Tips for Finding Self Storage in Albany, NY
Just starting your Albany self storage search? There are a few things you should know. Albany storage unit prices and availability are closely related to things like real estate prices, the type of housing available in the area, the city's wealth, and whether or not many people are moving to the area. Using US Census data, we've pieced together a better picture of those factors as they relate to self storage in Albany.Self Storage and Moving in Albany, NY
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 Albany, that could affect storage unit pricing and availability. Population changes over time are one way of gauging the amount of moving activity in Albany. The US Census tells us that the metro area population of Albany grew from 97,748 in 2010 to 98,566 in 2014, which is a rate of 0.84% growth over four years.Real Estate and Self Storage in Albany, NY
Albany real estate and self storage are interrelated in a few different ways. For one, land values and the cost of housing can make storage more or less expensive. By looking into US Census data on Albany housing values and median rents, we can get a better idea of the real estate climate in Albany and how it may affect self storage. The median home value in Albany is $197,500 according to the US Census. That's lower than average for the top 100 US metros. In the 5 year span from 2009 to 2013, median home values in Albany grew by 9.78%. Also, considering the fact that the median income in Albany makes up 31.03% of the median home value, we can say that housing in Albany is more affordable than other US metros. 66% of Albany homes are owner occupied, a higher percentage than other big cities.
At $889 per month, median rent in Albany is higher than the average for the top 100 US cities. Between 2005 and 2013, the median rent in Albany grew by 10.57%, a higher rate than comparable cities. How affordable is that for median earners in Albany? Median rent would take up 17.41% of a median earner's paycheck in Albany, making it more affordable for renters than other big cities. 33% of Albany housing stock is renter occupied, a higher percentage than other large US cities.
Self storage is commonly used when people need extra space, so cities where homes are smaller on average may have a greater need for storage space. In Albany, homes have a median number of 6.6 rooms, which is higher than the average for large US cities. The median price per room in Albany is $29,924, which is lower than average among the top US metro areas.
Housing unit occupancy can give us an idea of what the demand is like for living and storage space in Albany. If there's low vacancy rates in Albany housing, there's likely low vacancy at Albany storage facilities. This would allow storage facilities in Albany to charge higher prices for their units. According to US Census estimates, 88.8% of housing units in Albany are occupied, while the vacancy rate is at 11.2%. That's a higher rate than average for US cities, suggesting storage unit occupancy in Albany may also be higher. That might make it harder to find cheap storage in Albany.Self Storage Prices and Economics in Albany, 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 Albany, particularly if you're moving in from another city. Albany's median income is estimated to be $61,291, which is higher than average for large US cities. Between 2009 and 2013, median income in Albany grew by 7.26%. 4.2% of those living in Albany make over $200,000 a year, a lower rate than the average for the top 100 US metros. According to the latest US Census reports, Albany has a GDP of $43,562,000,000 and a per capita GDP of $49,588. That's a higher per capita GDP than the average for large cities in the United States. Wealth and education are also highly correlated. 28% of Albany residents over the age of 18 have a high school diploma, 18% have a college degree, and 13% have a graduate or professional degree.