Exploring the Cost Factors of Self Storage
Looking to rent a storage unit but concerned about the cost? Here are some of the key factors that can impact how much you pay.
Renting a storage unit is a convenient way to save space at home or keep certain items safe from damage or theft. One aspect that can put people off renting a unit is the cost, however, it may not be as expensive as assumed.
As with any kind of rental, the cost comes down to several factors. Rather than a fixed price, it can depend on aspects like the size of the unit and length of stay. Some facilities may have hidden costs that might catch you off guard if you’re not careful.
Let’s take a look at the main factors and how you may be able to save money on storage.
Size of the unit
The larger the unit is, the more it will cost per month. Because of this, you need to make sure you choose the size for your needs.
Having more space than needed means paying more than needed, which in the long term is unnecessary. On the flip side, a unit that’s too small can mean having to overcrowd your unit with items or upgrading to a larger one.
Storage companies usually have some form of storage calculator to help you determine how much space you need. If one’s not available at a particular facility, you can generally estimate by considering the type and amount of items you’re planning to keep.
Type of unit
There are many different types of storage units available, each suited to specific needs and budgets. The type you choose can have a noticeable impact on how much you pay each month.
Indoor storage units
Indoor units are typically more secure and protected from the weather, making them ideal for furniture, electronics, and valuable personal items. However, they tend to cost more than outdoor or drive-up units because they’re located inside temperature-regulated buildings with added security.
Outdoor storage units
Outdoor units, like lock-up garages, are more affordable and offer easier access. You can usually drive right up to the door to load or unload your belongings. These are great for storing larger items, tools, or equipment you may need to access regularly.
Container storage
Another option is container storage, which uses metal shipping containers as a unit. These are often cheaper and more durable, though they may not provide the same level of temperature control as indoor units.
Location
If you live in an urban area, you likely have plenty of storage facilities nearby compared to rural areas. It also depends on where in the UK you live. For example, renting a unit usually costs more in areas in the south, especially London, compared to the north of England.
Rental length
It goes without saying, the longer you rent your unit, the more it will cost. For example, if you only need a unit for the short term, say 3 months, it will cost less overall than if you rent for a whole year.
There are, however, some ways you may be able to save on costs even with longer rental periods. Some storage providers offer discounts for long-term commitments, so paying for a year up front may be cheaper than paying month-to-month instead.
Security features
The very best storage facilities will have on-site features designed to keep your belongings safe and give you peace of mind.
Security standards can vary from one provider to another, but in general, the more secure a facility is, the higher the monthly cost may be. That said, paying a little extra for added protection is often worth it, especially if you’re storing valuable or sentimental items.
Some of the most common security features include:
- 24-hour CCTV surveillance
- Gated access and secure fencing
- Individual unit alarms
- PIN or key fob entry systems
- On-site staff
For business storage, security is even more essential. Many companies use self storage to keep documents, equipment, or stock. Losing these to theft or damage could have serious financial or operational consequences.
When comparing facilities, it’s worth asking exactly what kind of security is included in the price. Some budget options may not include all of these features.
Insurance and additional fees
When renting a self storage unit, it’s important to note that the quoted rental price might not be the final amount you pay each month. Some facilities may require you to have insurance for your belongings, either through their own policy or one you arrange yourself.
Storage insurance protects your items against risks like fire, flooding, or theft while they’re in storage. Some facilities include a basic level of cover in the overall cost, while others require you to purchase it separately.
Aside from insurance, there may be additional fees to watch out for. Some companies charge a refundable deposit at the start of your rental, while others may have administration or setup fees. You might also be expected to provide your own padlock, which could either be purchased on-site or brought from home.
If you’re thinking about renting storage space, make sure to keep these factors in mind. They may give you a good idea of what kind of storage you need, as well as help you find a company that fits your budget.