Richmond Self Storage Market Statistics:
Self storage has become crucial for navigating major life events. It can be particularly useful for events such as moving, downsizing and when changes in household composition occur, as well as when engaging in home remodeling projects and organizational endeavors. Richmond offers plenty of self storage options to cater to all needs and budgets.
How much does a storage unit cost in Richmond, VA?
Currently, the average cost of a 10x10 storage unit in Richmond is $109/month, a decrease of 0.9% compared to last year. Nationally, self storage street rates for 10×10 non-climate-controlled units saw a 4.6% year-over-year decrease, registering an average of $124 in October, 2023.
Richmond self storage prices by unit size
Besides the standard 10x10 unit, the Richmond self storage market includes several other types of units that can vary in terms of size and amenities, and naturally, price.
For instance, a 5x5 self storage unit in Richmond rents for $46, while a 5x10 unit would cost $69/month. Average street rates for a 10x20 unit stand at $163/month. Non-climate-controlled units typically come with lower price tags than their climate-controlled counterparts of the same size.
| Unit Size | Avg. Street Rate |
|---|---|
| 5x5 | $46 |
| 5x10 | $69 |
| 10x10 | $109 |
| 10x15 | $137 |
| 10x20 | $163 |
| 10x30 | $222 |
| Unit Size | Avg. Street Rate |
|---|---|
| 5x5 | $51 |
| 5x10 | $79 |
| 10x10 | $132 |
| 10x15 | $168 |
| 10x20 | $212 |
| 10x30 | $347 |
* Average monthly rates for Richmond in October 2023.
Average storage unit cost in Richmond by neighborhood
Self storage prices can vary depending on location as some neighborhoods might offer more budget-friendly self storage rates than others.
You can find cheap Richmond storage units in Central Gardens, where the standard self storage unit goes for $108/mo. on average, in Midlothian and Providence Green, where renters pay $110/mo. on average, and in Rayon Park - Patterson Park, where the average street rates hover around $116/mo.
If you’re looking for other great deals, check out self storage listings, and their average street rates, in Cedarhurst ($117) and Jeff Davis ($118).
Other neighborhoods, on the other hand, come with higher street rates. The most expensive neighborhood in Richmond is Belvedere - Ballard Oaks with a monthly average street rate of $277, followed by Hunting Creek Hills.
| # | Neighborhood | Average Street Rate |
|---|---|---|
| 1 | Central Gardens | $108 |
| 2 | Midlothian | $110 |
| 3 | Providence Green | $110 |
| 4 | Rayon Park - Patterson Park | $116 |
| 5 | Cedarhurst | $117 |
| # | Neighborhood | Average Street Rate |
|---|---|---|
| 1 | Belvedere - Ballard Oaks | $277 |
| 2 | Hunting Creek Hills | $176 |
| 3 | Central Park - Crescent Park | $166 |
| 4 | Brookfield | $163 |
| 5 | Shenandoah Hills - Reams Run | $162 |
Compare average storage prices in Richmond neighborhoods
Want to find the best self storage deals? Browse listings in your preferred Richmond neighborhoods and Richmond Zip Codes for more details on what’s available and compare rent prices, unit sizes and amenities.
How Richmond, VA, Self Storage Compares With Other Cities
How self storage costs in Richmond compare to prices in other nearby cities
Check out the table below to see how self storage in Richmond compares rent-wise to other places within a 50-mile radius.
| # | City | Average Street Rate |
|---|---|---|
| 1 | Glen Allen, VA | $116 |
| 2 | Prince George, VA | $113 |
| 3 | Richmond, VA | $109 |
| 4 | Henrico, VA | $107 |
| 5 | Hopewell, VA | $106 |
| 6 | Chester, VA | $105 |
| 7 | Ashland, VA | $104 |
| 8 | Mechanicsville, VA | $101 |
| 9 | Sandston, VA | $100 |
| 10 | Midlothian, VA | $98 |
Average street rates for non-climate-controlled 10x10 units for October 2023.
How self storage costs in Richmond compare to rates in other sought-after cities in the US
Check out the table below to see how self storage rent in Richmond compares to other popular cities in the US.
| # | City | Average Street Rate |
|---|---|---|
| 1 | New York City, NY | $252 |
| 2 | Las Vegas, NV | $120 |
| 3 | Phoenix, AZ | $119 |
| 4 | Austin, TX | $115 |
| 5 | Dallas, TX | $111 |
| 6 | Tucson, AZ | $111 |
| 7 | San Antonio, TX | $109 |
| 8 | Richmond, VA | $109 |
| 9 | Houston, TX | $94 |
| 10 | Indianapolis, IN | $84 |
Average street rates for non-climate-controlled 10x10 units for October 2023.
Self storage market size in Richmond, VA
Richmond self storage market statistics
| No. of self storage units | approx. 3,333 |
| No. of self storage facilities | 55 |
| Local self storage inventory (sq. ft.) | 3,941,653 |
| Self storage sq. ft. per capita | 5.5 |
| New self storage facilities set for delivery in 2023 | 1 |
| New self storage supply set for delivery in 2023 (sq. ft.) | 92,981 |
| Average self storage rent in Richmond for a standard 10x10 unit | $109 |
Richmond self storage construction trends
The self storage sector has maintained an active development pipeline in recent years.
Currently, there are 55 self storage facilities and approx. 3,333 storage units in Richmond. The local inventory encompasses 3,941,653 square feet of storage space, offering 5.5 square feet per capita.
A total of 92,981 square feet of self storage space is projected for completion in 2023.
What’s driving demand for self storage?
Quick overview of the Richmond housing market
| Total no. of households | 98,821 |
| Y-o-y change in no. of households | 9.4% |
| Renter households in Richmond | 55,956 |
| Homeowner households in Richmond | 42,865 |
| Households with mortgages in Richmond | 30,670 |
| Median number of rooms (all housing units) | 5.0 |
| Average apartment size (sq. ft.) | 859 |
| Average home size (sq. ft.) | 1,526 |
| Average apartment rent | $1,476 |
| Median home value | $266,600 |
| Working from home (% of total working population) | 7.7% |
Self storage for residential clients: key facts and figures about the Richmond housing market
Generally associated with life events, the self storage industry is equipped to respond to people with changing housing situations, whether that means moving, downsizing, welcoming a new baby, or embracing multi-generational living. Lifestyle choices are also a demand driver for self storage, including preferences for snowbirding, digital nomading and RV travelling.
Looking at the type of residential customers that the Richmond self storage sector serves, it caters to both renters and homeowners, acting as extensions of their homes when living spaces are not big enough for the things people own.
Richmond is home to 55,956 renters and 42,865 homeowners. The average apartment size in Richmond is 859 sq. ft. and the average Richmond home size is 1,526 sq. ft.
Self storage for business
Alongside the residential sector, self storage responds to needs arising from conducting business. Entrepreneurs and small business owners, including brick-and-mortar retailers, can turn to self storage to store their merchandise all while keeping it accessible.
Legal and medical professionals often turn to self storage as they are generally required to keep hard copies of their records. Realtors and interior designers also find self storage particularly useful for temporarily storing staging furniture. Moreover, blue collar businesses can benefit from storing their heavy equipment and supplies close to their work site.
Self storage interest: How customers search for Richmond self storage
Interest for self storage has been growing over the last decade, as Google Trends data shows. We’ve looked at the most popular keyword used in conjunction with Richmond self storage-related searches, "self storage", to see the latest trends in consumer search habits. June, July and August are generally the most popular months for self storage searches.
Self storage market trends in cities
Where does our data come from?
All data related to self storage was compiled by StorageCafe, an online self storage search portal featuring nearly 27,000 listings across the U.S.
The self storage rental statistics on this page were sourced from our sister company, Yardi Matrix, the industry's most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in the multifamily, student housing, self storage, office and industrial sectors. Yardi Matrix maintains operational profiles for over 30,000 self storage facilities across the U.S.
Average home size data is from PropertyShark, while demographic data is from the latest U.S. Census Bureau release, the 2020 American Community Survey.