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 lasts from late spring to late summer, the most popular period for those moving into a new home. The high season is considered to be in full swing on National Moving Day, also called 'Crazy Tuesday,' the day after Memorial Day. Smaller unit sizes are often more strongly affected by seasonality, as college students make up a decent portion of those moving in the summer and tend to book 5x5 and 5x10 units.
According to our data, Hopkins's rental rates aren't as dependent on the time of year as other cities, which leads us to conclude that seasonality is less of a factor here. Even so, it's often a good idea to book at the lowest price and then lock in that rate with the facility. The best month to go searching for storage in Hopkins is May, when the average unit goes for a low $81.17 a month. The worst month, on the other hand, is November, when units hit a high of $157.99.
It's often true that certain areas in a city offer much lower storage rental rates than others. A great way of scoring a dirt-cheap storage unit is expanding the area in which you're searching. While it's true that accessing the unit will be more cumbersome the farther it is away, the potential savings could make you complacent with any extra inconvenience. However, if self-storage (often called mini storage or public self storage) in Hopkins is relatively cheap for the area then searching farther afield might do little good. So how do prices in Hopkins stack up to the rest of the state?
With its average price of $140.49 a month for a unit, Hopkins is the 4th most expensive city for self-storage in the state of Minnesota, which itself is the 10th most-expensive state for storage. When searching for storage in Hopkins, expect to pay $52.11 more than Minnesota's average price of $88.38.
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. 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. Given that the average price of a storage unit in Hopkins is $140.49 and the median income in Minnesota is $55,896.00 a year, we can determine that a storage unit would require 3.02% of a median earner's monthly paycheck. When compared to storage price as a percent of income in other cities in Minnesota, Hopkins ranks in the 87th percentile, which means that self-storage here is quite expensive.
In addition to being very expensive at the state level, storage in Hopkins is also very expensive on the national scale, ranking at the 89th percentile when compared to other cities nationwide. The national average monthly price of a storage unit is $72.15. Depending on the size of unit you rent and the time of year, you should expect to pay approximately $68.34 more than that for self storage in Hopkins.
It's nearly impossible to know what a good monthly rate on a storage unit is if you don't know what kind of prices to expect in Hopkins. Being that the average price of storage unit can be different by hundreds of dollars between two cities in the same state, any past experiences booking storage elsewhere will help you little in figuring out how much you should pay. That's why our analysts have crunched the numbers so that you will be able to know what to expect before you begin your storage search.
Self storage rental rates average $140.49 a month in Hopkins. Over the the length of a year, that would cost you about $1685.88, in case you were considering renting for a longer period of time. Keep in mind that that average rate does not differentiate between the different unit sizes, and so should be taken with a sizeable grain of salt. It's not uncommon for larger units to be more than twice as costly as the smaller sizes. The standard sizes of storage units in Hopkins are: 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. Below you'll find the average monthly price per size:
|Storage Unit Size||Average Price in Hopkins, MN|
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, Minnetonka had an average home value of $369,900 which in the past year is up 0.026%.