Larger apartments are often more costly to rent than smaller ones but cost less per square foot. Price may also be affected by local demand and availability for certain sizes in a market or at a particular plant.
The table below displays the average rental cost for the six most common storage unit sizes. Prices for all unit types rose, with 1030 units seeing the greatest rise. This is most likely due to increased demand for bigger units as a result of the popularity.
Factors having an impact on the cost of self-storage
Even within the same market, storage unit pricing might vary greatly. There are several elements that influence the costs charged by any specific storage facility.
Keep in mind that the average costs shown above include both climate-controlled and non-climate-controlled apartments. Climate-controlled storage units are typically 30 to 50% more costly than non-climate-controlled facilities.
There are a number of additional variables that might influence storage units prices, even within the same market. A facility in a rural region, for example, will normally be less expensive than a facility in an urban one. It is critical to consider these extra aspects while looking for a storage facility.
Controlling the climate
Climate-controlled storage containers provide superior protection for your stored valuables since they manage air temperature and humidity throughout the year. You may expect to pay a premium to rent a climate-controlled storage facility due to the higher expenses associated with installing, maintaining, and powering these systems.
Renting a flat without climate control can save you money, but your belongings will be vulnerable to harsh temperatures and heavy humidity. This is good for keeping sturdy objects for a short amount of time, however, temperature control is highly suggested for storing precious and sensitive items for an extended period of time.
Seasonality
You may expect to spend more for a storage unit than you would the rest of the year. Most Americans move to new homes during these months, which is a big driver for the storage sector. Storage businesses are able to raise storage inventory pricing due to rising demand. Renting a storage facility during the off-season might cost less than renting during the high season.
Storage unit dimensions
The size of the unit is perhaps the most important driver of self-storage expenses. Smaller units are inherently less expensive than bigger ones. Larger apartments, on the other hand, should cost less per square foot than smaller ones.
To get the price per square foot, multiply the total square footage by the unit size. After that, divide your monthly rent by the entire square footage. This produces the price per square foot, which may be a good approach to ensure you aren't being paid more than necessary for larger-sized apartments.
Discounts on extra storage
Promotions and discounts are often used in the storage sector. Some businesses, for example, provide a free first month. These promotions should be incorporated into the total price of a storage unit when looking for one. However, be sure to read the tiny print to determine if there is a minimum commitment necessary.
Seniors, teachers, students, and veterans are often offered discounts by facilities. These discounted rates aren't usually posted, so be sure to inquire before signing your rental agreement.
Cost of storage unit insurance
It is important to realize that insurance is not included in the storage fee. Most storage facilities need insurance for your belongings, and some may request evidence of insurance. Your homeowner’s or renters’ coverage may cover your possessions in certain cases, but not always. Storage coverage is normally available from the facility from whom you are renting.
Type and location of storage facilities
The kind and location of the storage facility are also important factors in cost. Because there is higher consumer demand within cities and suburban areas, a facility in a dense urban location will cost more than a facility in a rural one.
The kind of facility will also have an impact on the cost. The age and condition of a facility may also be factors. A newer, multi-story indoor facility will usually cost a greater premium than an older outdoor facility with drive-up access.
Other facilities, in addition to temperature control, might increase the monthly cost of renting a storage space. A facility with numerous video cameras around the property, for example, may charge more than a comparable facility without video surveillance. You may also have to pay a little extra for 24-hour access, depending on the market.
There has been a recent trend for unmanned facilities that manage rentals using a kiosk system. Because there is less overhead in the form of personnel compensation, they may be somewhat less expensive to rent from than facilities with onsite management.
