Self Storage in Federal Way, WA: Frequently Asked Questions
Is storage in Federal Way cheaper than in other cities?
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. This might make it more difficult to access your unit, but the extra money in your pocket every month may just be worth it. If we can show that self-storage (also known as public self storage and mini storage) in Federal Way is more expensive than its surroundings, then you'll know to expand your search.
Federal Way is the 32nd most expensive city for self storage in the state of Washington, with the average price of a storage unit there coming in at $75.67. Washington itself is the 21st most expensive state for storage. To give you a better idea of what this means, Federal Way's average price is $1.65 more than the state average of $74.02.
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. That's why we've developed a 'relative price' scale that takes state median income into account. A storage unit in Federal Way will on average cost 1.58% of a median earner's monthly income, given that the yearly median income in Washington is $57,392.00. When we compare this storage price as a percent of income to other cities in Washington, we find that it ranks in the 54th percentile, making it a fairly expensive place to rent storage.
In national terms, however, storage in Federal Way is actually on the opposite side of the specturm, ranking in at the 48th percentile nationwide, making it relatively cheap. Nationwide, storage costs an average $72.15 a month. Expect to pay about $3.52 more than that for self storage in Federal Way.
How much should my Federal Way storage unit cost per month?
How can you hunt for a cheap storage unit if you don't know how much one in Federal Way 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 the analysts at SelfStorage.com have crunched the numbers so that you can know what to expect before you begin your storage search.
Storage rentals in Federal Way have an average montly rate of $75.67. For those long-term storage seekers, that's about $908.04 per year. It's important to note here that that average price does include all standard storage unit sizes. The actual price will largely depend upon the size of unit you're looking for. Storage units in Federal Way come in these standard sizes: 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. In Federal Way, the average price for each standard size is:
|Storage Unit Size||Average Price in Federal Way, WA|
Are storage rental rates seasonal? Do storage unit prices in Federal Way, WA change depending on the time of year?
The self storage market being of a seasonal nature, the prices on offer at the moment could be substantially different from those you'll see two months from now. 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 day after Memorial Day (which those in the moving and storage industries often refer to as 'Crazy Tuesday') is typically seen as the start of the high season and is frequently the most expensive day to rent storage during that season. Seasonal prices are often even more extreme in college towns, where students book a large number of self storage units during their summer vacation.
There's not as much of a difference between prices during the high and low seasons in Federal Way as there is in other cities, meaning seasonality is less of a concern here. 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. You're most likely to get a good deal on a storage unit in Federal Way during the month of November, when the average price is at its lowest, $42 a month. You're least likely to get a good deal in June, when the average price is a high $131.
How many self-storage facilities do you offer in Federal Way? Is there enough coverage to meet the population's demand?
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? When it comes to the number of facilities operating in Federal Way, how many options are available?
Based on our data, we estimate that there are about 6 storage facilities doing business in the Federal Way, WA area. To put that into a little more perspective, that's 4 less than the average number of facilities for a city in Washington, where cities possess an average 10 storage businesses each. Federal Way accounts for a mere 0.88% of facilities listed in Washington and only ranks as the 70 largest city out of the state's 70 in terms of number of facilities. Similarly, there are few storage facilities in Federal Way on a national scale: 3 fewer than the national average of 9, to be exact.
But of course, there are vast differences in population between Federal Way and other cities in Washington, and even more so nationwide, so not controlling for population makes little sense. Federal Way, WA has approximately 85,827 inhabitants. Do the 6 storage businesses there offer the community enough storage space? Comparing Federal Way to other cities in the 50,000 to 100,000 population bracket, we find that Federal Way doesn't quite have as many self storage facilities as average. Other cities in that bracket average 11 facilities, while Federal Way has 5 fewer. Per capita measures seem to have corroborated our conclusion that Federal Way is in possession of few storage businesses for its size. Federal Way places in the 16th percentile for self storage facilities per capita among cities across the country. That very low rank indicates that the 6 storage businesses serving the 85,827 people living in Federal Way is not a very large number of facilities after all, and may mean that finding the right unit in Federal Way isn't as easy a task as it is elsewhere. Perhaps if we only compare Federal Way to other cities in Washington it might appear to have more storage space? Unfortunately, even by that measure it does seem as if Federal Way offers relatively little space, as it places in the 42nd percentile for per capita storage facilities in Washington.
Our discussion of facilities per capita can't be completed without mentioning Federal Way's modest population growth from 2000-2010, a period over which it took on 0.7% more people. That's a 13.4%-lower growth rate than Washington, which grew by 14.1%, saw as a whole. Although demand for storage might be lower in Federal Way compared to other cities due to its lower rate of growth, keep in mind that the city still has fewer facilities per capita than most other cities in Washington.