Self-Storage Facility Startup Cost Comparison
Akron, OH vs New York, NY
Akron, OH
$242,000 - $2,636,000
COL Index: 86
VS
New York, NY
$915,000 - $12,057,000
COL Index: 187.2
Detailed Cost Comparison
| Expense | Akron, OH | New York, NY | Difference |
|---|---|---|---|
|
Business Registration & Licenses
|
$500 - $3,000 | $500 - $3,000 | Same |
|
Land & Building
|
$113,000 - $1,695,700 | $695,700 - $10,434,800 | -84% |
|
Storage Units & Access
|
$85,000 - $680,000 | $145,000 - $1,160,000 | -41% |
|
Management Software & Security
|
$10,000 - $50,000 | $10,000 - $50,000 | Same |
|
Business Insurance (Annual)
|
$5,000 - $20,000 | $5,000 - $20,000 | Same |
|
Marketing & Visibility
|
$3,000 - $15,000 | $3,000 - $15,000 | Same |
|
Working Capital (6 Months)
|
$25,800 - $172,000 | $56,200 - $374,400 | -54% |
| Total Estimated Cost | $242,000 - $2,636,000 | $915,000 - $12,057,000 | -78% |
Local Market Factors
| Factor | Akron | New York |
|---|---|---|
| Cost of Living Index | 86 | 187.2 |
| Commercial Rent ($/sqft/yr) | $8 - $18 | $40 - $120 |
| Labor Rate Index | 0.85 | 1.45 |
| Sales Tax | 6.75% | 8.875% |
| Minimum Wage | $10.45/hr | $16.00/hr |
| LLC Filing Fee | $99 | $200 |
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