Simple Math To See If Renting A Storage Unit Makes Financial Sense

September 20, 2018

Photo 102303100 © Jonathan Weiss - Dreamstime.com

The late comedian, George Carlin, said it best that all your house is a place to keep your stuff. But even then our homes may not be large enough to store all our stuff and what's where a storage unit comes into play. Last year the non-profit Self Storage Association found that approximately 12.2 million American rented a unit within the last five years and at least 5 million more would rent one in 2018. But for those who have never rented a unit before, the idea of paying monthly to store items you're not using every day can often seem like a frivolous expense. However, paying the storage fee can make financial sense in many situations. It's simple math. Take the monthly cost to rent the space, times the number of months (or years) you plan on renting.  Then add in any fees.  If the costs are less than the items you are storing, then a storage unit makes sense.  If it cost more to rent than the items are worth, well it may be time to get rid of some stuff. For example, if you have $1,200 worth of your belongings in storage and it'll cost you $200 to move everything in and out, the total value of what would be inside the unit comes to $1400. And if the unit costs $55 a month and there's a $25 admin fee per year (a $685 yearly cost), it only makes sense to rent the unit out for two years ($1370 total for 24 months)—otherwise you're breaking even or even wasting money on things that can be easily replaced.

SOURCE: Apartment Therapy

See and hear more from the 98.5 KTK Morning Show

98.5 KTK Morning Show Podcast