{"id":2922,"date":"2020-08-13T23:00:48","date_gmt":"2020-08-14T06:00:48","guid":{"rendered":"https:\/\/www.storagecafe.com\/blog\/?p=2922"},"modified":"2020-11-18T04:43:02","modified_gmt":"2020-11-18T12:43:02","slug":"top-10-cheapest-us-metros-for-self-storage","status":"publish","type":"post","link":"https:\/\/www.storagecafe.com\/blog\/top-10-cheapest-us-metros-for-self-storage\/","title":{"rendered":"Top 10 Cheapest US Metros for Self Storage"},"content":{"rendered":"

Amidst the coronavirus crisis, the self storage industry has proven once again its importance to customers. College students relied on self storage<\/a>\u00a0when they had to leave campuses on short notice. Families that have bunkered at home<\/a> during the lockdown are using it to store stuff and create more space for working, exercising or entertaining themselves.<\/p>\n

Businesses like restaurants or hair and beauty salons reopening after lockdown have to follow the mandated social distancing measures. This means they have to make more space, and self storage provides them with an affordable place to temporarily keep their surplus belongings safe.<\/p>\n

Yes, self storage is \u00a0more resilient to economic turbulence<\/a> than other sectors of the real estate industry, but the current pandemic still has an effect. A recent StorageCafe report<\/a> shows that the national average street rate for a non-climate-controlled 10×10 self storage unit<\/a>\u00a0dropped to $112 this May. That\u2019s a decline of 4.3% on a year-over-year basis. The lowering self storage rates might not be good news for operators, but consumers may find that it\u2019s a low-cost time to lease a storage unit.<\/p>\n

Like with most other real estate sectors, some places in the country offer a better bang for your buck than others. Where in the US can you find the best value for your self storage budget? We\u2019ve researched the 100 biggest metros in the US, using Yardi Matrix<\/a> data, to identify the 10 least expensive places for storing your belongings<\/strong>.<\/p>\n

<\/span>1. Oklahoma City, OK<\/strong><\/span><\/h2>\n

Among the 100 biggest metros, the cheapest metro area in terms of self storage is Oklahoma City<\/a>. The average rent for a non-CC 10X10 storage unit in Oklahoma City stands at $64 per month, representing a slight 1.5% drop year-over-year.<\/p>\n

The metro area, with a population of 1.4 million residents, has a total of 16.7 million square feet of rentable storage space. This means 10.4 square feet per capita \u2013 significantly higher than the national benchmark of 7 square feet of storage space per capita.<\/p>\n

2019 saw the addition of 140,000 square feet in new self storage supply in Oklahoma City \u2013 however, that represented a 52% decline of new space when compared to 2018. The accelerated decrease in deliveries can be attributed to the currently saturated self storage market.<\/p>\n

Overall, Oklahoma City residents enjoy self storage rates that are almost 50% lower than the national average; however, this has to do more with the local particularities of the market than with the economic uncertainties of the COVID-19 epidemics.<\/p>\n

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<\/span>2. Greenville-Anderson-Mauldin, SC<\/strong><\/span><\/h2>\n

At present, the average monthly rent for a 10×10, non-CC self storage unit in the Greenville<\/a> metro area stands at $71, representing a significant 10% decrease year-over-year. The metro has a total inventory of 10 million rentable square feet of storage space, for a population of around 920,000 \u2013 resulting in 10.8 square feet of storage space per capita.<\/p>\n

Last year alone, Greenville metro added 372,000 square feet of new storage space. A well-supplied market combined with the coronavirus crisis explains Greenville\u2019s recent drop in self storage street rates.<\/p>\n

<\/span>3. Tulsa, OK<\/strong><\/span><\/h2>\n

Self storage street rates in Tulsa<\/a>, Oklahoma have remained mostly unchanged for the past 12 months. Renting a 10X10, non-CC storage unit in Tulsa costs $71 per month, significantly lower than the national average. The metro area has a total inventory of 8.7 million square feet of storage space, which results in about 9 square feet of space per capita.<\/p>\n

In 2019, Tulsa added about 316,000 square feet of new self storage space, which represents a 30% increase compared to 2018.<\/p>\n

<\/span>4. Amarillo, TX<\/strong><\/span><\/h2>\n

A storage unit in Amarillo<\/a>, Texas, rents for $72 per month, making it the fourth cheapest self storage market in the country. The street rates have declined by 3.9% year-over-year. The city, with 200,000 residents, has an inventory of 2.16 million square feet of rentable storage space \u2013 translating to 10 square feet of storage space per capita.<\/p>\n

Amarillo added more than 118,000 square feet of new storage supply in 2019, doubling the new deliveries seen in 2018. The well-supplied market and the constant addition of new storage space are the main reasons rents have plummeted year-over-year.<\/p>\n

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