The cost to buy, rent or build a hangar explained
If you’re in the market for hangar space, you may be wondering which option is best: buying, renting, or building an aircraft hangar. It’s essential that you keep your aircraft in a secure hangar to keep it safe from the elements and to keep it in the best condition possible. Depending on where you live, you probably have several choices, including buying or renting hangar space at a large commercial airport, or perhaps at a smaller executive airport.
There are different cost implications for each of these options. In this article, we’ll explain the average costs associated with renting, buying or building a custom aircraft hangar, as well as what you can expect in terms of aircraft maintenance. We highly recommend having a comprehensive understanding of all costs involved before making your choice.
How costs of airplane hangars can vary
The cost of your hangar will largely be determined by what type of aircraft you have. If you have a plane you use for personal recreation and short business trips, your best option is probably renting hangar space. Many public airports build a surplus of hangars and you will most likely be able to find one to rent at a reasonable rate, and renting allows you to be flexible with moving your aircraft base from one location to another if necessary.
Corporate aircrafts are more high-maintenance than personal aircrafts, meaning they must be protected from the elements while not in the air, and they must be ready to fly at any given time. A hangar for a corporate aircraft will be more expensive than a hangar for a personal aircraft. In addition, we recommend hangaring corporate planes somewhere that’s serviced by an on-site aircraft maintenance team.
Every airport will have their own hangar rental and purchasing costs that are influenced by a variety of factors, including tax rates, population density, local regulations, and the specifics of your aircraft. Location and convenience also factor into prices.
Other factors to take in consideration
While building custom hangar space is an attractive option because you can build it to your exact specifications, remember that you’ll be responsible for additional costs including building maintenance, repairs, insurance, and utilities. Building your own space also gives you the option to build designated spaces for maintenance.
Renting is an appealing choice to most personal aircraft owners who use their planes for leisure and light business travel. However, before making a choice, find out what services are included in the rental price (like maintenance) and find out if the airport offers around-the-clock on-site aircraft support.
For more information about hangar space at Monmouth Executive Airport, or if you have any other questions, please contact our team today. We look forward to hearing from you.