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Home -- Blogs -- How Much Does It Cost to Buy or Rent an Airplane Hangar in 2024

How Much Does It Cost to Buy or Rent an Airplane Hangar in 2024

Benjamin

Executive Manager: Plays a crucial role in strategic decisions and business growth.

Updated: May 24, 2024
Published: March 23, 2024

FOR THOSE operating private or corporate aircraft, securing proper hangar space ranks as an essential requirement whether owning or renting. As the U.S. emerges from the pandemic's acute impacts, general aviation supports increased travel flexibility demands. However, today's rising construction costs make new hangar developments more expensive. Examining current price ranges provides helpful benchmarks for planning your own near-term hangar purchase or rental.

Airplane Hangar Costs Buy Or Rent

Average Cost of Buying an Airplane Hangar for 2024


Building new standalone general aviation hangars averaged between $60-$120 per square foot, whih translates to roughly $900,000-$1,800,000 for erecting common new 15,000 square foot hangars. Smaller box hangars for piston aircraft run from $300,000-$700,000 typically based on 5,000-7,000 square foot sizing. Prices vary based on location, materials, doors, site prep, permits, specialized systems and other options.

Greenfield builds on vacant land, which proves more affordable overall than expandable custom projects connected to existing structures. However, the latter better suits incremental capacity growth needs at established airports. Expect outlays beyond simple shell construction to equip hangars for customer-specific purposes, too.

Average Cost Of Buying An Airplane Hangar For 2024

Factors Influencing the Buying Cost Of An Airplane Hangar

The key factors that shape overall budgets for hangar purchases and construction include:

Factor Detail Impact on Cost Example Data/Range
Location Proximity to major cities, popular airports, or regions with high land values. Increases cost due to higher land prices and demand. Premium locations can increase land costs by 20-50%.
Size and Layout Dimensions of the hangar and complexity of the design, including height and width. Larger and more complex designs lead to higher material and labor costs. Cost increases by $15-$30 per sq. ft. depending on size and complexity.
Materials Types of materials used (e.g., steel, aluminum, wood), and the current market price of these materials. Steel is common for its cost-performance ratio; fluctuations in material costs affect prices. Steel prices can vary from $30 to $100 per sq. ft. depending on market conditions.
Utilities and Amenities Installation of electrical systems, plumbing, insulation, HVAC, and other facilities. Additional installations and facilities significantly increase the initial investment. Adding utilities and amenities can add $20,000 to $100,000 to total costs.
Regulatory Compliance Adherence to local zoning laws, building codes, and aviation regulations. Compliance with regulations can necessitate additional design changes or materials, raising costs. Compliance costs can range from $5,000 to over $30,000, depending on location and requirements.

NOTE: The example data and ranges provided are indicative and can vary based on specific circumstances, market conditions, and regional differences

Average Costs of Renting an Airplane Hangar for 2024

Rather than buying land and contributing sizable capital to construct new facilities, renting existing airport hangar space provides an alternative. Typical rental rates for older single aircraft box hangars of modest 2,000 square foot size average around $850-$950 monthly based on recent U.S. figures. Larger spaces for jets like 10,000 square foot hangars lease from $4,000-$7,000 monthly.

Shorter-term seasonal and temporary options often cost more on an effective annual basis, too. Rental agreements vary considerably, though, depending on hangar age, features, airport profile, and regional pricing behaviors. Checking multiple options gives the best perspective on current market rates when planning budgets. Rental contracts also include other service fees covering elements like utilities, maintenance, and tax passed through that buyers control directly.

Average Cost Of Renting An Airplane Hangar For 2024

Factors That Impact Airpalne Hangar Rental Costs

The key variables driving hangar rental rates include:

Factor Detail Impact on Cost Example Range
Location Proximity to major airports, cities, or sought-after regions. Higher fees in prime locations due to increased land value and demand. Monthly rent can increase by 20-50% in prime locations.
Lease Terms Duration of the rental agreement, with options typically ranging from monthly to yearly. Longer leases can result in lower monthly rates; short-term leases may have higher fees. A 5-year lease could be 10-20% cheaper per month than a 6-month lease.
Services Included Availability of services such as fueling, maintenance, and office space. Additional services can significantly increase rental costs. Services could add $500 to $2,000 to monthly rent, depending on scope.
Demand Level of demand for hangar spaces in the area. High demand can drive up rental prices, especially where availability is limited. High-demand areas can see rental prices 30-60% above average.

ALSO NOTE that actual costs can vary greatly based on location, services, and market dynamics at the time of leasing.

Buy or Rent an Airplane Hangar: Other Things to Consider

Aside from pricing factors, weigh the following key considerations when deciding between buying or renting hangar space:

Consideration Buying an Airplane Hangar Renting an Airplane Hangar
Construction Timelines Long construction and preparation time, often 12-18 months. Delays possible due to permitting, contractor schedules, and weather. Immediate availability typically, no waiting period for construction.
Customization Ability Full control over hangar design and customization to suit specific aircraft and personal needs. Allows for specialized features and alterations. Limited customization options. Modifications may require landlord approval and might not be feasible.
Future Expansion Capability Ability to expand by purchasing adjacent land or modifying existing structures, assuming zoning permits. Limited or no options for expansion. Dependence on availability of additional space and landlord's willingness.
Tax Considerations Potential for property tax obligations based on jurisdiction. Advisable to consult with financial professionals. Generally, no property tax obligations for the tenant, as these are typically the landlord’s responsibility.
Capital Commitment Requires significant upfront capital investment for purchase and construction. Less initial financial outlay required, freeing up capital for other uses.
Control & Access Complete control over access and security, allowing for customized rules and hours. Access and security are typically controlled by the landlord, with specific rules and hours.
Maintenance Factors Full responsibility for all maintenance, repairs, and renovations, which can be costly and time-consuming. Maintenance, repairs, and renovations are generally the landlord's responsibility, reducing tenant burden.
Exit Flexibility Selling a hangar can be time-consuming and market-dependent. Easier to relocate or exit, subject to lease terms and conditions.
Today's Hangar Purchase And Rental Pricing Reflects Rising Real Estate

Final Words

Today's hangar purchase and rental pricing reflects rising real estate and construction markets amidst strong general aviation sector activity. Though buying or building new hangars costs several million on average, leasing existing space runs from around $1,000 monthly for piston singles and up beyond $7,000 for heavy jet spaces. Location, customization, and long-term strategic objectives influence optimal buy versus lease selections. Evaluating all expense factors, trade-offs, and risks thoroughly serves prudent operators seeking the best hangar asset decisions in 2024 and beyond.
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Contact Us

Make On-Demand Space Solutions Easier, Faster

SHELTER has a great team of skilled architects ready to support your project or Event at any time.

When you’re ready to start your next business, get in touch with us now, and our architects will get back to you with a quote as soon as possible.

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No.1 Huanghe Section,Songshan Road, Chao Tian Industrial Zone,Shilou Town Panyu District,Guangzhou