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Richmond Self Storage Market Statistics:

Rent Prices, Local Inventory and Development Trends (April 2022)

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 $111/month, an increase of 4.7% compared to last year. Nationally, self storage street rates for 10×10 non-climate-controlled units saw a 4.8% year-over-year increase, registering an average of $130 in April, 2022.

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 $51, while a 5x10 unit would cost $72/month. Average street rates for a 10x20 unit stand at $176/month. Non-climate-controlled units typically come with lower price tags than their climate-controlled counterparts of the same size.

Non-Climate-Controlled Units*
Unit Size Avg. Street Rate
5x5 $51
5x10 $72
10x10 $111
10x15 $143
10x20 $176
10x30 $229
Climate-Controlled Units*
Unit Size Avg. Street Rate
5x5 $54
5x10 $82
10x10 $138
10x15 $176
10x20 $233
10x30 $345

* Average monthly rates for Richmond in April 2022.

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 Jeff Davis, where the standard self storage unit goes for $109/mo. on average, in Central Gardens, where renters pay $115/mo. on average, and in Shockoe Bottom, where the average street rates hover around $119/mo.

If you’re looking for other great deals, check out self storage listings, and their average street rates, in Midlothian and Providence Green ($120) and Rayon Park - Patterson Park ($122).

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 $278, followed by Hunting Creek Hills.

Cheapest Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 Jeff Davis $109
2 Central Gardens $115
3 Shockoe Bottom $119
4 Midlothian $120
5 Providence Green $120
Most Expensive Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 Belvedere - Ballard Oaks $278
2 Hunting Creek Hills $188
3 Mayfield - Broad Street Village $178
4 Southaven - Anderson Forge $165
5 Dominion Townes $160

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 $120
2 Ashland, VA $119
3 Prince George, VA $115
4 Sandston, VA $114
5 Henrico, VA $111
6 Richmond, VA $111
7 Midlothian, VA $109
8 Chester, VA $102
9 Mechanicsville, VA $96
10 Hopewell, VA $90

Average street rates for non-climate-controlled 10x10 units for April 2022.

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 $253
2 Las Vegas, NV $130
3 Phoenix, AZ $129
4 Austin, TX $121
5 Tucson, AZ $119
6 Dallas, TX $117
7 San Antonio, TX $112
8 Richmond, VA $111
9 Houston, TX $98
10 Indianapolis, IN $90

Average street rates for non-climate-controlled 10x10 units for April 2022.

Self storage market size in Richmond, VA

Richmond self storage market statistics

No. of self storage units approx. 2,996
No. of self storage facilities 55
Local self storage inventory (sq. ft.) 3,952,970
Self storage sq. ft. per capita 5.6
Average self storage rent in Richmond for a standard 10x10 unit $111

Richmond self storage construction trends

The self storage sector has maintained an active development pipeline in recent years. In 2021 alone, about 162,076 square feet of self storage space came online in Richmond, representing 4.1% of the existing inventory. Compared to the year before, self storage inventory in Richmond has increased by 4.3%.

Currently, there are 55 self storage facilities and approx. 2,996 storage units in Richmond. The local inventory encompasses 3,952,970 square feet of storage space, offering 5.6 square feet per capita.

What’s driving demand for self storage?

Quick overview of the Richmond housing market

Total no. of households 90,301
Y-o-y change in no. of households 0.5%
Renter households in Richmond 51,807
Homeowner households in Richmond 38,494
Households with mortgages in Richmond 26,933
Median number of rooms (all housing units) 5.1
Average apartment size (sq. ft.) 865
Average home size (sq. ft.) 1,519
Average apartment rent $1,401
Median home value $234,800
Working from home (# of total working population) 2.9%

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 51,807 renters and 38,494 homeowners. The average apartment size in Richmond is 865 sq. ft. and the average Richmond home size is 1,519 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.

Data Source:  Google Trends

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 more than 25,000 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 29,000 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 2019 American Community Survey.