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? In terms of the number of storage businesses in Malvern, are there plenty of options available, or few?
Analysts at SelfStorage.com report that there are an estimated 5 storage facilities located in the Malvern area. That's precisely the average number of facilities for every city in Pennsylvania, and puts Malvern in 27th place among the 105 cities in Pennsylvania with 1.02% of the state's storage facilities. On a national scale, however, Malvern has a below-average number of facilities, 4 less than the national average of 9.
If we're making comparisons between cities, however, we're missing out on some important insights if we don't factor population in, even if we're simply comparing Malvern to the rest of Pennsylvania. Are the 5 storage facilities providing the 3,149 people living in Malvern with enough storage space? Cities with populations of 1,000 to 5,000 average 3 storage facilities, 2 fewer than Malvern's 5, which leads us to conclude that Malvern has a decent amount of storage space for a city its size. One might point out that comparing Malvern to cities of a similar size doesn't prove its healthy supply of storage space for the size of the population, and that a better measure would be actually looking at its facilities per capita. Well, we have, and it has firmly substantiated our former results. On a per person basis compared to other cities across the nation, Malvern ranks in the 94th percentile for number of storage businesses, which is what we consider a very high amount of space per resident. And just as Malvern ranks high for storage space per capita on a national scale, it also has a large number of storage businesses for a city in Pennsylvania, placing at the 91st percentile.
We can't feel satisfied concluding our look at facilities per capita without mentioning the fact that Malvern is seeing some modest population growth. The city saw 2.8% more people move there from 2000-2010. Though that's not insignificant, it is 0.6% less growth than the 3.4% that Pennsylvania in total saw. With a lower growth in population than the rest of Pennsylvania and a high number of facilities per person for the state, Malvern should be a great place to find a storage unit.
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 Malvern. With the average rental rate varying widely from place to place, the only truly valuable comparison you can make is with other storage facilities in the area. But don't worry: SelfStorage.com has all the data you need in order to go into your storage search well informed.
Storage units in Malvern rent at an average monthly rate of $165. To give those thinking of renting storage for a year or more some better perspective, that's about $1980 per anum. Don't, however, put too much weight on that number, as it does not discriminate by unit size. It's not uncommon for larger units to be more than twice as costly as the smaller sizes. In Malvern you'll have the option of renting six standard storage unit sizes, such as 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. Here are the average monthly rental rates for each size:
|Storage Unit Size||Average Price in Malvern, PA|
As storage prices are closely tied to local real estate prices, it makes sense that rental rates can often differ substantially even in neighboring cities. 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. 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. But is it worth expanding your search, or is self-storage (commonly called mini storage or public storage) cheaper in Malvern than its surroundings? We asked the analysts at SelfStorage.com to find out.
With its average price of $165 a month for a unit, Malvern is the 3rd most expensive city for self-storage in the state of Pennsylvania, which itself is the 14th most-expensive state for storage. In more exact terms, storage in Malvern costs an average of $84.05 more than the average storage unit in Pennsylvania, which goes for 80.95.
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. In order to establish some kind of index of affordability for Malvern storage, we've developed a 'relative price' scale which takes the cost of living in terms of state median income into account. In Pennsylvania, the median income is $49,874.00 a year, which would make the average $165 unit in Malvern cost 3.97% of a median earner's monthly income. As a percent of the average local income, self-storage in Malvern is quite expensive, with its relative price ranking in at the 98th percentile in Pennsylvania.
In addition to being very expensive at the state level, storage in Malvern is also very expensive on the national scale, ranking at the 96th percentile when compared to other cities nationwide. To put that in more concrete terms, storage in Malvern should cost an average of $92.85 more than the national average price of 72.15.
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, Malvern had an average home value of $500,000 which in the past year is up 0.065%.