What are the hottest U.S. commercial real estate markets in 2014? - Without a doubt, Orlando, FL, rules as the tourism capital of the U.S. Last year, the city hosted an estimated 57 million visitors who plunked down more than $31 billion. The continuing tourism boom... Read more.
Much like real estate, self-storage prices can change drastically within the space of a few miles in Minneapolis. Focus your storage search on the 55431 ZIP code of Minneapolis, where units rent for an average $87.09 a month, the lowest in the entire city. The 55447 ZIP code, on the other hand, is the most pricey area in Minneapolis, with an average price of $198.07 for a unit.
Over the course of your search you'll likely be comparing a number of facilities against one another to find the right option for you. Most would agree that the more storage businesses there are to compare, the better. After all, who doesn't like options? So are there a large or small number of storage businesses operating in Minneapolis?
According to our estimates, there are approximately 48 storage businesses operating facilities in Minneapolis. 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 Minnesota offers only 6 storage facilities, 42 less than Minneapolis. It should come as no surprise then that Minneapolis has the 1st-highest count of facilities out of all 26 cities on our network in Minnesota, acting as home to 30.38% of facilities in Minnesota. Even by national standards, Minneapolis boasts a large number of facilities, 39 more than the national average of 9 facilities in each city.
Of course, simply comparing cities irrespective of their various populations tells us very little about these cities, even when we're comparing Minneapolis to other cities in Minnesota. Are the 48 facilities in Minneapolis sufficient at supplying the 385,378 people who call it home with enough extra storage space? Cities of similar size, as it turns out, offer more storage space than Minneapolis does. The average number of facilities for a city in the 250,000 to 1,000,000 population bracket is 49, which is 1 more than can be found in Minneapolis. We've further affirmed Minneapolis's relative lack of storage space by examining its per capita count of facilities. When compared with cities nationwide, Minneapolis ranks in the 33rd percentile for storage facilities per inhabitant, which means that, comparatively, Minneapolis is somewhat-low on storage space for its 385,378 residents. But for a city in Minnesota, on the other hand, Minneapolis isn't as low on storage space as it appears. In fact, Minneapolis scores in the 68th percentile among Minnesota cities for self-storage facilities per person, meaning that it actually provides a good amount of storage space for its state.
Our discussion of facilities per capita can't be completed without mentioning Minneapolis's modest population growth from 2000-2010, a period over which it took on 0.7% more people. That's a 7.1%-lower growth rate than Minnesota, which grew by 7.8%, saw as a whole. That low rate of growth relative to its state, combined with its high number of facilities per person, ought to make Minneapolis a storage renter's paradise.
Finding a great price on a storage unit in Minneapolis can be difficult if you don't know how much units in the area typically cost. 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. 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.
On average, a self storage unit in Minneapolis will rent for $48.8 a month. Those of you searching for a long term storage solution should know that that's an average of $585.6 per 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. 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 Minneapolis are: 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. For each standard unit size, the average rental rate in Minneapolis is:
|Storage Unit Size||Average Price in Minneapolis, MN|
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. 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. The high season is considered to be in full swing on National Moving Day, also called 'Crazy Tuesday,' the day after Memorial Day. Seasonal prices are often even more extreme in college towns, where students book a large number of self storage units during their summer vacation.
Seasonal highs and lows are less extreme in Minneapolis than they are in other cities on the SelfStorage.com network, with prices staying relatively level throughout the year. If you'd still like to play it safe, which of course is always a good idea, one way to guard against seasonal price changes is by setting up an agreement with the facility to pay a single rate for your entire rental period. The lowest prices on self storage in Minneapolis can be found during the month of January, with an average price of $48.8, while the most expensive month is October, with an average price of $117.78.
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. It could indeed be that a facility just a mile or two outside of town offers a much lower rate, but you won't find that facility unless you include a wider area in your search. 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 Minneapolis than its surroundings, there's no reason to waste time looking elsewhere.
With its average price of $48.8 a month for a unit, Minneapolis is the 23rd 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 Minneapolis, expect to pay $39.58 less than Minnesota's average price of $88.38.
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. 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. In Minnesota, the median income is $55,896.00 a year, which would make the average $48.8 unit in Minneapolis cost 1.05% of a median earner's monthly income. Compared to the price of storage as a percent of income in all Minnesota cities, Minneapolis ranks at the 8th percentile, which means that self-storage here is very affordable.
In addition to being very cheap at the state level, storage in Minneapolis is also very cheap on the national scale, ranking at the 17th percentile when compared to other cities nationwide. Expect to pay $23.35 less than the national average of $72.15 when searching for self storage in Minneapolis.
Are you trying to reserve a strikingly inexpensive self storage unit in Minneapolis, MN? January is the best time to begin your search for storage, while the best bargains will be located in the 55431 ZIP code. Try not to start your search in October, the month during which prices hit their year-long peak, and be attentive to the fact that the 55447 area is the most expensive in town.
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, Minneapolis had an average home value of $185,000 which in the past year is up 0.083%.