Just starting your Farmington 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 Farmington, 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 Farmington to give you a better idea of these factors.
If there are many people moving to or from Farmington, prices could be higher than in other cities. That's because self storage if often used as part of a home move. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Farmington we can get a better idea of the amount of moving activity. According to the US Census, the Farmington metro area's population grew from 6,787 in 2010 to 6,832 in 2014, a growth rate of 0.66%.
Vacancy and occupancy rates in the Farmington housing market can help us gauge the demand for living space and thus self-storage space in Farmington, and may hint at storage availability and pricing. If housing occupancy rates in Farmington are high, it's probably safe to assume that storage facility occupancy rates in Farmington are also high, which would push unit prices up. The US Census estimates that housing vacancy rates in Farmington are at 8.2%, while the occupancy rate is at 91.8%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Farmington may also be higher. That might make it harder to find cheap storage in Farmington.
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