Imagine that you are offered your dream job in a different state and your company is providing you with a fully-furnished apartment there. You obviously wouldn’t want to spend money on a house to store your belongings that you can’t carry with you. What is the solution for this problem you ask? Well, the solution is quite simple. You should choose to rent out a storage unit to store all your stuff.
When you rent a storage unit, one of your main concerns would generally be about the amount of money you would need to spend when you rent out units. Let us tell you that the cost of renting a storage unit varies from city to city and state to state. It also depends on numerous factors that shall be discussed later. For now, let’s try to understand how storage services are priced, and let’s take a deep dive into the average costs of renting a storage unit.
Types of Storage Facilities
Before we discuss the average cost of renting storage units, let us look at the two different types of storage facilities. Based on what you plan to store in your storage unit, you can either choose to rent a storage unit from a facility that has either indoor units or outdoor units.
1. Interior/Indoor Units:
Indoor Units are like the rooms that you have in your house, this means that storing your stuff here feels like storing your stuff in your house itself. These units are generally inside a large building and have climate-control technologies installed by the facility. They generally tend to be more secure and are commonly found in cities where people generally stay in smaller apartments and therefore need extra storage spaces.
Interior units could be used to store smaller objects as well as items that are valuable or precious. These can be used to store clothes, family heirlooms, small pieces of wooden furniture that need to be stored at a proper temperature, electronics, etc.
2. Exterior/Outdoor Units:
Outdoor units resemble the garage of your house. The storage units are larger and generally aren’t climate-controlled. You can access these units directly with your cars and trucks and you get ample amount of space to load and unload your belongings at the entrance of the unit.
These units are generally used to store the larger items from your house along with your vehicles that may include cars, motorcycles, boats, canoes, etc. These units are also used a lot for commercial purposes. People or companies use them to store business-related goods. For example, a contractor might store all his/her equipment in these kinds of units.
See also: Best Self-Storage Companies Near You
Factors that Influence the Cost of Storage Units
While researching for a good storage unit, it is wise to be well informed about everything so that you can make the right choices for yourself. If you want to understand the pricing structure of a self-storage unit, you must know what factors are responsible for the fluctuations in the prices of different storage units.
1. Location of the Facility:
You must have noticed that people living in big cities like New York generally stay in smaller apartments. Due to this, storage units are always in high demand as people need space to store their belongings that don’t fit into their houses. The cost of maintaining a storage facility in a city is also more expensive for the owner.
In conclusion, renting a storage unit in a city will definitely cost you more in comparison to renting a unit in the countryside. Additionally, you also might have to pay some extra taxes depending on where the facility is located.
2. Size of the Storage Unit:
It is common sense that a bigger unit will cost you more in comparison to a smaller unit. Storage facilities will charge you a fixed monthly rental. If you want to determine how much per footage of floor space is costing you, you can divide your monthly rental cost by the total floorspace given to you. For instance, if you have rented a 5 x 5 ft. unit, your total floor space would be 25 sq. ft. If you own smaller items like a few clothes, books, and seasonal items, you can save your money by renting a smaller unit.
3. Type of Storage Facility:
As mentioned above, your storage facility will have either indoor or outdoor units, which will ultimately influence the cost of renting their storage units. An indoor facility will typically cost you more than an outdoor unit which may have drive-up access. This is so because indoor units have more amenities than outdoor ones.
In addition to this, older facilities will have cheaper rates than the newer ones. Those which do not have many employees will also be cheaper than those which have many employees. Lastly, some facilities might charge you a minimal administration fee that isn’t included in your initial quote.
4. Type of Storage Services:
There are essentially two types of storage services, namely full-service storage and self-storage. Full-service storage services involve the company sending over its employees to your place to pick up your stuff and deliver it to the storage facility. This service saves you from the hassle of doing all the work by yourself. On the other hand, self-storage is basically you doing all your work. This means that you pack your stuff, transport it to the facility, and put it into the storage unit all by yourself.
Full-service storage will cost you more as you would have to pay for the pick-up and the delivery services in addition to the monthly rental fees. Whereas, you have to pay only the monthly fees for self-storage services. Self-storage is the most popular option among people because they find it more convenient and stress-free to handle their belongings by themselves.
5. High Seasonal Demand:
There is generally a hike in the price of storage units in the summer and it lasts up till September. This is so because the American population generally prefers moving in this season. Additionally, they also need to put away all their gardening equipment and vehicles used for water sports at the end of the summer season as these things can’t be used in winters. If you want to cut some costs, consider renting a storage unit during the offseason.
6. Climate-Controlled Storage Units:
Climate-controlled facilities ensure that the temperature in the storage units is maintained at an optimal level and the humidity is regulated as well. This protects your belongings, prevents corrosion of metal items, and stops the growth of mold on your clothes, wooden furniture, books, etc. However, you should know that the price rates offered by a climate-controlled facility will be up to 50% higher than those offered by a non-climate-controlled facility.
You can still opt to rent out a unit in a facility that doesn’t have climate-control technologies if you are going for temporary or short-term storage. Your objects won’t be out of your house for a long time in this case and you will end up saving a lot of money.
7. Accessibility of the Unit:
A storage facility that provides you with 24 hours access to your storage unit is more expensive. However, don’t forget that the extra amount is worth it if you can’t help but visit your unit frequently to keep or take out your stuff. This especially applies to the situations where you are using the storage unit to store items related to your business. For instance, if you are a home stager, you will need your items when you stage homes for your customers.
How secure your items are inside the storage unit depends on how much the facility is spending on security systems. Storage units are under surveillance 24/7. There are inbuilt fire alarms, theft alarms, sprinkler systems, and even security guards (24/7) which ensure the safety of your belongings. The more a facility invests into maintaining security the more will the storage unit cost
9. Insurance Costs:
You have to remember that insurance won’t be included in your quote. You will first have to check whether your homeowners’ or renters’ insurance covers your items. If not, then you will have to purchase additional insurance either from your storage facility or from a third-party insurance company. The facility will require you to get coverage for your items before you store them in the storage unit.
Coverage up to $4,000 will cost you about $6 – $12 per month. If you purchase coverage up to $10,000, the policy will cost you about $15 – $18 per month. Lastly, if you wish to purchase coverage up to $15,000 you will have to pay around $20 – $25 per month.
The storage industry generally offers plenty of discounts and other special deals to its customers. When you are preparing the budget for renting a storage unit, don’t forget to take into account the promo codes and discounts that will bring the price of renting a unit down. Some facilities might give you free storage for the first month provided that you meet their minimum-month requirements. Some also give discounts to students, AAA members, military members, etc., so don’t forget to take advantage of these offers.
What is the Average Cost of Renting out a Storage Unit?
You will have to pay anywhere between $60 – $180 for a standard storage unit (no climate-control) and $75–$225 for a climate-controlled storage unit. There are several things like location, amenities, insurance, etc., that will influence the final cost of renting a storage unit. But then again. the size of the storage unit primarily decides how much you will have to pay. Read on to get more information about how different sizes of storage units are priced in the storage industry.
1. 5’ x 5’ Storage Unit
Floor space: 25 sq. ft.
The average cost of renting a standard storage unit: $60
The average cost of renting a climate-controlled storage unit: $75
Used for: These units are used for a few items that you want to get out of your home to make it look less cluttered. You can store a few storage boxes and a couple of small furniture pieces in this unit. These units are most popularly used by college students to store a few items from their dorms over the summer.
2. 5’ x 10’ Storage Unit
Floor space: 50 sq. ft.
The average cost of renting a standard storage unit: $70
The average cost of renting a climate-controlled storage unit: $88
Used for: These units are used to store items from a studio home or a small one-bedroom apartment. It can be used to store some chairs, a queen-sized mattress, some documents, and a few seasonal items.
3. 10’ x 10’ Storage Unit
Floor space: 100 sq. ft.
The average cost of renting a standard storage unit: $110
The average cost of renting a climate-controlled storage unit: $138
Used for: This size of storage unit is always in high demand due to its popularity. It can accommodate all the items from a one-bedroom home or a two-bedroom apartment. You can store things like clothes, a few furniture pieces, bookshelves, some home appliances, and several storage boxes in the storage unit.
4. 10’ x 15’ Storage Unit
Floor space: 150 sq. ft.
The average cost of renting a standard storage unit: $130
The average cost of renting a climate-controlled storage unit: $163
Used for: This storage unit is used to store belongings from a 2-bedroom home or 3-bedroom apartment. You can fit larger items like couches, bigger furniture pieces, pianos, bikes, cabinets, and other household items in it. You can also use it to store office supplies and other business equipment.
5. 10’ x 20’ Storage Unit
Floor space: 200 sq. ft.
The average cost of renting a standard storage unit: $180
The average cost of renting a climate-controlled storage unit: $225
Used for: This storage is mainly used by families who want to redecorate their houses. It can easily fit items from a 4-bedroom house. You can use this unit to store items like mattresses, dining tables, couches, TVs, workout equipment, recreational vehicles, etc.
What Location has the most Expensive Rates for Storage Units?
As discussed before, crowded urban areas have storage facilities that offer storage services at a very high price. As of today, facilities located in New York offer the highest-priced storage units to their customers. If you are looking for a storage unit with dimensions 10’ x 20’ in a climate-controlled facility; you will have to pay $691 per month on average.
What Location has the Cheapest Rates for Storage Units?
Storage facilities from the rural areas and will cost you less. This is so because people live in bigger houses in the countryside. So essentially, they tend to have enough space in their homes to store their belongings. Storage facilities in Raleigh, Oklahoma City, and Meridian will give you the cheapest rates if you wish to rent storage units.
Now that you know the average cost of renting out different sizes of storage units, you need to ask yourself several questions. Where should your unit be located? Do you need to access it frequently? Do you need insurance? What do you need to store? After all, each person has some specific needs. Make sure that you ask yourself all the questions that will help you to decide on the kind of unit you need to rent. You should know that the combination of the above-mentioned factors will ultimately help you to determine the cost of renting a storage unit for yourself.
Frequently Asked Questions
Can a full-size bed fit in a 5×5 storage unit?
A 5×5 storage is like a tiny walk-in closet that can be used to store some belongings that you don’t need to keep in your house. You will be able to store a full-size mattress or a twin mattress inside a 5×5 storage. At the same time, you should also be able to keep a small dresser or a couple of chairs along with a few boxes inside your unit.
See also: Storage Units: Do’s and Don’ts
What does a 10 by 10 storage unit look like?
A 10’ x 10’ storage unit is 10 feet long and 10 feet wide, which gives you a floor space of 100 square feet. A 10×10 storage unit generally resembles an average-sized bedroom or a one-car garage
Can a car fit in a 10×10 storage unit?
You can definitely fit a car in a 10’ x10’ storage unit. But then, you have to remember that once you keep a car in it, you won’t get much space to move around or even store other household stuff in it. If you want to keep a car in a storage unit along with some other belongings like furniture pieces, books, chairs, or clothes; you should ideally choose to rent a 10’ x 15’ storage unit.