Tips for Finding Self Storage in Palm Bay, FL
If you're searching for self storage in Palm Bay, there are a few things you should keep in mind. The pricing and availability of storage units in Palm Bay will depend on several factors such as the real estate climate, the number of people moving into or throughout the area, housing conditions in the city, and the general wealth and prosperity of the area. In order to give you a better idea of these factors in Palm Bay, we pulled in data from the US Census.Moving and Storage in Palm Bay, FL
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 Palm Bay, that could affect storage unit pricing and availability. Population changes over time are one way of gauging the amount of moving activity in Palm Bay. From 2010 to 2014, the Palm Bay metro area population grew from 103,352 to 105,838, a growth rate of 2.41% according to the US Census.Self Storage and Real Estate in Palm Bay, FL
Palm Bay housing prices and land values can affect storage prices as well. Storage facilities in more expensive Palm Bay neighborhoods will typically charge higher rental rates. That means that looking into US Census data on Palm Bay home values and rents can help us get an idea of storage pricing. With a median home value of $144,900 according to the US Census, Palm Bay real estate prices are lower than the average for the top 100 US metros. Palm Bay home values declined by -26% between 2009 and 2013. The median income in Palm Bay makes up 33.15% of the median home value, which indicates that housing in Palm Bay is more affordable than in other large cities. In Palm Bay, 74% of homes are occupied by their owner, a higher portion than other big American cities.
Median rent is $899 in Palm Bay according to the US Census, a lower rate than other sizeable US cities. Between 2005 and 2013, the median rent in Palm Bay grew by 1.93%, a lower rate than comparable cities. In terms of rent affordability, the yearly median rent in Palm Bay would consume 22% of the median income. This makes Palm Bay less affordable than similar cities. Approximately 26% of occupied housing in Palm Bay is being rented out, a lower rate than comparable cities.
Since self storage is also used in situations where people don't have enough space in their home, cities where homes are generally smaller may have a greater need for storage. Palm Bay homes have a median number of 6.1 rooms, which is a lower number than the average for large US cities. The median price per room in Palm Bay is $23,754, 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 Palm Bay. Low rates of vacancy in Palm Bay housing could indicate that real estate is in short supply. Self storage units in Palm Bay may then also be in short supply, which means Palm Bay storage unit prices may be higher. Palm Bay is estimated to have a 87.3% housing occupancy rate, while the vacancy rate is at 12.7%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in Palm Bay may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in Palm Bay than in other cities.Palm Bay, FL Self Storage Prices and Economics
Economic indicators like local income and GDP growth can also hint at how storage prices in Palm Bay compare to other cities. According to the most recent US Census data, median income in Palm Bay is $48,039, which is lower than the average for the top 100 US metro areas. From 2009 to 2013, median income in Palm Bay declined by -2.19%. 2.9% of Palm Bay household have an income in excess of $200,000 a year, which is a lower rate than the average for large US cities. Palm Bay has a total GDP of $17,398,000,000 and a GDP per capita of $31,550. That's a lower GDP per capita than the average for comparable cities. Cities where the populace has a higher level of education are typically wealthier and more expensive. 30% of Palm Bay residents over the age of 18 have a high school diploma, 15% have a college degree, and 9% have a graduate or professional degree.