Before beginning your self storage search in Covington, there are a few things you should know. If you're wondering how much you should expect to pay for self storage in Covington, 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. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Covington.
If there are many people moving to or from Covington, prices could be higher than in other cities. That's because self storage if often used as part of a home move. We can get a good idea of whether or not many people are moving to or from Covington by looking at the change in population. From 2010 to 2014, the Covington metro area population grew from 40,501 to 40,944, a growth rate of 1.09% according to the US Census.
Vacancy and occupancy rates in the Covington housing market can help us gauge the demand for living space and thus self-storage space in Covington, and may hint at storage availability and pricing. Low rates of vacancy in Covington housing could indicate that real estate is in short supply. Self storage units in Covington may then also be in short supply, which means Covington storage unit prices may be higher. 15.1% of housing units in Covington are vacant according to the US Census, while 84.9% are occupied. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Covington, suggesting that storage unit inventory might also be tighter in Covington. With fewer units available, storage facilities in Covington may charge higher prices.
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