Self storage prices
How much does self storage cost these days? Is it cheaper because of recession? Where can I find the cheapest self storage?
For customers in search of self storage, there’s good news and less good news out there. The good news is that prices for self storage are very likely to remain stable for the next year or more. The less good news is that recession, and the stagnant housing market, is not driving self storage prices down, as one might perhaps expect.
What drives prices above all in the self storage industry is the level of occupancy ‒ how full a self storage facility is at any given moment. If a facility is relatively full, then the manager will not feel pressured to decrease prices in order to attract more custom.
A recent survey (January 2011) of the self storage industry, conducted by Storage.co.uk, found that the average occupancy in self storage facilities across the UK stands at 74%, which is well above the level usually required to break even. And indeed Big Yellow and Safestore (the two largest self storage operators in the UK) both declared rising revenues and profits at the end of last year. Many self storage centres actually said they were 90% full ‒ not much chance of a bargain there!
So what does self storage cost?
Prices, needless to say, depend on a number of factors
- Location (city centres, and London generally, tend to be more expensive)
- The type of facility (modern purpose-built facility, or warehouse conversion, or containers under cover, or containers in the open, etc)
- The level of security offered
- Access arrangements (24/7, or restricted ‒ which has an impact on staffing and labour costs).
Given these factors, prices nonetheless are relatively uniform. You could expect to find the following rates for good-quality warehouse storage:
25 sq ft unit: £45‒£55 per month
50 sq ft unit: £80‒£85 per month
100 sq ft unit: £140‒£150 per month
150 sq ft unit: £190‒£200 per month
Container storage tends to be cheaper, and you might find prices offered are 30%‒50% less per square foot than the above.
How big is 25 sq ft?
It is not easy to assess how much stuff you can fit into a unit of any size. It depends what you’ve got, how good you are at loading and stacking, how much space you need to allow for passageways within your unit to permit access to the stored items, and so on.
It is important to get this right. If you hire a 100 sq ft unit when in fact a 50 sq ft unit would have been sufficient, your mistake will cost you some £55 every month ‒ £55 to store air.
Self storage facility managers can be good at estimating, so if they offer to help here, accept! In the meantime, you can use the Storage.co.uk ready reckoner on this website. As a broad rule of thumb, you can fit the following into these various sizes of units:
25 sq ft: 30 medium-sized boxes (packed closely)
50 sq ft: the contents of a Luton van, or a studio flat
100 sq ft (which is about the size of a one-car garage): the contents of a three-bedroom flat
Will I be charged VAT?
Not usually. Self storage is normally classified as VAT-exempt as the units are treated like rented property. But some companies offering container storage may charge VAT because the containers have been classified as moveable plant rather than fixed property.
What about special offers?
Many companies offer bargain opening offers or discounts in order to attract new custom ‒ such as the first month for just one penny, or a 20% per cent discount if you pay upfront for a year’s rental.
These offers may be genuinely attractive, but you have to look at the small print (as always) and do your sums. For instance, if the first month is free, what is the minimum stay you have to commit to? And if that commitment is for three months, does the amount you pay at the end still look like a good deal when compared with competitors?
Remember also that most self storage customers end up keeping their stuff in storage far longer than they ever expect to at the outset ‒ sometimes many years longer. And self storage facility owners know this, which is why they are happy to make generous opening offers to attract new customers.
So where is the cheapest storage?
Shop around! Storage.co.uk has a search facility that gives you a quick and easy way to apply for four or more quotes from storage centres in your neighbourhood (or the neighbourhood where you want storage), so you will have a ready way to compare prices.
Of course cheapest is not always the best or the most convenient ‒ if you want regular access to your stuff, proximity to your home will be important. But cheapest is a good place to start!
8 Responses to “Self storage prices”
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For the moment, the only thing one can do is compare prices and find out that way which is the cheapest that will allow to get same benefits as the higher priced storage facilities.
I agreed with what is the comment above. Anyway, your blog site is excellent.
Alot of interesting points raised, I operate a franchise of Simply Store in Essex,which is Mobile Self Storage. I have checked our prices and they are under the guide prices shown especially when you include the discounts we offer for longer term storage. By the sound of it some companies offer the long term discount at the front of the term, which I suppose is a marketing tactic that must work.
Your point about price per square foot compared to access is quite interesting! If you want regular access to your storage then to make this possible the room needs to be arranged in a manageable way, this is not cost effective. On the other hand if you want to get the lowest storage rate per square foot you will have to pack it tight, making your regular access visits a problem.
I think for people who are not worried about the access benefits but want the lowest posible storage, the Mobile self storage system would be hard to beat.
Not only is the cost low but the service offers something that storage rooms can`t compete with and thats the fact that the room is brought to you. Albeit a wooden storage container in a trailer! However this does offer additional benefits such as convenience, reduced handling and supply of blankets to protect furniture.
When comparing cost of storage it is also worth considering wether you require insurance as this can make a considerable difference to the overall cost of the unit. We typically include £2,500 cover for each 35 sq ft unit.
I definately agree you should shop arround but be mindful of the actual price you are paying per sqare foot including any VAT or insurance.
Very interesting comment, Alan. Many thanks! We have in fact done a blog looking at the Mobile Self Storage business, and would welcome your comments! Here is the link: http://www.storage.co.uk/blog/2010/12/mobile-self-storage
Self storage cost totally depend upon you life styles, types of facilities that you are probably seeking and the most important thing i.e your way of living…..
Self storage cost is something that helps a lot in deciding the lifestyle of an individual, Furthermore, It helps in living your life in an easy and effective way..
Useful post, thanks. Considering self storage as an option when I move abroad so will bear all this in mind.
Hi every, most storage companies work on a basis of how much to charge per ft.so rule of thumb would be north £1 per sq ft midlands;£1.10-£1.40 and the south; £1.60-£2.20 so bare in mind by working out how much time you require and what size. Bare in mind that if you have for 3 moths push for a deal or see if there offering one.
http://www.wright-self-storage-mansfield.co.uk