Self-Storage Rates – Top 15 Metro Areas (2024)

Effective and Last Updated: April 1, 2024

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Self-Storage Rates – Top 15 Metro Areas (2024)

FAQs

Self-Storage Rates – Top 15 Metro Areas? ›

On average, NYC pays around $60 a month for a 5x5-foot storage unit — that's about 25 square feet, or the size of a walk-in closet. And a 10x10-foot space (i.e., 200 square feet, or enough to fit a car) averages around $250 a month.

How much is a 10x10 storage unit in NYC? ›

What is the cost of a storage unit in New York City, NY?
SizeLowestAverage
10x10$85$324
10x15$148$455
10x20$218$574
10x30$239$747
3 more rows

How much does NYC pay for storage? ›

On average, NYC pays around $60 a month for a 5x5-foot storage unit — that's about 25 square feet, or the size of a walk-in closet. And a 10x10-foot space (i.e., 200 square feet, or enough to fit a car) averages around $250 a month.

What is the average profit margin for self storage? ›

The average profit margin for a self storage company is 41%. QT Business Solutions estimates operational costs amount to about $3 per square foot of space. There are a few variables to consider when deciding how much to charge per storage unit.

How much should I pay for storage? ›

You might pay more or less for a storage unit depending on the unit size, your geographic location, and any amenities such as climate control. Depending on their location, self-storage tenants can expect to pay between $30 a month for a small 5×5 unit, and up to $250 or more for a larger 10×20 or 10×15 unit.

How many bedrooms can fit in a 10x10 storage unit? ›

A 10x10 unit is a good size for the stuff found in two bedrooms, an entire family room or a modest one- or two-bedroom apartment. A few large appliances and pieces of large furniture can easily be stored in a 10x10 storage unit as well as mattress sets, desks, couches, dining room sets and multiple boxes.

Is paying for storage worth it? ›

“Because they're so expensive, the math really becomes irrational for most of those who rent self-storage units,” Brasler said. “Because just after a short time you'll have paid more in rent and fees to that company than your belongings are actually worth.”

How much does a storage unit cost in Manhattan? ›

What is the cost of a storage unit in Manhattan, NY?
SizeLowestAverage
5x5$20$120
5x10$80$248
10x10$150$440
10x15$328$567
1 more row

How big is a 5x5 storage unit? ›

A 5x5 self storage unit is 5 feet wide and 5 feet long, totaling 25 square feet — comparable to a large closet. Many of our 5x5 storage units have 8-foot ceilings, providing roughly a total of 200 cubic feet of packing space. Check with your local Public Storage facility for exact dimensions on 5x5 units.

Is self storage still a good investment? ›

Yes, self storage businesses generate passive income. This business has low risks and performs well even during economic downturns. The main source of income from a self storage business is the net rental income after deducting the mortgage (if any).

Why is self storage so profitable? ›

Facilities in densely populated areas or near residential neighbourhoods tend to attract more customers, resulting in higher occupancy rates and increased revenue. Access to major highways or busy thoroughfares can also increase visibility and convenience for potential renters.

What is best occupancy rate for self storage unit business? ›

You could be charging more and making more for your self storage units, because the demand is clearly there. This is why seasoned operators aim for 85-90% physical occupancy - you could be making more off of fewer renters if your rates were higher.

How can I reduce my storage cost? ›

Implementing strategies such as data minimization, file migration, and continuous data classification and management can significantly reduce storage costs while maximizing resource utilization.

Why storage is so expensive? ›

This is because land and property costs are higher there, and storage companies pass those costs on to their customers. On the flip side, in smaller towns or in the suburbs, where there's more space and less competition for it, you might find that storage units are much more affordable.

What does storage cost include? ›

Storage costs are the amount of money incurred as a result of storing inventory. The costs could be direct or indirect money spent on the storage of goods. The storage costs may include costs for space, rent, electricity, software, depreciation and warehouse personnel.

How much is a small storage unit in Manhattan? ›

What is the cost of a storage unit in Manhattan, NY?
SizeLowestAverage
5x5$20$120
5x10$80$248
10x10$150$440
10x15$328$567
1 more row

How big is 10 square feet storage unit? ›

10 Sq.

The smallest unit size is about the size of a telephone box. You would be able to fit around 48 medium boxes in here.

How much is 10x10 storage unit nj? ›

What is the cost of a storage unit in New Jersey?
SizeLowestAverage
5x10$8$121
10x10$49$197
10x15$69$262
10x20$60$329
3 more rows

How much can a 10x15 storage unit fit? ›

What can you fit in a 10x15 storage unit? Able to fit up to four rooms worth of your belongings, our 10x15 self storage units are the perfect solution for storing larger items such as living room furniture or sizable appliances.

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