Finding Self Storage in Buffalo, NY: Everything You Need To Know
Before beginning your self storage search in Buffalo, there are a few things you should know. Storage unit prices and availability in Buffalo are determined by many different factors, including real estate, population growth, the wealth of the local population, the current economic climate, and more. The US Census keeps accurate data relating to all of these factors, so we've used their data on Buffalo to help inform your Buffalo self storage search.Self Storage and Moving in Buffalo, NY
One of the primary uses of self storage is as a safe place to keep your things between moving homes. If many people are moving to or from Buffalo, prices could be higher and availability lower. We can get a good idea of whether or not many people are moving to or from Buffalo by looking at the change in population. The US Census tells us that the metro area population of Buffalo declined from 261,146 in 2010 to 258,703 in 2014, a loss of -0.94%.The Relationship Between Real Estate and Self Storage in Buffalo, NY
Buffalo housing prices and land values can affect storage prices as well. Storage facilities in more expensive Buffalo neighborhoods will typically charge higher rental rates. That means that looking into US Census data on Buffalo home values and rents can help us get an idea of storage pricing. With a median home value of $120,700 according to the US Census, Buffalo real estate prices are lower than the average for the top 100 US metros. Buffalo home values grew by 10.63% between 2009 and 2013. Housing in Buffalo is more affordable than most other cities, with the median income making up 41.6% of the median home value. 66% of the housing stock in Buffalo is owner occupied, a higher rate than other major American cities.
In terms of rental rates, median rent in Buffalo is $711 per month, which is lower than other large US metros. Between 2005 and 2013, the median rent in Buffalo grew by 7.56%, a lower rate than comparable cities. That rental rate would take up 17% of a median earner's income in Buffalo, making Buffalo more affordable for renters than the average for the top 100 US metros. Approximately 33% of occupied housing in Buffalo is being rented out, a higher rate than comparable 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 Buffalo, homes have a median number of 6.5 rooms, which is higher than the average for large US cities. The median price per room in Buffalo is $18,569, which is lower than average among the top US metro areas.
Vacancy and occupancy rates in the Buffalo housing market can help us gauge the demand for living space and thus self-storage space in Buffalo, and may hint at storage availability and pricing. If housing occupancy rates in Buffalo are high, it's probably safe to assume that storage facility occupancy rates in Buffalo are also high, which would push unit prices up. 15.7% of housing units in Buffalo are vacant according to the US Census, while 84.3% are occupied. The average occupancy rate in US cities is approximately 89%, which is lower than the rate in Buffalo, suggesting that storage unit inventory might also be tighter in Buffalo. With fewer units available, storage facilities in Buffalo may charge higher prices.Buffalo, NY Economics and Self Storage Prices
Statistics like income and economic growth can also hint at storage pricing, since higher local incomes will likely point to higher storage prices. This can be particularly useful if you're moving to Buffalo from a different city. Buffalo's median income is estimated to be $50,210, which is lower than average for large US cities. Between 2009 and 2013, median income in Buffalo grew by 8.15%. 2.9% of residents in Buffalo make over $200k in income a year, a lower rate than in other big cities. Buffalo has a total GDP of $48,257,000,000 and a GDP per capita of $42,474. That GDP per capita is lower than it is for comparable cities. More educated cities are often wealthier cities. 30% of Buffalo residents over the age of 18 have a high school diploma, 16% have a college degree, and 11% have a graduate or professional degree.