What Is That Storage Unit REALLY Costing You?

I have a confession: For the past 6 years, I’ve rented a storage unit.

OK, technically I didn’t rent it, my husband did. His original impetus was good. He’s an artist and he had work coming back from a show, but no space in his studio because he was busy making new work. So he thought he’d get a small storage unit for a few months until he could move the art to another gallery.

Months turned into a year, then two, then six. The art market shifted — and a worldwide pandemic shut down the gallery scene — and the shows he hoped to get didn’t happen. But the storage rental continued.

This is how it happens with storage units. We think it’s a short-term place to stash some extra stuff, but since the bills are paid automatically and it’s out of sight, it’s too easy to forget about what we squirreled away.

Watch my podcast episode:

HOW BIG IS THE PROBLEM?
If you see yourself in my situation, know that you’re not alone.

There are over 51,000 storage facilities in the US. That’s more facilities (not individual storage units) than McDonalds and Dunkin Donuts combined.

With a total storage capacity of 2.3 billion square feet, every one of us 340 million Americans could simultaneously find a place to stand in a storage unit — and we’d each be standing over 6 feet apart!

WHAT ARE WE STORING?
With over 150,000 storage units abandoned and auctioned off every year, clearly we're not storing stuff we really care about.

In fact, the top 2 things stored are furniture and clothes — not high-value items. Given that “climate controlled” really just means a roof and some heat, your wooden furniture, upholstery, and clothing may not be in great condition by the time you rescue them from a musty, humid, rodent-infested (Notice the traps all over the storage facilities!) storage unit.

Is the stuff you’re storing so amazing that it’s worth paying money every month for the privilege of continuing to own it?

WHAT’S THE COST?
Storage units are inexpensive, so what’s the harm? Remember it’s not a one-time fee; the costs are cumulative.
The average storage unit costs $180/month. Doing the math, that’s approximately $2000 per year, $6500 for 3 years, and over $20,000 for 10 years. What else could you do with that kind of money?

WHAT’S THE ALTERNATIVE?
Would you be surprised if I told you that two-thirds of people who rent storage have a garage, half have an attic, and one-third have a basement?

Better than renting a storage unit, make the most of the space you already own or rent.

• Add shelves (I like sturdy chrome utility shelves.) all around the perimeter of your basement, attic, or garage.
  
• If space allows, add a row or two of shelves in the center the way libraries do.
  
• Use clear, latch-top bins so you can see what you have.
  
• Don’t have a dedicated storage room? Scour your house for extra space, such as at the tops of closets or under beds.
  

Most importantly, go through your stuff and make the hard decisions about what to keep and what to let go. The less you have, the less you have to store!

SIDEBAR: For help letting go of stuff, read The Keys to Unlock Your Clutter.

IS A STORAGE UNIT EVER A GOOD IDEA?
In two very specific situations, a storage unit can be a good solution. One is when you’d otherwise have to pay for more expensive real estate. For example, my friend's father is a contractor and his big equipment doesn’t fit in his garage. Commercial real estate is expensive, so a storage unit makes sense.

The second situation is when it’s truly temporary, like for a move. Just be SURE to give yourself a time limit!

IF YOU ABSOLUTELY MUST
If I haven’t yet convinced you not to rent storage space, at least do it the right way. Here are my three storage unit rules:

1. Pick the storage facility closest to your house and/or on a route that you typically travel.
   
2. Select the most convenient unit within the facility, preferably on the first floor near the door or near the freight elevator.
   
3. Don’t just pile everything into the unit. Line it with shelves, put everything in bins, and store it neatly so that you can actually use what’s in it.