Premium Amenities Like Climate Control Cost MoreĬlimate controlled storage units offer better protection for your stored items, as it regulates air temperature and humidity all year-round. When shopping for a storage unit, it is important to consider these additional factors. For example a facility in a rural area will typically be cheaper than a facility in an urban area. There are several other factors that can affect the price of storage units, even within the same market. Climate-controlled storage units are generally about 30 to 50 percent more expensive than units without climate control. Keep in mind that the average prices above include both climate-controlled and units without climate control. There are many factors that contribute to the prices offered by any given storage location. Storage unit prices can vary widely, even within the same market. Factors Affecting the Cost of Self-Storage If historical trends hold up, street prices should increase steadily through the summer and decline again in the fall and winter. With much of the housing market at a standstill, operators are having to lower rents and increase marketing efforts to fill empty units.Ĭonsumers can likely benefit from lower storage prices through 2023, relative to the previous year. Now that the pandemic-driven demand has subsided, storage operators have recently lowered prices in order to lure new tenants to take over recently vacated units. Pandemic-driven demand, along with inflation, fueled a surge in self-storage prices over the last two years. Self-storage prices return to seasonality in 2023 It shows that prices were declining slightly heading into 2019 from 2018, but the arrival of the COVID-19 pandemic reversed the trend and led to steady increases in price starting in 2020 and lasting through the first half of 2022. The chart above shows the average storage prices by year. That’s a 26% increase in self-storage rental rates over four years since 2018: That equated to an average price per square foot of $1.19 per square foot. The average price of storage reached $110 per unit per month in 2022. Last year was a record year for self-storage industry growth according to an analysis of SpareFoot reservation data. Storage prices reached record highs in 2022 Monthly Storage Prices (Jan-October 2023) Average prices are calculated using data for storage units rented through .Īvg. The table below shows the year-to-date average rental cost as of October 2023 for the six most popular storage unit sizes. Local demand and availability for certain sizes in a market or at a single facility can also affect the price. Usually larger units are more expensive to rent than smaller units, but cost less on a per square foot basis. Average Self-Storage Prices by Unit Size in 2023 That is down about 9.9% from the entire year of 2022. So far this year, the average self-storage monthly rate was $98.25. During the pandemic these historical trends mostly went out the window, so the current decline in rates marks a return to the seasonal trends of the past. Self-storage rates historically drop during the fall, after the end of summer and back-to-school school rush. The current average is the lowest monthly rate of the last 20 months-a welcome break for anyone needing to rent a self-storage unit that is feeling the pinch everywhere else. The average monthly cost to rent a self-storage unit in September was $92.06, down 16.5% from the same month a year ago when the average rate was $110.27. Now that demand has subsided, storage operators are lowering rates to be more competitive as they seek to fill up empty space at their facilities. Prices reached all time highs last year, boosted by an unprecedented surge in demand caused by the pandemic. Good news for self-storage shoppers: it is getting cheaper to rent a self-storage unit.
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