Self storage is hot! The fastest growing segment of commercial real estate, self storage is estimated to have generated more than $24 billion in revenue in 2013. With five public corporations and almost 35,000 independent operators, there are reportedly over 50,000 facilities in the U.S. Today, approximately one in 10 U.S. households is said to rent a self-storage unit.
But is renting a self-storage unit a good option for everyone? The answer is “no.” More specifically, renting a unit simply because you can’t figure out what to do with your stuff can be a real waste of money. Self-storage is real estate, and you pay for the square footage. You may also be paying for climate control, security, and accessibility. Sometimes, this is a convenient and appropriate storage solution! Sometimes, it just isn’t worth it.
If you have been thinking about renting some off-site storage space, work your way through this flow chart and answer the questions.
(click to enlarge)
Real estate is always costly, so make sure you spend your money wisely!