Storage units are incredibly helpful. You can use them for all sorts of things, from temporary storage space while you move to keeping vintage cars.
How long you should rent a storage unit is very much a personal decision. As we discuss below, it depends on your budget and what you want to use the space for.
Consider Your Situation, Where You Live and Your Space
How long you should rent your storage unit depends, to a large extent, on your current living situation.
If you have downsized by moving from a family home to an apartment but you plan on finding a bigger place in the future, you may want to rent a storage unit long-term. Units can accommodate all of the possessions you don’t need right now, ready to go when you move.
If you don’t plan on moving but still want to hold onto your possessions, you may want to rent indefinitely. Some homeowners use storage units to prevent their belongings from cluttering up the house.
For example, you might use your storage unit to keep items you only use rarely. If you need the item for whatever reason, you simply drive to the storage unit and take it out. This way, you can avoid putting things in the trash that you might need later.
You’ll also want to consider where you live. If you live a long way from the storage unit, then renting it long-term may not make much sense. If it is hard to get to, you may have to spend vast swathes of time travelling to and from the facility.
Consider Your Finances, How Long Can You Pay for a Unit?
Next, you’ll need to consider your finances. Are you in a position to pay for a unit right now?
If you have a stable income and plenty of savings, then renting a storage unit is a great option. However, if you don’t have your finances in order, you could lose access to the unit.
How much you pay for a storage unit depends on the size, similar to a regular house rental. The average cost of a small unit (around 5 feet by 5-10 feet) is $90. For a larger 5-10 feet by 10-15 feet unit, you’ll pay closer to $160. And for the largest units, those 10-20 feet by 10-30 feet, prices are around $290 per calendar month. Your task is to figure out precisely what you need and then budget accordingly.
If you know how long you need to rent your unit for, then you can calculate the total cost. For instance, if you need to rent a small $90/month unit for 20 months, you’ll pay $1,800 in total. You can then compare this figure to your budget to work out whether it makes financial sense to you or not.
Storage units offer a tremendous amount of space. Most medium and large units will accommodate all the possessions in your home and still have some room left over for extras.