Storage Units - A Good or Bad Use of Money?
Team CallSheilah! will always gently suggest that a storage unit is asking for trouble. Most items in long term storage units are worth less than the cost of the first year of storage.
We recommend: Short term storage only.
So, WHY do people feel the need to rent a storage unit?
Just how many people are renting them?
What are the drawbacks of renting?
And who is most likely to rent?
Homeowners between the ages of 44 and 59 are the storage unit renting majority, covering 54% of ALL storage unit rentals. Here are the top reasons why;
Moving purposes
Lack of space at home
Change in household size
Downsizing
Business purposes
Emotional Attachment
The two most frequent TYPES of stored items are Furniture and Clothes. So ask yourself; do you REALLY need those items? How often do you visit your storage unit? How often do you need or want the stuff you are saving in storage? Are those items insured against theft or weather, insect or rodent damage?
On the whole, people in the U.S. have too much stuff!
There are an estimated 52,301 storage facilities operating in the U.S. today and that makes up for 90% of worldwide self-storage inventory.
As you drive around the Capital Region (or wherever you live,) notice how many storage units you see (existing and NEW CONSTRUCTION!)
11.1% of ALL households currently rent a self-storage facility. That is an estimated 14.6 million households. The average monthly cost to rent a self-storage unit is somewhere between $85.30 and $108.18 meaning
Americans are spending between $1,023.60 and $1,298.16 per year without considering hidden fees.
Do you know how much your household is spending per year on storage? With autopayments mandatory, do you even know when the storage unit increases your rate?
Self-storage is one of the fastest growing industries in commercial real estate, the annual revenue went from $39 Billion in 2020 to $44.33 Billion in 2024 - a jump of more than 13%. The growing global self storage market will continue to exemplify this – the value is expected to hit $83.6 billion in 2027, growing at almost 8% within the 2022–2027 forecast period.
Construction spending on self-storage increased 584% over a five-year span and exceeded an all-time record $6.99 billion in 2023. The chart below shows construction spending by month, according to the U.S. Census bureau. Figures are not adjusted for inflation.
Construction Spending by Month 2015 - 2024
This means Americans are investing billions into storing their objects and frankly, clutter and junk. How long were you expecting to rent your storage unit for? Did you meet or exceed those expectations?
At Team CallSheilah! We handle moving, changes in household size, downsizing, rightsizing, decluttering and more. We can help you make decisions about your stuff, and help you find homes for usable items. Reach out on our contact page for a FREE 30 Minute Consultation to explore our services and see where we fit in for your move in/move out/downsizing needs.
From,
Team CallSheilah!
Sources:
2) https://www.sparefoot.com/blog/self-storage-industry-statistics/
