Were you aware that in 2012, for the first time in 60 years, more people moved into New York City than out? Did you know that NYC's population is at its all-time highest, with 8.3 million people, and growing faster than it has in decades? Indeed, New York City has never been better. That's probably obvious to you if you're a New Yorker or plan on being one soon (that is, following the droves and moving to the Big Apple yourself), but do you know how much you should expect to pay for a storage unit in NYC?
Prices on self storage in New York can change substantially with a few minutes drive in any direction. Searching for storage in the 10028 ZIP code should yield the cheapest rental rates, as units there average $54.99 a month, lower than anywhere else in New York. Units rent at the highest price in the 10018 ZIP code, where they average $454.78 a month.
Figuring out if a certain storage facility's offered price is any good is a hard call to make if you don't know how much a unit in New York ought to cost in the first place. Storage prices being as highly-dependent on location as they are, there's little use in comparing the facilities in New York with those in other cities you might have rented a storage unit in in the past. In order to make sure you don't go into your storage search unprepared, we've had our analysts comb through all the data on New York storage you might need.
The average price of a self storage unit in New York is $157 a month. If you have long term storage needs, keep in mind that that's an average price of $1884 a year. Keep in mind that that average does not differentiate between the different sizes of units, and so should be taken with a grain of salt. The actual price will largely depend upon the size of unit you're looking for. The standard sizes of storage available in New York include 5x5, 5x10, 10x10, 10x15, and 10x20. In New York, the average price for each standard size is:
|Storage Unit Size||Average Price in New York, NY|
If you do your comparison shopping for storage units a few months from now, you might be surprised to see that prices have changed. That's because the self storage market is highly seasonal. 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. The single busiest day for self-storage businesses is typically the notorious 'National Moving Day' (which facility operators have dubbed 'Crazy Tuesday' for the chaotic scene at many facilities) the day after Memorial Day. 5x5 and 5x10 units often see wider seasonal swings, primarily due to college students renting these smaller sizes when they leave town for the summer. College towns will be particularly affected by this.
Seasonality is slightly more pronounced in New York than it is in other cities on the SelfStorage.com network, meaning some price shifts throughout the year should be expected If you know how long you'll be renting your unit, one way of avoiding seasonal price changes is by agreeing to pay a single rate for your entire stay. Your chances of getting a low price on a storage unit in New York are highest during March, when the average rental rate drops to a low $54.99. Your chances are lowest during September, which with an average price of $161.29 is the most expensive time to book a unit.
Finding the unit you need at the price you want has everything to do with what's available in your area, with more facilities offering more options. So are there a large or small number of storage businesses operating in New York?
In total, 54 New York storage businesses have listed themselves on our self-storage facility network. If you were wondering how that compares to other cities in the state, it's a very high number of facilities for a city: the average city in New York offers only 6 storage facilities, 48 less than New York. It makes sense then that New York is also the 2nd largest in terms of facilities out of all 113 cities in New York listed on our storage network, accounting for approximately 7.85% of self storage facilities listed in that state. Does New York perform as well against other cities outside of its state? In fact it does, as its 54 facilities put it 45 above the national average of 9 per city.
But of course, comparing New York to other cities in New York or across the nation regardless of population tells us very little. The population of New York, NY is 8,391,881. With 54 self-storage facilities, does New York offer relatively good or bad storage coverage? New York offers a slightly higher than average amount of storage space for its size: cities in the 1,000,000 and above population bracket have an average 50 storage facilities, 4 fewer than what can be found in New York. Per capita data, on the other hand, seems to have invalidated this notion that New York provides an immense amount of extra storage space for its community. The 54 self-storage businesses serving New York rank it in the 0th percentile for facilities per person nationwide. That low rank indicates that there are very few storage businesses serving the 8,391,881 residents of New York compared to other cities, which may make finding the right storage unit for you a more difficult task. Even if we restrict our scope of comparison to the state level, New York doesn't seem to offer its population as much storage space as other cities do, attaining a low rank in the 1st percentile for facilities per capita among cities in New York.
We can't feel satisfied concluding our look at facilities per capita without mentioning the fact that New York is seeing some major population growth. The city saw 4.6% more people move there from 2000-2010, a whole 2.5% more growth than the 2.1% New York in total saw. Remember that New York also has a low number of storage businesses per resident. That, plus its population growth, means that storage units in New York are probably very much in demand.
As storage prices are closely tied to local real estate prices, it makes sense that rental rates can often differ substantially even in neighboring cities. By expanding your search into areas you might not have thought to look, you might be able to happen upon some excellent deals. Sure, it might be more of a pain to drive to the facility, but hundreds of dollars in potential savings might alleviate that. But on the other hand, if we can show that self-storage (commonly known as mini storage or public self storage) is cheaper in New York than its surroundings, there's no reason to waste time looking elsewhere.
New York's average price of $157 a month for a unit ranks it as the 12th most expensive city for self-storage in New York, which itself ranks as the 6th most expensive state for storage. In general, storage units in New York go for $60.42 more than the state average of $96.58.
These average prices don't necessarily tell you how affordable storage in one city is compared to another, as the cost of living changes from place to place. To give you a better idea of affordability, we've created a 'relative price' scale that estimates how expensive storage is for median income earners in that state. The median income in New York is $50,994.00, which means the average storage unit in New York would require 3.69% of a median earner's monthly income. When compared to storage price as a percent of income in other cities in New York, New York ranks in the 90th percentile, meaning that storage here is quite expensive.
The same holds true on a national scale, where storage in New York is comparatively very expensive, ranking at the 95th percentile among cities nationwide. Expect to pay $84.85 more than the national average of $72.15 when searching for self storage in New York.
Looking for a surpassingly cheap self storage unit in New York, NY? You can find the best prices on storage in March within the 10028 ZIP code. Try not to start your search in September, when storage prices reach their climax, and be mindful of the fact that 10018 area is the most expensive in town.
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, New York had an average home value of $500,000 which in the past year is up 0.093%.