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 period between April and September is typically considered the high season for storage, while prices are lower the rest of the year, notably through October and March. The high season comes into full swing on the day after Memorial Day, which is such a popular time to rent storage that those in the industry have taken to calling it 'Crazy Tuesday.' Cities with high proportions of university students may see more pronounced seasonal highs and lows, as many students book storage units during the summer.
Waterford, according to our data, is virtually unaffected by seasonality relative to other cities, with lower highs and higher lows relative to what other cities experience. Still, booking during the low season and locking in your price with the facility is an important part of getting a good deal on self storage. The best month to go searching for storage in Waterford is August, when the average unit goes for a low $35.06 a month. The worst month, on the other hand, is October, when units hit a high of $80.8.
Scoring an excellent price on a storage unit in Waterford often comes down to knowing what kind of price range to expect. Since self storage rates can vary widely from city to city, the only comparison you can accurately make is with other storage facilities in that city. 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.
self storage renters in Waterford pay an average montly rate of $51.75. To give those thinking of renting storage for a year or more some better perspective, that's about $621 per anum. It must be noted that that rate averages all sizes of units in Waterford, and so shouldn't necessarily be used as a definitive yardstick during your search. There often are substanial price gaps between the various unit sizes. Self storage in Waterford comes in these standard sizes: 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. The average monthly rental rates for each are:
|Storage Unit Size||Average Price in Waterford, MI|
Much like real estate values, storage prices can be totally different on one side of a city as they are on another. This should be of little surprise given storage's conection to the real estate industry. A great way of scoring a dirt-cheap storage unit is expanding the area in which you're searching. Sure, it might be more of a pain to drive to the facility, but hundreds of dollars in potential savings might alleviate that. But is it worth expanding your search, or is self-storage (commonly called mini storage or public storage) cheaper in Waterford than its surroundings? We asked the analysts at SelfStorage.com to find out.
An average price of $51.75 a month for a storage unit makes Waterford the 47th most expensive city in Michigan for self-storage, while Michigan itself is the 26th most expensive state. In more exact terms, storage in Waterford costs an average of $16.42 less than the average storage unit in Michigan, which goes for 68.17.
An average price alone, however, doesn't tell you if storage is or isn't more affordable in one city versus another, as the cost of living will also be different. In order to establish some kind of index of affordability for Waterford storage, we've developed a 'relative price' scale which takes the cost of living in terms of state median income into account. The median income in Michigan is $48,308.00, which means the average storage unit in Waterford would require 1.29% of a median earner's monthly income. This is a moderately small percentage of income to spend on a self-storage unit compared to rates in other cities, ranking at the 36th percentile among other cities in Michigan, meaning self-storage here is relatively cheap.
If we measure according to the national scale and compare it to cities across the country, self-storage rates in Waterford are still relatively cheap, ranking at the 30th percentile in terms of relative expense. Nationwide, storage costs an average $72.15 a month. Expect to pay about $20.40 less than that for self storage in Waterford.
Just as real estate prices do, storage prices can change from one block in Waterford to the next. Look for a cheap unit in the 48327 ZIP code, where the average price of $69.37 is the lowest in Waterford. Storage is costliest in the 6385 ZIP code, where you should expect to pay about $161.90 a month for a unit.
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. So does Waterford offer plenty of options when it comes to different storage facilities?
According to our estimates, there are approximately 7 storage businesses operating facilities in Waterford. Waterford's 7 facilities make it one of the larger cities for storage in Michigan: the state average is 6 facilities per city, 1 less than what's available in Waterford. This ranks Waterford as the 18th largest storage market out of 73 Michigan cities in terms of number of facilities, making up 1.52% of the state's total. While the average city in Michigan may have fewer storage facilities than Waterford, the average city nationwide actually has more: 2 more than Waterford, to be exact.
Since, however, there are huge disparities in population between Waterford and other cities in Michigan, comparing the number of storage businesses in each tells us very little. How, then, does Waterford with its 71,707 people compare to cities of a like size? On average, cities with populations of 50,000 to 100,000 have 11 storage facilities listed on our network, which means that Waterford, with 4 fewer facilities, has a slightly-low amount of storage space for a city its size. That Waterford has few facilities for its size seems to be further validated when we look at Waterford's actual per capita storage facility coverage. The 71,707 people living in Waterford have access to 7 self-storage facilities, which puts them in the 25th percentile for facilities per capita nationwide. That's not a very high rank, meaning that Waterford doesn't offer a ton of storage businesses for its 71,707 residents to choose from. If we restrict our scope down to the state level, we get similar results: for cities in Michigan, Waterford only ranks in the 25th percentile, meaning that Waterford has little per capita storage space even compared to other cities in its state.
Trying to book an unbeleivably cheap self storage unit in Waterford, MI? The lowest rates can be found during August within the 48327 ZIP code. The worst time to search for storage is during October, when units cost the most, and be mindful of the fact that 6385 area has the highest prices.
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, Waterford had an average home value of $130,000 which in the past year is up 0.201%.