Perched on the extreme south-west corner of its state, just south of where the Wolf River meets the mighty Mississippi, Memphis is the largest city in Tennessee. Its ideal location at the juncture between two rivers (one the largest in North America, no less) and near two state borders has made Memphis a center for trade and transportation. Though Memphis is now Tennessee's largest city, its success was never guaranteed: in the 1870s, yellow fever swept through the town and, due to its lack of sanitation systems, reduced the population by three quarters. The damage was so sever that the city lost its charter and technically dissolved. By the 1950s, however, Memphis was roaring back to life, and was the largest market in the world for cotton, hardwood lumber, and mules. Today, Memphis has added tourism to its list of most important industries, with attractions like Graceland, the famous estate of Elvis Presley, the Memphis Zoo, the Memphis Walk of Fame, Beale Street, and the iconic Pyramid Arena, the sixth-largest pyramid in the world, which towers over the Mississippi River and greets visitors coming from the west. If you're a Memphian then you are of course aware of all of this, but do you know how much you should expect to pay for self storage in Memphis, or how many storage facilities you have to choose from in the area?
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. In terms of the number of storage businesses in Memphis, are there plenty of options available, or few?
There are 52 total storage facilities in Memphis, TN on the SelfStorage.com network. Tennessee averages 13 facilities per city, meaning that Memphis is home to 39 more facilities than others in its state, which is of course a significantly-high number. Memphis also boasts the 2nd highest count of storage facilities out of all 31 cities in Tennessee, making up 12.84% of the state's facility count. The same holds true on a national level: Memphis is home to 43 more facilities than the US average of 9 facilities per city.
But how does Memphis compare to the rest of Tennessee and the nation on a per capita basis? After all, not controlling for population makes most city comparisons obsolete. We ought to be comparing Memphis, with its population of 676,640, to cities of similar size. The average number of facilities listed on our storage network in cities with populations of 250,000 to 1,000,000 is 49. As Memphis's facility count beats that by 3, we can establish that Memphis has a bit more storage space than average for a city its size. Per capita data, on the other hand, seems to have invalidated this notion that Memphis provides an immense amount of extra storage space for its community. Memphis places in the 19th percentile for self storage facilities per capita among cities across the country. That very low rank indicates that the 52 storage businesses serving the 676,640 people living in Memphis is not a very large number of facilities after all, and may mean that finding the right unit in Memphis isn't as easy a task as it is elsewhere. How does Memphis compare to other cities in Tennessee? Even when we restict the scope to other cities in its state, Memphis still only ranks at the 16th percentile for per capita storage facilities.
To conclude our discussion of storage facilities per capita, it's worth noting that Memphis's population has been dwindling over the past few years. In the decade span between the 2000 and 2010 censuses, Memphis experienced a 1.9% decrease in inhabitants. During that same span, however, the state of Tennessee took on 11.5% more people. Recall, however, that Memphis also had a low number of storage facilities per person for its state, so while there might not be as much demand generated by inbound migration, demand may already be high due to its short supply.
It's not uncommon for another community a few miles down the road to offer substanial savings on storage compared to the rates in your community. Storage facilities just on the periphery of your current search might have some great rental rates, and you'll only find them if you search a little more broadly. Sure, it might be more of a pain to drive to the facility, but hundreds of dollars in potential savings might alleviate that. If the average price of self storage (which includes facilities called mini storage or public self storage) is higher in Memphis, then you'll definitely want to expand your search. So is it?
With its average price of $54.48 a month for a unit, Memphis is the 16th most expensive city for self-storage in the state of Tennessee, which itself is the 39th most-expensive state for storage. In more exact terms, storage in Memphis costs an average of $5.63 less than the average storage unit in Tennessee, which goes for 60.11.
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 Memphis 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 Tennessee is $41,044.00, which means the average storage unit in Memphis would require 1.59% of a median earner's monthly income. Compared to the price-as-percent-of-income in other Tennessee cities, Memphis ranks at the 48th percentile, making storage here relatively affordable.
Memphis storage prices are relatively cheap on the national scale as well. When compared with national cities they rank in the 49th percentile. Nationwide, storage costs an average $72.15 a month. Expect to pay about $17.67 less than that for self storage in Memphis.
Storage prices often follow real estate trends, which means that certain areas of Memphis can be significantly more or less expensive than others. Storage is cheapest in the 38127 ZIP code in Memphis, where the average rental price is $67.02. You probably won't be finding the best deal on storage in the 38128 ZIP code in Memphis, which with an average price of $138.23 a unit is the costliest neighborhood in town.
Prices on self storage units can change dramatically from month to month over the course of the year, spiking higher or dipping lower depending on the season. The low season generally lasts from October through March, with prices kicking up in April and hitting their high from May to September. Known to some in the industry as 'Crazy Tuesday,' the day following Memorial Day is typically the busiest of the year for storage and brings the high season into full swing. 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.
Those looking for storage in Memphis shouldn't have to worry as much about seasonal prices swings, as according to our data these swings are much less extreme here than elsewhere. 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. Shop for self storage in Memphis during November to get the best price, when units go for an average of $48.25. Prices reach their highest in October, which at an average price of $67.59 a month you might want to avoid.
How can you hunt for a cheap storage unit if you don't know how much one in Memphis should cost? Your past experiences booking storage in other cities will be of little help here, as the average price of a storage unit in one city could be $100 higher than the next. That's why we've had our analysts at SelfStorage.com analyze all the data you might need to find a cheap unit in Memphis.
In Memphis the average monthly rental rate for a storage unit is $54.48. Over the period of a year, that would cost approximately $653.76, in case you're thinking of renting for a longer period of time. Now, it should be noted that that average rate is for all sizes of units in Memphis, and so should not necessarily be used as a definitive yardstick. Different sizes of units can go for hundreds of dollars more or less than others, even in the same city. The standard sizes of storage available in Memphis include 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. Below you'll find the average price by each size:
|Storage Unit Size||Average Price in Memphis, TN|
Trying to book a decidedly cheap self storage unit in Memphis, TN? November is the best month to search for storage, while the best area to find storage is in the 38127 ZIP code. The worst time of the year to look for storage is October, when unit prices are at their highest, and beware that the 38128 area is the most expensive part of town for storage.
Memphis, TN self storage typically costs between $20 and $239 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, Memphis had an average home value of $79,900 which in the past year is up 0.025%.