Are you in need of securing a self-storage unit? If so, you may want to have a good idea of the cost of a storage unit. When life in general is so expensive these days, every little helps and price is an important consideration in all purchases! With inflation and the cost of living crisis, people across the board are thinking more carefully about how they spend their money at the moment.

In this blog, we take a look at the different factors that affect the cost of a storage unit and how you can potentially save yourself a few pennies.

The size of the unit

A good storage facility will offer storage units to rent in a range of different sizes, from small containers to mega warehouse sizes. As you can imagine, the cost of a storage unit increases alongside the size.

In saying that, customers are typically billed by square foot of storage space. It’s commonplace for storage facilities to offer discounts per square foot. This means that square footage gets slightly cheaper when you go for bigger unit. Therefore, depending on your needs scrimping on a smaller unit won’t always be the most cost-effective option for you, so it’s important to bear that in mind when choosing a self-storage unit.

Location

Much like in the property sector, location, location, location has a big impact on the cost of a storage unit. The 2021 Self Storage Association (SSA) report found the average rental rate per square foot in London to be £33.06. This is significantly more than the UK average of £23.94. Storage units situated closer to large bustling city centres will often be more expensive.

If you are looking to save a bit of cash on your storage unit, it might be a good idea to look at sites further towards more rural areas and away from cities if you have the luxury of options. At Now Storage, we are proud to offer 13 locations across England and Wales where we provide customers with self-storage, business storage, and caravan storage.

Length of stay

The cost of a storage unit will also depend on how long you intend on storing your possessions there. The longer you intend to use the storage unit, the more you can expect to pay. You may find that many storage providers have minimum duration requirements. At Now Storage, we require a minimum of four weeks.

If you’re looking for a long-term storage solution and worried about the cost, look for a provider that will rewards your loyalty by offering discounts for longer-term stays. Remember, they want storage in their units and you want a unit for your storage! Many providers are willing to make the arrangement work well for both parties.

Replacement value

It’s important to factor in the cost of insurance when looking for a storage unit. Storage provider’s will ask you to take out their insurance policy or provide your own. Even when using a well-established storage provider with a top reputation, you never know what can happen and you always need insurance as a backup.

Insuring your possessions is particularly crucial if you’re storing multiple high-value items. Always check with a provider whether there is anything you can’t store in their units. You’ll often find that things like jewellery, watches, money, plants and perishable items are often not accepted. Check out our list of prohibited items.

When you arrange your insurance through Now Storage, our prices start from just £2 per week. The higher the overall value of your belongings, the higher their replacement value and the more this cost will rise. So, before choosing a storage unit, consider the overall value of the items you want to store. Storing that expensive handbag or rare piece of vintage furniture could really ramp up the price you’ll pay.

Security

Whilst all reputable self-storage centres will have tight levels of 24-hour security, they may charge a little more to cover these overheads. We would always recommend choosing a high-security site to protect your belongings. At Now Storage, all our sites are monitored 24/7 by state-of-the-art CCTV systems and security guards. We also provide you with a free padlock for your unit for added peace of mind.

Wondering how much a storage unit at one of our Now Storage sites may cost? Use our quote generator to get a quote or give us a call on 0800 0787 110. Whatever your budget, we can help you find an option that suits your wallet!