Before beginning your self storage search in Palmetto Bay, there are a few things you should know. The pricing and availability of storage units in Palmetto 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. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Palmetto Bay.
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 Palmetto Bay, that could affect storage unit pricing and availability. A city with a high amount of moving activity should see substantial changes in population, so by looking at population data for Palmetto Bay we can get a better idea of the amount of moving activity. The US Census tells us that the metro area population of Palmetto Bay grew from 23,504 in 2010 to 24,513 in 2014, which is a rate of 4.29% growth over four years.
Vacancy and occupancy rates in the Palmetto Bay housing market can help us gauge the demand for living space and thus self-storage space in Palmetto Bay, and may hint at storage availability and pricing. If housing occupancy rates in Palmetto Bay are high, it's probably safe to assume that storage facility occupancy rates in Palmetto Bay are also high, which would push unit prices up. Palmetto Bay is estimated to have a 94.6% housing occupancy rate, while the vacancy rate is at 5.4%. The average occupancy rate in US cities is 89%, so it's likely the case that storage facilities in Palmetto Bay also have higher than average occupancy rates. High occupancy rates in Palmetto Bay will make it more difficult to find a good deal on a storage unit.
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