Finding Self Storage in New York, NY: Top Tips
If you're searching for self storage in New York, there are a few things you should keep in mind. The pricing and availability of storage units in New York 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. We used US Census data on New York to give you a better idea of these factors.Moving and Storage in New York, NY
If there are many people moving to or from New York, prices could be higher than in other cities. That's because self storage if often used as part of a home move. By looking at population changes in New York, we should be able to get an idea of how many people are moving to or from the city. According to the US Census, the New York metro area's population grew from 19,400,867 in 2010 to 19,746,227 in 2014, a growth rate of 1.78%.Real Estate and Self Storage in New York, NY
New York housing prices and land values can affect storage prices as well. Storage facilities in more expensive New York neighborhoods will typically charge higher rental rates. The US Census provides us with housing value and median rent data for New York which we can use to get a better idea of what to expect in terms of price and availability for New York self storage. With a median home value of $406,700 according to the US Census, New York real estate prices are higher than the average for the top 100 US metros. The median home value in New York declined by -9.2% between 2009 and 2013. Housing in New York is less affordable than most other cities, with the median income making up 16.3% of the median home value. 52% of homes in New York are owner occupied, a lower rate than comparable cities.
In terms of rental rates, median rent in New York is $1,217 per month, which is higher than other large US metros. Between 2005 and 2013, the median rent in New York grew by 13.53%, a higher rate than comparable cities. The median rent in New York would eat up approximately 22% of the median income, which makes New York less affordable for most renters than comparable cities. Renters occupy approximately 47% of housing in New York, a higher rate than similar 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. New York homes have a median number of 6.4 rooms, which is a lower number than the average for large US cities. The median price per room in New York is $63,547, which is higher than average among the top US metro areas.
One way to get an idea of the demand for housing and storage space in New York is to look at housing occupancy and vacancy rates. If there's low vacancy rates in New York housing, there's likely low vacancy at New York storage facilities. This would allow storage facilities in New York to charge higher prices for their units. According to US Census estimates, 92.2% of housing units in New York are occupied, while the vacancy rate is at 7.8%. That's a lower vacancy rate than the average for cities in the United States, and suggests that storage facility vacancy in New York may also be lower. Low vacancy allows storage facilities to charge higher rent, so a cheap storage unit could be trickier to find in New York than in other cities.Self Storage Prices and Economics in New York, NY
The local economy will also have an effect on self storage prices. Wealthier cities will likely have higher storage unit prices than cities where incomes are generally lower, so it may be useful to look at these numbers for New York, particularly if you're moving in from another city. Median earners in New York make $66,285 a year according to the most recent US Census estimates, a higher median pay than the average for large US urban areas. Between 2009 and 2013, median income in New York grew by 4.3%. 9.6% of New York household have an income in excess of $200,000 a year, which is a higher rate than the average for large US cities. New York has a total GDP of $1,377,989,000,000 and a GDP per capita of $68,892. That's a higher GDP per capita than the average for comparable cities. Education levels also tend to correlate with wealth. 26% of New York residents over the age of 18 have a high school diploma, 21% have a college degree, and 13% have a graduate or professional degree.