If you need extra space for your stuff at home, or if you’re moving to a new place but it can’t accommodate all your stuff, renting a self-storage unit is the answer to your need. But the question is — how much does it cost? Can you afford it?
Different people who avail themselves of warehouse facilities do not pay the same amounts. It’s like buying real estate. Every house has a different price value depending on factors like location, size of the house and market demand.
A customer must provide specific details regarding what self-storage unit he or she needs in order to get an exact price quote. And it’s best to ask from at least three providers if you want the best deal.
Factors Affecting the Cost
In general, here are six known factors that affect the cost of rental:
1. Size of the unit
There are different sizes of units available for rental. The most common are 5’ x 5’, 5’ x 10’ and 10’ x 10’. Obviously, you pay more for a bigger space. So, be sure to know how you can accurately estimate the amount of storage space you need.
The cost of a 5’ x 10’ unit ranges from $40 to $60 and the cost of a 10’ x 10’ unit ranges from $90 to $140.
2. Extra features of the unit
Most self-storage facilities are modular warehouses with units made of corrugated metal walls. However, some units have special features like climate control, which cost 10 to 20% more than the standard units.
3. Location of the facility
Just like real estate, the cost of units varies from city to city. Most likely, it’s more expensive to rent a warehouse in Melbourne’s CBD than in a suburb outside of Melbourne.
4. Length of lease
You can pay on a monthly basis. But companies often give discounts when you lease a unit for longer terms, such as six months or one year. Also, you can get special deals when making advance payments.
5. Accessibility of the unit
Where is your storage unit located, on the ground floor or on the upper floors? Ground floor units are more accessible and cost more. Is the facility accessible 24 hours a day? This service is surely factored in the price.
6. Occupancy rate
A facility with a higher percentage of occupancy tends to charge more than a facility with a lower percentage of occupancy. If you happen to rent a unit at a time when people are moving, expect to pay a higher cost per unit.
You may need to pay more for costs incurred with self-storage rental, such as insurance, security deposits, purchase of packing supplies and truck rental. Be sure to include these costs to the price quotes you receive.