The Pros And Cons Of Renting Storage Space - Honest Home Experts (2024)

We’ve all got items that we don’t use every day and need a home, whether it’s Christmas decorations or garden furniture. So what’s the best solution?

Self storage is usually the go-to option, this way your belongings are kept in a safe space, without taking up space in your home. The process is fairly simple. First, you need to find a reliable self storage facility in your area. Once you have found one, you can rent a unit based on the size you need for your belongings. Then it’s just a case of paying a monthly or annual fee to keep your items stored there.

So what are the benefits and drawbacks of renting storage space?

The Pros And Cons Of Renting Storage Space - Honest Home Experts (1)

The Pros Of Renting Storage Space

Extra Space

While you may wish to store your items at home, you might not have the space needed to do so. Because of this, your home can quickly become cluttered and cramped.

That spare room you wanted to use as an office could soon be home to boxes of items you rarely use. It may also restrict you from renovating parts of your home, like a garage or attic.

If you have items you don’t use regularly but wish to keep then self storage can be an ideal option. This way, you can keep your home tidy and free up space while your items are kept in storage. Then, once you need them, you can simply take them out and bring them home.

It’s also useful for seasonal items like camping gear or garden furniture which can be bulky, taking up lots of space in your home.

Security

There’s nothing more important than keeping your items safe from damage or theft. The great thing about storage units is that they are designed to provide peace of mind. Most facilities are equipped with security systems like CCTV, gated access, alarms, and individual locks for each unit. During this time, you won’t have to worry about anyone breaking in and stealing your items.

Protection from theft is key, however, you also want to think about the potential damage to your belongings. Whilst in storage, your items won’t be going anywhere, nor will they be exposed to the elements like they might be if stored at home. Some storage facilities may offer climate controlled units for added protection.

Flexible

Another reason why self storage is an attractive option is that you can use it for as long as you like. Most facilities offer flexible rental terms that allow you to choose the duration of your stay, whether it’s short-term or long-term.

In some situations like moving home, you may only need storage for a couple of weeks or a few months. Whereas if you’re storing items for the long term like collectables or family heirlooms, you can secure a unit for as long as necessary. This gives you the option to store as you go.

The Cons Of Renting Storage Space

The Cost

While self storage is certainly useful, it also costs money. If you need storage space for the long term it could cost you a significant amount of money in the grand scheme of things. You’ll need to factor in the monthly or annual fee for renting the unit, as well as any additional costs for insurance and security features.

The cost of storage can depend on factors such as:

  • The length of storage
  • Size of the unit
  • Location
  • Company’s rate
  • Storage insurance

If you’re on a tight budget, self storage may not be a cost-effective solution for you. In this case, it might be worth considering selling or finding creative ways to store your items within your home.

Accessibility

Keeping your items safe and freeing up space is at the forefront, however, convenience is equally important.

For example, if you’re storing garden tools during winter, it’s likely that you will want to access them sometime before the summer. This means you’ll need to drive to the facility to access your belongings. Whereas if they are stored at home, you can simply retrieve them from your garage or shed.

On the surface, it may not seem too much of a hassle, especially if it’s something you only need at a specific time of the year. That said, what if you were to store items which you use more? In those cases, the inconvenience of having to travel to your chosen storage facility can become a chore. If that’s something you want to avoid then it may make more sense to store at home.

If you’re based in a rural location, you may be travelling from afar, in which case there are other costs to factor in such as petrol for your car.

Should I Store At Home?

Despite the benefits that come with renting a self storage unit, there may be some cases where you prefer to simply store your belongings within your home.

You may be better off storing your items at home if:

  • You have plenty of storage space
  • You only have a few items
  • You want direct access to your items
  • You don’t want to pay for storage

Of course, this is providing you have the space to store – which not everybody has. In which case it makes more sense to rent a storage unit. You can find your local storage facility by searching “(your location) self storage”. Be sure to compare providers before making a decision to find the right balance between cost and service.

The Pros And Cons Of Renting Storage Space - Honest Home Experts (2024)

FAQs

What are advantages and disadvantages of a storage unit? ›

When considering long-term storage, self-storage facilities offer flexibility, convenience, security, and cost-effectiveness. However, it's important to consider the space limitations, lack of climate control, responsibility for maintenance, and limited assistance that come with self-storage.

What are the pros and cons of renting? ›

What Are the Advantages of Renting?
  • #1 Less Responsibility. ...
  • #2 Lower Monthly Payments. ...
  • #3 No Closing Costs or Down Payments. ...
  • #4 Greater Flexibility and Freedom (from HOAs) ...
  • #1 What You See is What You Get. ...
  • #2 Renting (Likely) Won't Help Your Credit. ...
  • #3 You Could End Up Paying More. ...
  • #4 Rent Is Effectively Money Lost.

Is paying for storage worth it? ›

Storage units offer a safe and convenient solution for securing your household items or valuables when you don't have enough space to house them yourself. Over the long term, the cumulative cost of a storage unit can surpass the value of the items inside.

Is storage rental passive income? ›

Yes, self storage businesses generate passive income. This business has low risks and performs well even during economic downturns.

What are 3 disadvantages of local storage? ›

Disadvantages of local storage
  • Higher costs: Upfront investment and ongoing maintenance of physical storage can be expensive.
  • Limited scalability: Enhancing storage capacity usually requires more hardware and physical space.
Apr 9, 2024

What are the disadvantages of storage costs? ›

Disadvantage: Storage Costs

Consider the costs to store excess inventory compared to the savings on wholesale orders. It also costs to do more inventory control and audits, potentially requiring additional manpower to work the warehouse.

How much should I pay for storage? ›

You might pay more or less for a storage unit depending on the unit size, your geographic location, and any amenities such as climate control. Depending on their location, self-storage tenants can expect to pay between $30 a month for a small 5×5 unit, and up to $250 or more for a larger 10×20 or 10×15 unit.

What happens to your storage if you don't pay? ›

In general, if you skip storage unit payments, it can kickstart the lien process, where the company can claim ownership of your items until the debt is resolved. Payment default typically happens within 5 to 30 days from the missed due date, according to the lease agreement.

What are the risks of self storage? ›

The most overlooked self storage risks include theft, fire, break-ins, hidden costs, inadequate surveillance, and environmental risks.

What percentage of Americans have storage units? ›

Thirty-eight percent of Americans reported being self-storage users, according to a newly released StorageCafe survey of about 17,000 survey responses. The report identified some of the latest self-storage trends, including: Gen Xers (54%) and baby boomers (51%) are the most likely to use self-storage.

What business makes the most passive income? ›

Here is a list of some of the best passive income ideas that can help you make money while still being able to focus on your core business:
  1. Rental properties. ...
  2. Affiliate marketing. ...
  3. Sell digital products. ...
  4. Create a mobile app. ...
  5. Invest in stocks. ...
  6. Peer-to-peer lending. ...
  7. Royalties.
Jan 16, 2024

Is rental income taxed as passive income? ›

In most cases, rental income is treated as passive income, even when an investor spends time overseeing a rental property business.

What is the disadvantage of storage as a service? ›

Disadvantages of Storage as a Service (STaaS)

A lack of reliable internet access can hinder data retrieval and operations. Data Transfer Speed: Uploading and downloading large volumes of data to and from the cloud can be time-consuming, especially with limited internet bandwidth.

What are the advantages and disadvantages of storage containers? ›

Here are the pros and cons of warehouses using shipping containers.
  • Durable Outside Storage. ...
  • Increase Warehouse Efficiency and Scalability Quickly. ...
  • Insulation and Refrigeration. ...
  • Affordable Office Space. ...
  • Downsides: ...
  • Incorrect Storage of Goods. ...
  • You Must Complete Routine Maintenance. ...
  • Used Shipping Containers Could Contain Toxins.

Is investing in storage units a good idea? ›

Self-storage is a solid investment for several reasons investors find attractive. First, the asset has high earning potential. Storage units cost less than residential real estate and other forms of commercial buildings, meaning more money in your pocket.

What are the disadvantages of portable storage? ›

Con: Hard Drives Aren't Infallible

External hard drives can be corrupted, like any other piece of hardware. They can be susceptible to fire and water damage, can overheat, and can malfunction.

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