As development brings a surge of new supply to the market, renting a storage unit in New York City is getting cheaper.

The average price to rent a storage unit in New York City dropped 9.8 percent from 2016 to 2017, according to reservations made on SpareFoot’s network. In 2017, the average monthly price to rent a storage unit in NYC was $107.91, down from $119.71 in 2016—a peak year for pricing power.

The recent dip is likely attributable to increased competition among storage operators, as a wave of new development has brought several new facilities online.

As far as other cities in New York, Rochester and Buffalo both fluctuated a bit in the early 2010’s but have been are currently trending up.

Syracuse is the only market to be trending down. In 2017 it’s price per unit was $65.89 which is down from $94 in 2014, almost a 30% decrease.

While prices in New York City might be dropping slightly, for the third year in a row, self-storage rental rates in New York state have increased. The average price of a storage unit in New York state was $103.59 in 2017, up from $99 in 2014 and $101.36 in 2016.

In 2010, the average monthly price for all units in New York was just over $91, but it jumped to $97 in 2011. Prices came back down in 2012 but then saw the biggest spike so far this decade in 2013. Prices increased nearly 10% to over $104 before coming back down in 2014. Since then storage prices have been slowing growing at about a $1 increase year-over-year.

Click here to see more New York storage statistics.

Alexander Harris