Self storage prices are not random. There are a number of factors that determine the cost of a storage facility to operate. There are also a number of factors that determine the value of storage that a customer is receiving. The key factors that determine self storage prices and once you understand them you can make better decisions as to the features and charges that you require.
Unit size drives the base price
As with most things in life there is often more than first meets the eye. The Square Footage of a Unit. This is the base of all pricing for self storage facilities. The square footage of a unit in meters squared is how storage facilities measure and price the spaces they have available. A 2x2m storage room will cost a fraction of the price to rent a 6x6m storage room, because a facility can charge out the 6x6m space to multiple people. The calculation of square footage of a self storage room can be deceptive at times. For example, a facility may advertise a 5m x 3m unit however this does not take in to account the height of the room and therefore the actual square footage. If the room is of normal height then the square footage would be 15sqm, but if the room has a very high ceiling then the square footage could be anywhere up to 30sqm.
When comparing storage spaces, it is also very important to know the height of the storage space. A storage space with a slanted roof is not always the same as a storage space with a normal height. Some storage spaces may have limited height due to for example ductwork. In some cases, the facility will charge more for a storage space with extra height, while in other cases, the extra height will be included in the base price of the normal sized storage space. It is very important to measure your belongings and to check the height of the storage space you are interested in. Many people mismeasure their belongings and end up booking a storage space that is too big for them.
Some storage units are considered Climate Controlled (also referred to as Air Conditioned or Controlled Environment). As the name implies, Climate Controlled storage is kept at a temperature and level of humidity that is required for certain types of items that are going to be stored. The cost of a Climate Controlled storage space is often many times that of regular self storage, however for some people and businesses, the extra cost will be well worth it as they can save a lot of money in the long run by avoiding damage to their personal or business property. Climate Controlled storage units are typically used to store items such as electronics, paper, antiques and many types of furniture that would be damaged by normal temperatures and humidity.
Tools for the garden or sporting activity normally require simple storage space.
Ground floor, in the corner, nearest the loading bay – basically right at your car. A facility with drive up access to a lift up to height of your storage space will generally charge more per square meter than one where you have to trudge up and down corridors between rows of storage with a trolley to lift your goods up to the height of your storage space.
Accessibility and convenience features
The hours of access to a storage unit can have a large effect on price. Those facilities that offer 24 hour access will normally charge more than say a facility that has restricted hours for storage. This is because the facility is incurring greater security and operational costs for extended hours of storage access. Not only will a facility with extended hours of access to storage units have normal lighting and security monitoring, there will also be on site staff available to assist 24 hours of the night. It is the presence of on site staff that can have a large impact on price, especially for facilities that have a large late night / early morning user base.
The type of access provided to the storage unit can also vary in price, depending on the type of access provided by the keypad entry system. A simple keypad entry system to provide access to a storage room is generally the least expensive option, compared with a biometric scanner (e.g. a fingerprint reader) or a card reader. However, there are some storage facilities that offer app-based access to individual storage spaces, which carry software licensing fees on an ongoing basis.
Many storage facilities provide for free the use of trolleys, dollies, pallets, ramps and other equipment designed to make moving into your storage unit easier. When comparing self storage Bunbury prices consider the frequency with which you will need to access your storage unit. Is it worth paying a bit more each month for the convenience of having free use of a trolley for example?
Security measures and their cost impact
A major cost for a storage facility is the security and the security features of the individual storage units and the storage facility as a whole. There are two extremes of security here. On the one hand, there are basic storage facilities with a simple fence around the perimeter and units locked with standard padlocks. On the other hand, there are storage facilities with all sorts of security cameras and motion detectors. The individual units may have their own security alarms and some facilities even have staff on site 24/7.
Monthly cost differences can be substantial.
Some storage facilities require you to obtain insurance for your goods. This can be through a designated provider to the storage facility or you can use your current policy or obtain independent storage insurance. In either case the storage facility may charge a fee for the administration of the insurance requirement. These costs are not always clear when obtaining quotes for storage spaces so it is always best to ask.
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Rental duration and payment terms
In terms of cost per month, the longer the period of time for which you book storage space, the cheaper it will be for you. This is because a storage facility makes more money from a long term storage customer than from a short term storage customer. The storage facility loses money and incurs costs for cleaning, etc. every time a storage room is left vacant.
The longer that you rent a space for then the cheaper your monthly rate will become. Because most self storage facilities are designed with high turnover of clients then there can be a lot of cleaning up after people to re let the space. Therefore a lot of facilities offer discounts to people that book and pay for 6 months or more of storage. Some facilities also offer discounts to people that set up an automated payment plan for there storage. This saves the facility in administration costs and they then pass on the discount to you in the form of a cheaper monthly rate. Then there are some self storage facilities that actually charge you a fee if you want to pay for your storage in cash.
Market conditions and seasonal demand
Self Storage Prices fluctuate due to many different factors that are specific to the area in which the storage facility is located in. Primarily the cost of storage is determined by the number of Self Storage Facilities for rent within a certain boundary, compared to the demand for storage space. People searching for Self Storage Facilities are generally looking for affordable storage, and as such will pay more for a facility with limited space available. Conversely, in areas with an abundance of Self Storage Facilities for rent prices are generally lower. There are however, many variables that can have an affect on prices such as Universities with large intakes of students in certain times of the year. In general, areas with high populations and lack of housing are also seeing an increase in Self Storage prices.
For a short period of time a storage company can ‘over rule’ normal pricing factors for promotions ie. First months’ rent free or set up fees removed for the initial term. After the promotional period has ended the storage company will revert back to normal charges for subsequent terms. It is common for storage companies to have low prices in the off season and then charge higher prices during peak times of demand for self storage.
Know how storage facilities price their units, to get the best price for your storage and to pick the best facility for your needs. Don’t just opt for the cheapest option. The cheapest storage may have features you don’t need, and cost you more in the long run.
