Understanding Market Within Market

You reminded me of a conversation I had with a student the other day. He was all excited about a deal and we were looking at the competitors and I said, well, you're $20 or you're $15 less than them, but they're closer to the population than you are. Are they full? And he said, well, I don't know what their occupancy is. I said, no, no, no, you've got these unit sizes where all your vacancy is. Are they full in their unit sizes? And it's getting the students to understand that there's the market within the market. So. My storage facility is in a market with 5 others, but so is every unit size, right? And you need to understand what you can— what the occupancy of each unit size is, not your facility as a whole. And then how does that relate to the rate of your unit size, your street rate, your in-place rate, and what your competitors are charging? And by the way, what is their occupancy of that unit size?