Before beginning your self storage search in Lancaster, there are a few things you should know. Storage unit prices and availability in Lancaster are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Lancaster.
Many people use storage as part of their move, so if there are many people moving to Lancaster, 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 Lancaster. US Census data tells us that the Lancaster metro area's population shrank from 59,329 in 2010 to 59,302 in 2014, a decline of -0.05%.
Vacancy and occupancy rates in the Lancaster housing market can help us gauge the demand for living space and thus self-storage space in Lancaster, and may hint at storage availability and pricing. Low rates of vacancy in Lancaster housing could indicate that real estate is in short supply. Self storage units in Lancaster may then also be in short supply, which means Lancaster storage unit prices may be higher. The US Census estimates that housing vacancy rates in Lancaster are at 6.8%, while the occupancy rate is at 93.2%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Lancaster, suggesting that storage unit inventory might also be tighter in Lancaster. With fewer units available, storage facilities in Lancaster may charge higher prices.
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