If you're searching for self storage in Lancaster, there are a few things you should keep in mind. If you're wondering how much you should expect to pay for self storage in Lancaster, 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 Lancaster.
If there are many people moving to or from Lancaster, prices could be higher than in other cities. That's because self storage if often used as part of a home move. Population changes over time are one way of gauging the amount of moving activity in Lancaster. The Lancaster metro area grew from 8,556 persons in 2010 to 8,960 persons in 2014 according to the US Census, an increase of 4.72%.
One way to get an idea of the demand for housing and storage space in Lancaster is to look at housing occupancy and vacancy rates. High occupancy rates can indicate a lack of housing supply in Lancaster, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Lancaster area. According to US Census estimates, 88.2% of housing units in Lancaster are occupied, while the vacancy rate is at 11.8%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Lancaster may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Lancaster than in other cities.
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