Just starting your Mercer Island self storage search? There are a few things you should know. Storage unit prices and availability in Mercer Island are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. In order to give you a better idea of these factors in Mercer Island, we pulled in data from the US Census.
Many people use storage as part of their move, so if there are many people moving to Mercer Island, 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 Mercer Island. From 2010 to 2014, the Mercer Island metro area population grew from 22,751 to 24,326, a growth rate of 6.92% according to the US Census.
Vacancy and occupancy rates in the Mercer Island housing market can help us gauge the demand for living space and thus self-storage space in Mercer Island, and may hint at storage availability and pricing. Low rates of vacancy in Mercer Island housing could indicate that real estate is in short supply. Self storage units in Mercer Island may then also be in short supply, which means Mercer Island storage unit prices may be higher. Mercer Island is estimated to have a 91.7% housing occupancy rate, while the vacancy rate is at 8.3%. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Mercer Island, suggesting that storage unit inventory might also be tighter in Mercer Island. With fewer units available, storage facilities in Mercer Island may charge higher prices.
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