The self storage market in Greensboro, NC, is seeing price growth, albeit modest – 2% year-over-year – which translates to a current self storage rate of $94/month for a 10’x10’ non-climate-controlled unit. Greensboro joins of a group of cities that continue to see self storage price growth amidst a national slowdown.
Consumers find great value in Greensboro’s balanced market
From a street rate performance standpoint, Greensboro fares the best among North Carolina’s biggest cities, seeing a 2% annual growth rate. That brings the cost of a Greensboro storage unit at $94 per month. Winston-Salem saw a 1% year-over-year increase that brought storage rents to $101/month, on average. Durham and Raleigh, meanwhile, witnessed an annual 3% street rate drop, with Durham rates ($104/month) currently slightly higher than those in Raleigh ($96/month).
Self Storage Prices in Greensboro and Other NC Cities
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But Greensboro remains a fairly low-priced market as local rates are well below other in-demand locations. Compared to the national average self storage rent, Greensboro rent prices are 26% lower. Rent rates are generally kept in check by the balance between supply and demand. The self storage market in Greensboro benefits from a healthy inventory of over 3.3M square feet of self storage space, which boils down to 9.6 square feet per capita. That’s above the national benchmark of 7 square feet, with continuous construction indicating a sought-after market.
After a slow 2022 when the city saw virtually no new deliveries, 2023 is picking up the pace with about 265K square feet of self storage space set to be delivered by the end of the year.
Annual online interest for self storage in Greensboro shoots up 13% in 2022
As the market continues to see construction and price hikes, that only means one thing: Self storage is still a necessary service locally. That’s also reflected in the online interest for the topic, as internet searches for self storage registered a 13% hike in 2022 compared to 2021.
Greensboro self storage owners have also boarded the online ship. To make sure they reach their customers this way too, many operators have adopted online marketing strategies. “The changes seen recently include the use of online platforms and applications. These have been there before, but now the self-storage industry, including Greensboro, is gearing up for the trend. They are being vigilant about setting up an online presence,” according to Carter Crowley of CB Home Solutions.
Moving is the main source of self storage demand in Greensboro, NC
Moving is the main reason why people turn to self storage nationally, and Greensboro is no exception. As the area boasts more affordable housing and job opportunities, newcomers see the city as a great place to relocate to. In fact, in the past five years, the local population shot up by 5%, which boosted the local self storage market, which aimed to respond to the newly created demand for the service. George Beatty, founder of Problem Property Pals, has also noticed the trend. “The main driver of the increasing demand for self-storage is people are moving from other cities to Greensboro. Homeowners are looking for cheaper alternatives, and this town gives them that opportunity. As they are downsizing, they have less space to store their possessions. Thus, they rent out storage units.” He goes on to explain the economic context behind this trend: “It is mainly because of the soaring inflation we are facing, which makes it difficult to maintain the previously set standard of living.”
Local self storage facilities come with various amenities that help make using the service even more comfortable and safe. “These facilities come in a variety of shapes and sizes, ranging from climate-controlled options to basic units with drive-up access. Additionally, many locations also provide packaging materials and packing supplies for customers looking to store their items securely,” George tells us.
Kurt Walker, owner of Mill City Home Buyers also confirms that moving drives the self storage industry in Greensboro: “There have been some major changes in the self-storage market in Greensboro. As individuals were moving from one state to another, self-storage became a safe place for storing valuable goods. Hence, self-storage units were being rented at a high rate by people looking to move from one state to another.”
Greensboro self-storage helps people from different generations too
Besides newcomers, locals also turn to self storage and differences seem be generational. Baby boomers and Gen Xers are more likely to use the service, as they’ve got to a point in life where they have accumulated more belongings. The same goes for the Silent Generation, which also might turn to self storage as they downsize and need room to keep excess items. However, Gen Zers and millennials are also catching up, turning to the service when they’re moving or during other times of transition. Kurt Walker confirms Greensboro’s generational use of self storage too: “The self-storage market is divided into four segments: Gen Zers, baby boomers, millennials, and the Silent Generation. These groups of individuals use self-storage for the purpose of storing furniture, clothing, home appliances and even sporting gear.”
Remote workers in Greensboro also find self storage relevant
Working from home has settled a trend that seems here to stay, and that also seems to be the case for Greensboro. About 8.3% of the local workforce prefers a remote employment setup, per U.S. Census data. Carving out space for the home office is obviously taking up space that had probably been used for other belongings. George Beatty also noticed this phenomenon in Greensboro. “Another reason for this surge in the demand for self-storage is the increase in work from home. People need more space to create home offices, so they find extra space to store their possessions,” he told us.
Homeowners in Greensboro enjoy about 1,450 square feet of home space, almost 800 square feet less than the average American, based on U.S. Census estimates. That means making room for the WFH setup is sure to make a dent in their living space. As for apartment dwellers, they need to make do with even less space, as the typical Greensboro apartment offers a little over 1,000 square feet. As such, the need for self storage is apparent in both cases – as extra furniture, décor and other household items can sit in storage until they can be used to ensure that the home stays organized and airy.
There’s no denying that self storage is an in-demand service in Greensboro, as both price evolution and construction activity bear witness, with a positive outlook for the ongoing year. That’s also according to Ben Wagner, real estate investor and house flipper with Leave The Key. “In the self-storage market in Greensboro, NC, the vacancy rates have increased in the past year. There has also been an increase in the demand for self-storage units; this trend was first observed after the pandemic, and it grew in popularity in the following years,” he told us. “The self-storage market seems to be a hit with investors, and it seems to be a promising avenue in 2023,” Ben added.