Which major metro areas hold the most promise for self-storage growth? - New York City reigns as the undisputed financial and media center of the U.S. As it turns out, the Big Apple region also reigns supreme in opportunities for self-storage growth. A new report from... Read more.
Self-Storage Conversions Open Doors to New Markets - Tackling a self-storage conversion project can be much harder than putting up a brand-new facility. Yet the challenges can be well worth the extra effort when it opens the door to urban markets.... Read more.
It's often true that certain areas in a city offer much lower storage rental rates than others. 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. Sure, it might be more of a pain to drive to the facility, but hundreds of dollars in potential savings might alleviate that. But on the other hand, if we can show that self-storage (commonly known as mini storage or public self storage) is cheaper in Detroit than its surroundings, there's no reason to waste time looking elsewhere.
Detroit is the 73rd most expensive city for self storage in the state of Michigan, with the average price of a storage unit there coming in at $29. Michigan itself is the 26th most expensive state for storage. When searching for storage in Detroit, expect to pay $39.17 less than Michigan's average price of $68.17.
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. That's why we've developed a 'relative price' scale that takes state median income into account. Given that the average price of a storage unit in Detroit is $29 and the median income in Michigan is $48,308.00 a year, we can determine that a storage unit would require 0.72% of a median earner's monthly paycheck. This is a very small percentage of monthly income to spend on self-storage in the state of Michigan. Compared to other cities in that state, it ranks at the 1st percentile, meaning self-storage here is very cheap for its residents.
Detroit self-storage prices are very cheap on the national scale as well. When compared with cities on our national network they rank in the 4th percentile. Expect to pay $43.15 less than the national average of $72.15 when searching for self storage in Detroit.
Some communities are home to plenty of storage businesses, offering those looking for storage a wide variety of choices, while other communities are less-well served and may need to expand their search into neighboring cities and suburbs. How many facilties are operating in Detroit?
According to the data on our facility network, there are 31 storage businesses operating in Detroit, MI. If you were wondering how that compares to other cities in the state, it's a very high number of facilities for a city: the average city in Michigan offers only 6 storage facilities, 25 less than Detroit. Detroit accounts for a surprising 6.71% of all facilities listed in Michigan, coming in at 1st out of 73 cities in terms of facility count. And Detroit doesn't just have a lot of storage facilities for its state, either: it also surpasses the national average of 9 facilities per city by 22.
But of course, comparing Detroit to other cities in Michigan or across the nation regardless of population tells us very little. Are the 31 storage facilities providing the 910,921 people living in Detroit with enough storage space? On average, cities with populations of 250,000 to 1,000,000 have 49 storage facilities listed on our network, which means that Detroit, with 18 fewer facilities, has a slightly-low amount of storage space for a city its size. In addition, if we look at Detroit's per capita facility count, our former findings seem to be definitively affirmed: Detroit does seem to have few facilities for its size. Detroit places in the 5th percentile for self storage facilities per capita among cities across the country. That very low rank indicates that the 31 storage businesses serving the 910,921 people living in Detroit is not a very large number of facilities after all, and may mean that finding the right unit in Detroit isn't as easy a task as it is elsewhere. Among cities in Michigan, Detroit ranks in the 1st percentile for storage facilities per capita, meaning that even compared to its neighbors in Michigan, Detroit offers its population a relatively low amount of self-storage space.
In discussing facilities per capita, we think it important to mention that Detroit has seen a downward trend in population numbers over the past few years. Its total population dropped by 3.6% from the year 2000 to the year 2010, a 3% greater loss than the -0.6% that Michigan lost as a whole. Concluding that demand for storage in Detroit would be lower than in other cities in Michigan due to its relatively-low growth rate would, however, be ignoring the fact that Detroit has fewer facilities for its population than many of these cities, and that a shorter supply would have the same effects on price as high demand.
You'll won't have the easiest of times telling a good deal on storage in Detroit from a great one if you don't know what storage in Detroit usually rents for. Any past experiences you might have booking storage in other cities will be of little help here, as the average price of a storage unit in one city could be hundreds of dollars higher than the next. In order to help you go into your storage search with the right knowledge, the analysts here at SelfStorage.com have crunched the numbers and processed the data so that you can know what kind of rental rates to expect.
Storage units in Detroit rent at an average monthly rate of $29. If your're in need of storage for a longer term, remember that at that rate a unit will cost you approximately $348 a year. Now, that number doesn't discriminate by unit size, instead averaging all together, so it shouldn't be taken as an incredibly accurate figure. You can easily end up paying up to or exceeding twice as much money for the larger units than the smaller sizes. Self storage in Detroit comes in these standard sizes: 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. Here are the average monthly rental prices for each unit size:
|Storage Unit Size||Average Price in Detroit, MI|
Scoring a good monthly price on your self storage unit has a lot to do with the time of year you book it, as prices vacillate from season to season. The high season lasts from late spring to late summer, the most popular period for those moving into a new home. The day after Memorial Day (which those in the moving and storage industries often refer to as 'Crazy Tuesday') is typically seen as the start of the high season and is frequently the most expensive day to rent storage during that season. Cities with high proportions of university students may see more pronounced seasonal highs and lows, as many students book storage units during the summer.
Our data tells us that seasonality is slightly more pronounced in Detroit than in many other cities, its highs a bit higher and its lows a bit lower. This makes it particularly important to find a unit at a good, low price, then to lock in that price for the duration of your stay. Shop for self storage in Detroit during January to get the best price, when units go for an average of $29. Prices reach their highest in May, which at an average price of $135 a month you might want to avoid.
Detroit self storage typically costs between $59 and $269 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, Detroit had an average home value of $9,900 which in the past year is up 0.048%.