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25 Mar, 2025
Analysis | Latest
New York Storage Market: Growth Amid High Barriers
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Written by James McLean

James McLean is the Head of Business Development at Radius+. James helps maintain external relationships with clients and assisting internally with the sales process. He also, manages internal data processes working alongside the operations team to ensure we are supporting high level data quality.

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The New York-Newark-Jersey City, NY-NJ-PA CBSA is one of the strongest markets for Self Storage. This can be attributed to a multitude of factors like its high population density. Over half the population in this market are renters and the median household income is over $130,000.

People are always moving in and out of the NYC metropolitan area as well. This combined with the demographic make up has created a perfect storm for Self Storage demand. New York-Newark-Jersey City, NY-NJ-PA CBSA has also been hailed as a high barrier to entry market. Developers need to get through plenty of hurdles and zoning restrictions in order to find a deal that works.

Despite this, the NYC Metropolitan area has consistently added new supply over the past few years.

  • 2022: 5.2% new supply relative to total supply added
  • 2023: 5% new supply relative to total supply added
  • 2024: 4% new supply relative to total supply added

Do you think Development in NYC will be able to hold steady over the next few years?