Why Is Self-Storage Booming in NYC
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In 2022 we could witness the increased demand for self-storage units. It is happening all over the nation. And, especially in large metro areas. We could also see self-storage booming in NYC. According to experts, the main reasons are pandemic-triggered changes and the latest economic crises. During the pandemic time, people needed extra space in their homes. They had to improvise offices for online work. So, they called Manhattan Movers NYC to move some items to self-storage units. Since the economic crises started, the need to decrease home space increased. So, they started to rent smaller apartments, and store surplus items.
Most undersupplied self-storage market in the country
According to reports, during 2022, the most undersupplied self-storage markets in the country were NYC and LA. The other metro areas are facing the same problem. For illustration, NYC has presently about two square feet of space per capita of storage space. That is far less than the national benchmark of 7.1.
NYC self-storage figures
The figures for NYC are showing us that it presently has 71,653,718 sq feet of storage space. Additional 11,863,734 sq feet are under construction. But even that will not be insufficient to answer the demands. Well, all this looks like an excellent opportunity for investors.
But, it is not easy to predict what the self-storage market demands will be in the coming period. So, some investors are still cautious. The others are investing more freely. They are sure that they could convert the storage into something else, should the demands decrease.
Optimizing living space
The demand for self-storage units in NYC was always high. However, it has considerably increased. Many renters are trying to optimize their living spaces. To achieve that, they are trying to find NYC storage units. Which is not always the easiest task. Especially if they are looking for storage close to their homes.
Why is self-storage booming in NYC
Presently, many people who are already renting are looking for even more storage space. On top of that, there are many who have decided to rent for the first time. The results of such a situation are:
- increased demand and shortage of self-storage units
- increased prices for square feet of self-storage space
To overcome the present situation, the only solution is to plan and built new storage spaces. So, it shouldn’t surprise us to see many under-construction self storage Manhattan spaces right now.
Shortage of self-storage units caused the increase in the rental price
This is not a wonder and should be expected. The present rental national average price for non-climate controlled 10’x10’ storage uni is $128 per month. This presents an increase of 6 %, compared to last year’s prices. The average rental price for NYC is $191. And, we can expect a further increase. Also, chances are that, at the moment, you can find some available units outside the city. So, the assistance of Manhattan moving and storage can show very valuable.
NYC self-storage market
We could see that the reason for self-storage booming in NYC has been caused by two factors. One of them was the recent pandemic. And the other one is lasting economic crises. Both factors first influenced the renters. So, in need of more space, they increased their demand for self-storage units in the city of New York. All that resulted in a shortage of available storage units, and an increase in their rental prices. To overcome the present situation, many investors started by building new storage facilities nationwide.