Everything You Need to Know About Finding Self Storage in Lakeland, FL
Before beginning your self storage search in Lakeland, there are a few things you should know. Storage unit prices and availability in Lakeland are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. The US Census keeps accurate data relating to all of these factors, so we've used their data on Lakeland to help inform your Lakeland self storage search.Lakeland, FL Self Storage and Moving
If there are many people moving to or from Lakeland, 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 Lakeland by looking at the change in population. The US Census tells us that the metro area population of Lakeland grew from 97,867 in 2010 to 102,346 in 2014, which is a rate of 4.58% growth over four years.Self Storage and Real Estate in Lakeland, FL
In Lakeland, 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. That means that looking into US Census data on Lakeland home values and rents can help us get an idea of storage pricing. With a median home value of $111,400 according to the US Census, Lakeland real estate prices are lower than the average for the top 100 US metros. Between 2009 and 2013 the median home value in Lakeland declined by -20.31%. Housing in Lakeland is more affordable than most other cities, with the median income making up 38.7% of the median home value. 71% of the housing stock in Lakeland is owner occupied, a higher rate than other major American cities.
The median monthly housing rent in Lakeland is $862 per month, which is lower than most other big cities. Between 2005 and 2013, the median rent in Lakeland grew by 6.29%, a lower rate than comparable cities. That rental rate would take up 24% of a median earner's income in Lakeland, making Lakeland less affordable for renters than the average for the top 100 US metros. 27% of Lakeland housing stock is renter occupied, a lower percentage than other large US 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 Lakeland, homes have a median number of 5.8 rooms, which is lower than the average for large US cities. The median price per room in Lakeland is $19,207, 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 Lakeland. High occupancy rates can indicate a lack of housing supply in Lakeland, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Lakeland area. According to US Census estimates, 84.5% of housing units in Lakeland are occupied, while the vacancy rate is at 15.5%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Lakeland may also be higher. That might make it harder to find cheap storage in Lakeland.Lakeland, FL Economics and Self Storage Prices
Economic indicators like local income and GDP growth can also hint at how storage prices in Lakeland compare to other cities. Lakeland's median income is estimated to be $43,113, which is lower than average for large US cities. From 2009 to 2013, median income in Lakeland declined by -2.11%. 1.9% of those living in Lakeland make over $200,000 a year, a lower rate than the average for the top 100 US metros. Lakeland's GDP as of 2013 was $17,454,000,000, which gives it a GDP per capita of $28,009. That GDP per capita is lower than it is for comparable cities. Wealth and education are also highly correlated. 36% of Lakeland residents over the age of 18 have a high school diploma, 11% have a college degree, and 5% have a graduate or professional degree.