Storage facilities are popping up across the United States. As the American people buy more stuff, the need for storage space is only growing.
In fact, there are nearly 60,000 storage facilities nationwide. They take up approximately 1.7 billion square feet. The storage industry itself generates nearly $40 billion in revenue each year.
Before you rent a storage unit, it is important to know how much it costs. Read on for a comprehensive guide to storage unit prices. Explore the types of storage units and other factors that ultimately drive price.
What Are the Factors That Affect Price?
There are a number of different factors that affect the price. You will not find a one size fits all price for storage units. Continue reading for a breakdown of the factors impacting cost.
The biggest cost driver for storage units is square footage. Larger storage units are inevitably going to cost more money.
It is common to see a price per square foot when shopping for storage units. While size is a major factor in price, there are other considerations to make.
Location is another cost driver. Storage units located in densely populated areas are typically more expensive.
This is because there is greater customer demand for storage space. The owners can increase the price with a larger customer pool.
The opposite is true in rural areas. With a small prospective customer base, owners are willing to accept a lower price to fill the vacant storage space.
The duration that you require storage space is a major factor in pricing. The cost of a storage unit is often assessed on a monthly basis.
Storage facilities are going to charge more for a short-term rental. Some facilities require a 3-month minimum commitment.
Longer commitments typically result in a lower monthly rate. This is because the facility now has revenue locked in and does not have to fill a vacant space.
Not every storage facility offers the same level of service. Many facilities are self-service meaning that you are simply renting an open storage space.
There are also full-service facilities. This facility type picks up and delivers your items going into storage.
Some facilities sell storage supplies. Items like boxes, bins, and other packing supplies are available to customers for purchase.
Lastly, is the storage facility climate-controlled? This guide on kingstonidealstorage.com discusses the importance of climate-control for protecting furniture items in storage.
How Much Does It Cost to Rent a Storage Unit?
The average cost of a monthly storage unit rental is $1.63 per square foot. However, it is important to remember that this is a national average.
The prices changes when you focus on a specific state. For example, the average cost increases in more expensive states like California or New York.
A Recap of Storage Unit Prices
Clearly, there are many variables that dictate storage unit pricing. Factors like location and size play a large role in what the final price comes out to.
If you enjoyed this article about the cost to rent a storage unit, check out our blog for more great content.