It’s no secret that the Salt Lake City area is growing rapidly. With the beautiful Uintah Mountains, thriving downtown, booming tech scene, and short ride to world class slopes, it’s no wonder that this state Capital has been growing at a rate of 7% per year. To put that in perspective, that means that roughly 80,000 people are moving to the Salt Lake metropolitan area every year. That’s over 1,500 people a week unpacking boxes and moving into Salt Lake.
With that type of growth, it’s no wonder that space in the Salt Lake area is becoming limited and real estate prices are booming. The median price of a home in Salt Lake has increased 41% over the last 3 years alone according to realtor.com.
Here are 3 more facts about the booming economy in the Salt Lake City.
- Job Growth is 2.08% in SLC. This is 25% higher than the national average.
- The median household income is $47,500
- The median listing price for a home in SLC is $358,000. Up 6% from this time last year.
With the limited real estate and growing population, the need for storage is larger than ever before. Let’s break storage in Utah down by the numbers and then we will give you some solutions for your storage needs.
The largest Self Storage Operators in Salt Lake
- Public Storage
- Extra Space Storage
It’s no surprise that the three largest storage companies in the U.S. have a presence in Salt Lake. These companies combine to have over 3 billion in annual revenue.
If you’re more into local storage companies. There are a few smaller storage facilities that can meet your needs. These include:
- West Temple Storage
- Millcreek Self Storage
- A-B Storage
The average monthly prices for storage units in Salt Lake
- 5×5 Unit averages $35
- 5×10 Unit averages $90
- 10×20 Unit averages $160
These are below the national averages of $45, $100, and $175.
If these prices still seem high or you can’t find an available unit, there are a few other solutions in the Salt Lake City area.
STOW IT– We’re like Airbnb for storage for your vehicles.
We specialize in storing items on wheels such as cars, boats, RVs, motorcycles, and trailers. Additionally, we have several spots in the Salt Lake metropolitan region including a few in Sandy and in Provo. We are a Colorado based company and we’re still new in Utah. You can see our Utah listings at www.stowit.com.
Neiybor– They’re like Airbnb for storage for your stuff. If you need a smaller unit and you are fine with storing your items in a neighbor’s spare bedroom or basement, this service is perfect for you. Neiybor specializes in affordable and small spaces. If you have a few boxes or if your between moves, check out their listings at www.neiybor.com.
Both peer to peer storage solutions are going to be about 20-50% cheaper than traditional storage units in the Salt Lake area. Both also represent a way to make some passive income if you have extra space.
You can expect to make about $50 per month renting out a spare bedroom. If you have space for a vehicle, some of STOW IT’s host make up to $2,000 per month using their barns or land to store multiple vehicles. Both offer customer support, insurance, and have great review. So, if you need space or if you have space check out STOW IT and Neiybor today!