Finding Self Storage in Cape Coral, FL: Top Tips
Before beginning your self storage search in Cape Coral, there are a few things you should know. If you're wondering how much you should expect to pay for self storage in Cape Coral, consider the fact that storage prices are closely related to factors like the real estate climate, the economic prospects of the city, and population growth. We used US Census data on Cape Coral to give you a better idea of these factors.Self Storage and Moving in Cape Coral, FL
Many people use storage as part of their move, so if there are many people moving to Cape Coral, you might expect storage prices to be higher and unit availability to be lower. Population changes over time are one way of gauging the amount of moving activity in Cape Coral. The Cape Coral metro area grew from 154,793 persons in 2010 to 169,854 persons in 2014 according to the US Census, an increase of 9.73%.Real Estate and Self Storage in Cape Coral, FL
In Cape Coral, like any city, the real estate climate can affect the prices and availability at storage facilties in a number of ways, one of those being the cost of housing. The US Census provides us with housing value and median rent data for Cape Coral which we can use to get a better idea of what to expect in terms of price and availability for Cape Coral self storage. Census data tells us that the median home value in Cape Coral is $149,400, which is lower than the average median home value among the top 100 US metros. Between 2009 and 2013 the median home value in Cape Coral declined by -32.91%. Housing in Cape Coral is more affordable than most other cities, with the median income making up 31.75% of the median home value. 71% of Cape Coral homes are owner occupied, a higher percentage than other big cities.
In terms of rental rates, median rent in Cape Coral is $943 per month, which is higher than other large US metros. The median rent in Cape Coral shrank by -3.28% between 2009 and 2013. In terms of rent affordability, the yearly median rent in Cape Coral would consume 24% of the median income. This makes Cape Coral less affordable than similar cities. Approximately 27% of occupied housing in Cape Coral is being rented out, a lower rate than comparable cities.
Self storage is commonly used when people need extra space, so cities where homes are smaller on average may have a greater need for storage space. In Cape Coral, homes have a median number of 5.6 rooms, which is lower than the average for large US cities. The median price per room in Cape Coral is $26,679, which is lower than average among the top US metro areas.
Housing unit occupancy can give us an idea of what the demand is like for living and storage space in Cape Coral. If there's low vacancy rates in Cape Coral housing, there's likely low vacancy at Cape Coral storage facilities. This would allow storage facilities in Cape Coral to charge higher prices for their units. 23% of housing units in Cape Coral are vacant according to the US Census, while 77% are occupied. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Cape Coral, suggesting that storage unit inventory might also be tighter in Cape Coral. With fewer units available, storage facilities in Cape Coral may charge higher prices.Cape Coral, FL Economics and Self Storage Prices
The local economy will also have an effect on self storage prices. Wealthier cities will likely have higher storage unit prices than cities where incomes are generally lower, so it may be useful to look at these numbers for Cape Coral, particularly if you're moving in from another city. The median income in Cape Coral is $47,439, which is lower than the average for large US cities. From 2009 to 2013, median income in Cape Coral declined by -5.8%. 4% of Cape Coral household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. The US Census reports that Cape Coral's total GDP is $20,162,000,000 and its GDP per capita is $30,487. That's a lower per capita GDP than the average for large cities in the United States. Wealth and education are also highly correlated. 33% of Cape Coral residents over the age of 18 have a high school diploma, 15% have a college degree, and 8% have a graduate or professional degree.