Much like real estate values, storage prices can be totally different on one side of a city as they are on another. This should be of little surprise given storage's conection to the real estate industry. By widening the breadth of your search, you'll open yourself up to even more facilities and a greater range of possibilities. You might have to spend more on gas getting out to that unit, but the savings you'll be building up could totally compensate for that. If self-storage (often known as public self storage and mini storage) in Albuquerque is more expensive than elsewhere, then you should definitely broaden your search. So we asked our analysts to find out.
With its average price of $64.56 a month for a unit, Albuquerque is the 6th most expensive city for self-storage in the state of New Mexico, which itself is the 37th most-expensive state for storage. In more exact terms, storage in Albuquerque costs an average of $3.73 more than the average storage unit in New Mexico, which goes for 60.83.
But average prices don't necessarily tell you how affordable storage is in a given city, as money goes further in some states than it does in others. In order to establish some kind of index of affordability for Albuquerque storage, we've developed a 'relative price' scale which takes the cost of living in terms of state median income into account. In New Mexico, the median income is $44,270.00 a year, which would make the average $64.56 unit in Albuquerque cost 1.75% of a median earner's monthly income. When we compare this storage price as a percent of the local median income to other cities in New Mexico, we find that it ranks in the 64th percentile, making it a moderately expensive place to rent storage.
Albuquerque self-storage prices are somewhat expensive on the national scale as well. When compared with cities on our national network they rank in the 56th percentile. To put that in more concrete terms, storage in Albuquerque should cost an average of $7.59 less than the national average price of 72.15.
Just as home prices will differ from neighborhood to neighborhood in Albuquerque, so will self-storage rates. The cheapest area for storage space in Albuquerque is within the 87121 ZIP code. The average unit there goes for $72.36 a month. The most expensive part of town to rent storage in is the 87114 ZIP code, where rates average $126.02 per month.
Finding a great price on a storage unit in Albuquerque can be difficult if you don't know how much units in the area typically cost. With the average rental rate varying widely from place to place, the only truly valuable comparison you can make is with other storage facilities in the area. But there's no reason to worry, as we've gone ahead and calculated all the necessary data so that you can begin your storage search with a firm knowledge of the local industry.
self storage renters in Albuquerque pay an average montly rate of $64.56. If your storage needs are longer-term, keep in mind that that would equate to an average price of $774.72 per year. Note that this average disregards the different unit sizes and so shouldn't be taken too literally. You can easily end up paying up to or exceeding twice as much money for the larger units than the smaller sizes. In Albuquerque you'll have the option of renting six standard storage unit sizes, such as 5x5, 5x10, 10x10, 10x15, 10x20, and 10x30. For each standard unit size, the average rental rate in Albuquerque is:
|Storage Unit Size||Average Price in Albuquerque, NM|
When it comes to finding self-storage, the more really is the merrier: more storage businesses in your area means more unit options available, and more options mean a greater chance you'll be able to choose a unit that satisfies your storage needs. In terms of the number of storage businesses in Albuquerque, are there plenty of options available, or few?
84 storage facilities in Albuquerque, NM are listed on SelfStorage.com's facility network. New Mexico averages 15 facilities per city, meaning that Albuquerque is home to 69 more facilities than others in its state, which is of course a significantly-high number. In fact, Albuquerque's 84 facilities give it the 1st-highest count in the state out of all 16 cities. It's home to a surprising 35.9% of all facilities in New Mexico. But what about on a national scale? Even then, Albuquerque has more storage facilities than the average city, 75 more than the average 9, to be exact.
If we're making comparisons between cities, however, we're missing out on some important insights if we don't factor population in, even if we're simply comparing Albuquerque to the rest of New Mexico. How, then, does Albuquerque with its 529,219 people compare to cities of a like size? Compared to other cities in the 250,000 to 1,000,000 population bracket, Albuquerque is home to a substantially-higher number of facilities, with 35 more facilities than the average 49 in that bracket. In other words, Albuquerque has tons of storage space. But does Albuquerque's relationship to other cities in the 250,000 to 1,000,000 bracket prove that it has a relative surplus of self-storage facilities for the population, or would a different measure be more relevant? As it turns out, per capita data seems to have repudiated the importance of those figures. Per person, Albuquerque ranks in the 41st percentile for self-storage facilities among cities across the nation. That means that 84 storage businesses serving a city of 529,219 people isn't a very high number, and indicates that finding the necessary storage space in Albuquerque could be more difficult than in other cities. Is Albuquerque still relatively low on storage space compared to other cities in New Mexico? Indeed, it seems as if it is, as Albuquerque only ranks in the 6th percentile for per capita storage space among cities in New Mexico.
Finally, it also seems that Albuquerque is undergoing a high level of population growth. According to the US Census, Albuquerque grew by 17.4% from 2000 to 2010, 4.2% more than the 13.2% growth New Mexico saw. On top of the demand generated by an influx of new inhabitants, low levels of facilities per capita could drive demand for a storage unit in Albuquerque even higher.
The self storage market being of a seasonal nature, the prices on offer at the moment could be substantially different from those you'll see two months from now. The high season typically begins in April or May and lasts till August or September, with prices dropping back down to their lowest in the late fall and winter. Sometimes called 'National Moving Day' or 'Crazy Tuesday', the day following Memorial Day is typically the busiest for storage businesses and the highest point of the high season. Cities with high proportions of university students may see more pronounced seasonal highs and lows, as many students book storage units during the summer.
Albuquerque, according to our data, is virtually unaffected by seasonality relative to other cities, with lower highs and higher lows relative to what other cities experience. Despite the fact that seasonal price changes are less of a risk in Albuquerque, they're not impossible, so a good idea might be to play it safe and lock in your rate for the entirety of your stay, if possible. Those looking for self storage in Albuquerque will find the lowest prices in February, with its average price of $56.89. June, however, is the most expensive month, averaging $101.57.
Are you trying to find a highly affordable self storage unit in Albuquerque, NM? Then conduct your storage search during February within the 87121 ZIP code. Try not to start your search in June, when storage prices reach their climax, and remember that the 87114 area is costlier than other areas.
If you’re considering buying/selling a home instead of renting, it’s crucial to find a storage unit that will last you through the purchase or sale process. Especially when, according to Zillow, Albuquerque had an average home value of $187,000 which in the past year is up 0.027%.