Or, should you find something else to do with your stuff?
Here’s everything to consider.
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There are many reasons why people need storage units, and the demand for them is increasing.
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It is expected to expand to $71.37 billion by 2027.
But, in the short term, people can use storage units when renovating, relocating, or downsizing.
Businesses can do the same to store excess office furniture, files, and office supplies.
The same is true of cars that shouldnt be moved.
What is a storage unit, and how does it work?
Generally, there are two types of storage facilities: full-service and self-service.
Full-service storage companies will pick up your belongings, handle transportation logistics, and inventory the stored items.
This level of care tends to have a higher cost, which may include replacement or damage insurance.
However, full-service storage facilities limit access to your belongings.
Self-storage units are much more ubiquitous.
Often, these are in parking lot-style facilities or buildings that are fully automated.
You are in charge of moving, documenting, and storing your belongings.
Types of storage units
There are different types of storage units.
These are the most common:
How much does a storage unit cost?
Storage unit prices vary based on key in, size, location, security, and other climate features.
Many storage companies offer introductory rates that are irresistible.
But it only turns out to be a steal if you use the storage unit for a brief time.
Youll need to read the fine print.
Even facilities that have a monthly rent may have a mandatory minimum rental period.
Does renter’s insurance cover storage units?
In general, yes, renter’s insurance covers items kept in a storage unitbut there are limitations.
So, are storage units worth it?
If the items you’re considering storing are just extra clutter,Ann Fechnerof Guerilla Realty says no.
To do this, she says, Explore all the costs.
The advertised monthly fee usually does not include insurance, sales tax, and climate control.
However, Fechner says that short-term storage is very valuable in real estate transactions.
It is rare for storage facilities to report monthly on-time payment status to credit reporting companies, says Roman.
This will hurt your credit score.
This can also lead to storage unit auctions, and things can turn out ugly.
It can be cathartic to say goodbye to items that no longer hold value.
