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Richmond Self Storage Market Statistics:

Rent Prices, Local Inventory and Development Trends (October 2021)

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 $110/month, a change of 12.2% compared to last year. Nationally, self storage street rates for 10×10 non-climate-controlled units saw a 8.5% year-over-year change, registering an average of $128 in October, 2021.

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 $48, while a 5x10 unit would cost $72/month. Average street rates for a 10x20 unit stand at $169/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 $48
5x10 $72
10x10 $110
10x15 $139
10x20 $169
10x30 $225
Climate-Controlled Units*
Unit Size Avg. Street Rate
5x5 $51
5x10 $80
10x10 $137
10x15 $178
10x20 $227
10x30 $348

* Average monthly rates for Richmond in October 2021.

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 storage units in Richmond in Central Gardens, where the standard self storage unit goes for $113/mo. on average, in Jeff Davis, where renters pay $114/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 listings in Lynn Grove and Shockoe Bottom, where self storage street rates start at $42/mo. and $52/mo., respectively.

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 Southaven - Anderson Forge.

Cheapest Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 Central Gardens $113
2 Jeff Davis $114
3 Rayon Park - Patterson Park $116
4 Lynn Grove $118
5 Shockoe Bottom $119
Most Expensive Neighborhoods for Self Storage
# Neighborhood Average Street Rate
1 Belvedere - Ballard Oaks $277
2 Southaven - Anderson Forge $165
3 Mayfield - Broad Street Village $164
4 Dominion Townes $154
5 Heritage Commons - Country Place $144

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 $118
2 Ashland, VA $114
3 Prince George, VA $110
4 Richmond, VA $110
5 Sandston, VA $108
6 Henrico, VA $107
7 Midlothian, VA $103
8 Chester, VA $98
9 Mechanicsville, VA $96
10 Hopewell, VA $89

Average street rates for non-climate-controlled 10x10 units for October 2021.

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 $247
2 Phoenix, AZ $127
3 Las Vegas, NV $125
4 Austin, TX $119
5 Dallas, TX $116
6 Tucson, AZ $114
7 Richmond, VA $110
8 San Antonio, TX $109
9 Houston, TX $95
10 Indianapolis, IN $86

Average street rates for non-climate-controlled 10x10 units for October 2021.

Self storage market size in Richmond, VA

Richmond self storage market statistics

No. of self storage units approx. 2,866
No. of self storage facilities 54
Local self storage inventory (sq. ft.) 3,833,732
Self storage sq. ft. per capita 5.5
New self storage facilities set for delivery in 2021 1
New self storage supply set for delivery in 2021 (sq. ft.) 42,838
Average self storage rent in Richmond for a standard 10x10 unit $110

Richmond self storage construction trends

The self storage sector has maintained an active development pipeline in recent years.

Currently, there are 54 self storage facilities and approx. 2,866 storage units in Richmond. The local inventory encompasses 3,833,732 square feet of storage space, offering 5.5 square feet per capita.

A total of 42,838 square feet of self storage space is projected for completion in 2021.

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.) 866
Average home size (sq. ft.) 1,519
Average apartment rent $1,317
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 866 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 STORAGECafé, 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.