As you plan to rent a self storage unit, one of the questions you need to address is how much it costs. While a storage unit is a convenient way to handle extra stuff in a season when you don’t have a place to store it, you do need to pay for the unit on time each month to avoid issues. Thus, knowing the cost is important for your budgeting.
The price for self-storage units does vary from location to location, but many companies are offering discounts or lowering prices in order to generate more business. According to Move.org, the average price for self-storage units in 2023 is around $180 a month. You will pay more or less depending on your geographic location and the size of the unit you need to rent.
Average Cost for Self-Storage Units in 2023
According to Forbes, the average cost of a storage unit per month based on its size is as follows:
- $75 for a small unit, between 5x5 and 5x10
- $150 for a medium unit, between 5x15, 10x10 and 10x15
- $300 for a large unit, between 10x20, 10x25 and 10x30
If you add climate control, then the price will increase by $25 to $30 a month, and additional features, such as video surveillance, may add to the cost as well.
Storage Prices Dropping After Record Highs
In 2023, storage unit rental costs have started to come down after a record high in 2022. Currently, the average price for a storage unit is around $1.07 per square foot, which is down from $1.19 per square foot in 2022 and $1.12 per square foot in 2021. It’s still higher than pre-pandemic rates, which were under $1 per square foot, but shows a downward trend for the first time in several years.
Prices are dropping as the world is recovering form the pandemic. During the pandemic, there was a push for more storage units, and demand increased prices because there were plenty of interested customers. Now, storage unit companies have lowered their prices to encourage people to fill in the empty units that have been vacated. While no one can predict the future prices for storage units, they may continue dropping.
Storage Unit Pricing Can Be Seasonal
Another factor to consider when looking at the cost of a storage unit is the season. From May to September, more people are listing houses for sale, moving, and sending kids to college. These are all factors that increase the demand for storage units. When more people need storage units, the price tends to be higher. In contrast, during the off-season, companies often run specials and lower prices to attract more tenants. If you know you’ll be needing a unit soon, this might be a better time to reserve one.
Geographic Region Impacts Storage Unit Costs
As you’re comparing storage unit costs, remember that your location will impact the cost. Some areas, especially those with a higher-than-average cost of living, have a higher storage unit rental fee than others. For instance, New York and Los Angeles, two popular urban locations with a high cost of living, have some of the highest average storage unit prices in the country.
Use Self Storage Discounts to Lower the Cost
Self-storage discounts can make the cost of your storage unit less. Many companies will offer perks like the first month free. However, you need to check all of the fine print to ensure that you’re not required to book the unit for a certain amount of time or book a certain unit size to unlock these discounts. In addition, you may find discounts for specific groups, such as teachers, veterans, and seniors, if you fall into one of these categories.
How to Compare Storage Unit Costs?
As you make a choice about where to stash your stuff, you need to compare the cost of storage units. To do this, you can either call several companies to get a price quote, or you can use an online comparison tool like USSelfStorage.com to make your comparisons. Regardless of what option you choose, make sure that you are comparing like units. Some features that may impact the cost of the storage unit include:
- Climate control versus no climate control
- Security measures
- Accessibility
- Size of the unit
- Drive up verses non-drive-up
Determine what features you need, and then make sure you’re comparing units that have those features. To find the best possible price, use USSelfStorage.com to search for units that have the features you want, and then compare the prices side-by-side to get accurate quotes.
Storage Unit Cost FAQs
What is the average cost for a storage unit?
According to Forbes and Move.com, the average cost for a storage unit is around $180 a month. The size and features of the facility will impact this average.
What is the average cost for a small storage unit?
Depending on the size, you can expect to pay around $75 for a small storage unit. Some companies offer these for around $55 a month for a 5x5 unit.
What is the average cost for a large storage unit?
Because the size of storage units varies, stating an average cost for a large unit is challenging. Forbes estimates the average cost to be $300 for a large unit measuring 10x20 or higher.
