Interactive Self-Storage Market Analysis
Manchester, Richmond, VA
Market at a Glance
This dashboard provides a high-level overview of the Manchester self-storage market, highlighting key performance indicators and comparing local trends against broader Richmond and national averages. The data indicates a dynamic market with significant growth potential.
Manchester Avg. Rent/SqFt (CC)
$1.80
Across all unit sizes (approx.)
Manchester Median HHI
$68,000
approx. 2023
Manchester Total Population
11,500
approx. 2024
Richmond Y-o-Y Rent Growth (CC)
+1.8%
As of May 2025
Rent/SqFt Comparison: Climate-Controlled Units
This chart compares the approximate average rent per square foot for various unit sizes in Manchester against the national average, showcasing local market positioning.
Rental Rate Trend: Richmond vs. National
This chart illustrates the year-over-year rental rate changes between the Richmond market and the national average, highlighting Richmond's performance.
Manchester Population Trend (2020-2028)
This chart shows the consistent population growth in Manchester, a key driver for self-storage demand, with projections through 2028.
Market Data
This section provides a detailed breakdown of approximate achieved rent per square foot for Class A climate-controlled facilities in Manchester and representative rates from the broader Richmond submarket, alongside rental rate trends.
Manchester: Achieved Rent per SqFt (Class A Climate-Controlled)
Manchester exhibits strong rental rates, reflecting its rapid revitalization and growing demand. Rates are approximate and can vary with promotions.
| Unit Size (Sq Ft) | Dimensions | Average Monthly Rate | Approx. Rent/Sq Ft |
|---|---|---|---|
| 25 | 5x5 | $67 | $2.68 |
| 50 | 5x10 | $112 | $2.24 |
| 100 | 10x10 | $150 | $1.50 |
| 150 | 10x15 | $170 | $1.13 |
| 200 | 10x20 | $290 | $1.45 |
| Average (all sizes) | $157.8 | $1.80 |
Richmond Submarket: Representative Achieved Rent per SqFt (Class A Climate-Controlled)
Pricing across the Richmond submarket shows variations, with Manchester generally commanding higher rates due to its unique demand drivers. Rates are approximate and can vary with promotions.
| Sub-Region | Facility/Operator Example | Unit Size | Monthly Rate (Approx.) | Approx. Rent/Sq Ft | Source |
|---|---|---|---|---|---|
| Manchester | CubeSmart (2601 Maury St) | 5x10 | $145 | $2.90 | CubeSmart |
| Manchester | Extra Space (7000 Hull Street Road) | 10x10 | $169 | $1.69 | Extra Space Storage |
| Manchester | Mini Price Storage (318 Cowardin Ave) | 10x10 | $120 | $1.20 | Mini Price Storage |
| Scott's Addition | CubeSmart (3001 Cutshaw Ave) | 10x10 | $180 | $1.80 | CubeSmart |
| Fan District | Public Storage (1000 N Boulevard) | 5x10 | $120 | $2.40 | Public Storage |
| Northside | Extra Space (3210 Chamberlayne Ave) | 10x10 | $150 | $1.50 | Extra Space Storage |
| Short Pump (West End) | CubeSmart (11200 W Broad St) | 10x10 | $160 | $1.60 | CubeSmart |
Growth Drivers & Future Demand
The market's strength is underpinned by strong demographic trends and planned residential growth. This section outlines the key factors fueling current and future demand for self-storage in the area.
Robust Population Dynamics
Manchester has experienced significant population growth and revitalization, attracting new residents to its urban core. This influx of new residents directly translates to an expanding customer base for storage, particularly those transitioning into smaller urban living spaces.
New Housing & Densification
Manchester is a hub for new residential development, primarily apartments and townhomes, driven by its urban revitalization. This shift towards higher-density housing inherently creates more demand for off-site storage as living spaces become smaller.
Favorable Economic Profile & Urban Core Appeal
Manchester's growing appeal as an urban living destination attracts a demographic with disposable income. The broader Richmond economy is also stable, fueling business and e-commerce storage needs, especially for businesses operating in the urban core.
Key Residential Developments in Manchester
-
🏠
Conversion of Historic Buildings
Many old industrial buildings are being converted into modern apartment and loft spaces, attracting new residents to the area.
-
🏗️
New Apartment & Townhome Construction
Ongoing construction of new multi-family developments is continuously adding residential units, driving demand for supplementary storage.
Risks & Strategic Recommendations
While the market is strong, success requires navigating a competitive landscape and regulatory environment. This section outlines key risks to consider and strategic actions to take for a new development.
Market Risks & Considerations
-
⚔️
Intense Competition
The Manchester micromarket has seen increased self-storage development. There are approximately **5-7 facilities** within a 0.5 to 3-mile radius of Manchester, leading to competitive pricing and promotions.
-
🏢
Supply Pipeline in Richmond MSA
The broader Richmond MSA has a moderate supply pipeline. While demand has generally absorbed new stock, oversupply in specific submarkets could impact occupancy and rates.
-
📜
Zoning & Historic District Regulations
Manchester's status as a historic district may impose strict architectural and design requirements, potentially increasing development costs and approval timelines. Specific zoning for self-storage must be thoroughly reviewed.
-
📉
Economic Sensitivity
Urban core markets can be more sensitive to economic downturns impacting discretionary spending and housing mobility, potentially affecting demand for storage.
Strategic Recommendations
-
🎯
Target Urban Core Demographics
Tailor unit mix (more smaller units), amenities (e.g., package acceptance, flexible access), and marketing to appeal to apartment dwellers and small businesses common in Manchester.
-
🔍
Thorough Regulatory & Site Feasibility Study
Conduct extensive due diligence on Richmond City's zoning ordinances, historic district guidelines, and specific site constraints to accurately forecast development costs and timelines.
-
☀️
Emphasize Climate Control & Security
Highlight advanced climate control and robust security features as premium differentiators, crucial for protecting urban residents' valuable belongings.
-
🤝
Community Engagement & Design Integration
Proactively engage with local community groups and ensure the facility's design complements Manchester's historic and industrial aesthetic to gain local support.