Unit Size||Average Price in Lexington, KY|
The more facilities there are in the area you're searching, the more options you'll have. About how many storage facilties are serving the Lexington area?
SelfStorage.com has 22 storage facilities in Lexington, KY listed on its network. Other Kentucky cities have an average of 16 facilities on our network, 6 less than Lexington, which leads us to conclude that Lexington offers a moderately-high number of facilities. It makes sense then that Lexington is also the 3rd largest in terms of facilities out of all 10 cities in Kentucky listed on our storage network, accounting for approximately 13.93% of self storage facilities listed in that state. Does Lexington perform as well against other cities outside of its state? In fact it does, as its 22 facilities put it 13 above the national average of 9 per city.
But of course, there are vast differences in population between Lexington and other cities in Kentucky, and even more so nationwide, so not controlling for population makes little sense. Lexington, KY has approximately 301,569 inhabitants. Do the 22 storage businesses there offer the community enough storage space? In comparing Lexington with cities of a similar population, we were able to discover that Lexington is not exactly stock-full of an over-abundance of self-storage facilities. Seeing as cities in its 250,000 to 1,000,000 population group average approximately 49 each (27 facilities more than the 22 operating in Lexington), it's easy to make the firm conclusion that Lexington is not as well-stocked with extra storage space as other cities are. In addition, if we look at Lexington's per capita facility count, our former findings seem to be definitively corroborated: Lexington does seem to have few facilities for its size. With only 22 self storage businesses serving a community of roughly 301,569 people, Lexington lands in the 17th percentile for storage facilities per capita nationwide. That obviously means there's not as much storage space for each resident as there is in other cities, which could clealy complicate your storage search. Does Lexington perform any better in terms of per capita facilities for cities in Kentucky? Apparently even then the city is somewhat low on storage space, only ranking in the 0th percentile for facilities per person in Kentucky.
Just like real estate prices, prices on storage can be totally different in different parts of the same city. That's why those looking for the best deal on a storage unit should expand the area of their search as far and wide as possible. Depending on how often you'll need to access your unit, this could be the way to go. If the average price of self storage (which includes facilities called mini storage or public self storage) is higher in Lexington, then you'll definitely want to expand your search. So is it?
An average price of $75.87 a month for a storage unit makes Lexington the 3rd most expensive city in Kentucky for self-storage, while Kentucky itself is the 45th most expensive state. To give you a better idea of what this means, Lexington's average price is $21.06 more than the state average of $54.81.
But average prices don't necessarily tell you how affordable storage is in a given city, as money goes further in some states than it does in others. We use our 'relative price' scale to calculate the relative affordability of storage in a given area using the state median income. Given that the average price of a storage unit in Lexington is $75.87 and the median income in Kentucky is $41,129.00 a year, we can determine that a storage unit would require 2.21% of a median earner's monthly paycheck. When compared to storage price as a percent of income in other cities in Kentucky, Lexington ranks in the 75th percentile, which means that self-storage here is quite expensive.
In addition to being somewhat expensive at the state level, storage in Lexington is also somewhat expensive on the national scale, ranking at the 74th percentile when compared to other cities nationwide. Nationwide, storage costs an average $72.15 a month. Expect to pay about $3.72 more than that for self storage in Lexington.
Are you seeking out an exceedingly cheap self storage unit in Lexington, KY? Then start your search during March within the 27295 ZIP code. The worst time of the year to look for storage is June, when unit prices reach their year-long summit, and be mindful of the fact that 40505 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, Lexington had an average home value of $169,500 which in the past year is up 0.028%.