Just starting your Oakwood self storage search? There are a few things you should know. Storage unit prices and availability in Oakwood 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 Oakwood, we pulled in data from the US Census.
Self storage is commonly used as a secure place to store one's belongings when moving into a new home. If there's a high amount of moving activity in Oakwood, that could affect storage unit pricing and availability. By looking at population changes in Oakwood, we should be able to get an idea of how many people are moving to or from the city. The US Census tells us that the metro area population of Oakwood grew from 3,984 in 2010 to 4,163 in 2014, which is a rate of 4.49% growth over four years.
Vacancy and occupancy rates in the Oakwood housing market can help us gauge the demand for living space and thus self-storage space in Oakwood, and may hint at storage availability and pricing. High occupancy rates can indicate a lack of housing supply in Oakwood, which may correlate to a lack of storage unit inventory and thus higher rental rates for self storage in the Oakwood area. 21.5% of housing units in Oakwood are vacant according to the US Census, while 78.5% are occupied. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Oakwood, suggesting that storage unit inventory might also be tighter in Oakwood. With fewer units available, storage facilities in Oakwood may charge higher prices.
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