Just starting your El Dorado self storage search? There are a few things you should know. If you're wondering how much you should expect to pay for self storage in El Dorado, 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 El Dorado.
If there are many people moving to or from El Dorado, 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 El Dorado by looking at the change in population. The US Census tells us that the metro area population of El Dorado declined from 13,025 in 2010 to 12,879 in 2014, a loss of -1.12%.
One way to get an idea of the demand for housing and storage space in El Dorado is to look at housing occupancy and vacancy rates. High occupancy rates can indicate a lack of housing supply in El Dorado, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the El Dorado area. According to US Census estimates, 90.2% of housing units in El Dorado are occupied, while the vacancy rate is at 9.8%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in El Dorado also have higher than average occupancy rates. High occupancy rates in El Dorado will make it more difficult to find a good deal on a storage unit.
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