Off-Site Storage Units - A Look at Storage Units and Why People Rent Them

What is an Off-Site Storage Unit, and What Role Does it Play in Today's World

Definition

An Off-Site storage unit is a storage space away from one's home or business that can be rented for a period of time, typically billed by the month. Storage units are typically housed in rows with many other people's storage units.

Recent reports from reliable resources such as the Self Storage Association show that approximately 10% of American households use off-site storage units. This equals about 13.5 million households. The self-storage industry in the U.S. generates approximately $39 billion in revenue per year.

Pricing

Storage units are commonly based on square footage and billed by the month. Other factors such as storage location, type of storage, and rental duration influence pricing. Here is a chart with approximate prices of off-site storage units with no climate control.

Rental Duration

Not all sources, such as the Self Storage Association and market research firms, agree on the average intended rental or the actual rental duration; however, sources do agree that most renters actually end up renting the storage unit for longer than they intended. According to common findings reported across multiple studies, many renters intend to rent for only 6-12 months, but most renters end up renting for 1-2 years or more.

Rental Uses

Here are some reasons why people may rent an Off-Site Storage Unit.

• Moving and relocating 
• Decluttering
• Storage for seasonal items
• Downsizing
• Collectibles and hobbies

Maybe these are just the reasons why you are looking for more storage, but before you decide to rent a storage unit let's take a look at what Rent-to-Own is. Then we will compare the two.

Rent-to-Own - What this is and why should I do it?

Basic Explanation

Rent-to-own is an affordable way to get your dream shed in your backyard. It also consists of monthly payments. However, unlike offsite storage services, every rental payment moves you toward ownership of your own storage building. So, instead of paying rent for an off-site storage unit, you are paying for storage and buying a new shed all at the same time. Once the payments are finished, you own the shed.

Key Benefits

• No large upfront cost.
• This is your most flexible path to ownership.
• Pay over time for the things you need.
• There’s NO CREDIT CHECK and NO PENALTY for early buyout or cancellation.
• Rent to Own puts a storage shed in your backyard instead of across town.
• Can be used for workshops or garages while a storage unit cannot.

Pricing

Rent to own terms come in various lengths: 24, 36, 48, or 54 months. Here are a few example sizes and prices without sales tax. If the size that you need is not listed here, feel free to contact us.

Common Rent-to-Own Myths

Myth #1: RTO programs are expensive

     Truth: Rent To Own is actually cheaper than renting a storage unit.

Myth #2: My credit isn't good enough.

     Truth: No credit checks needed.

Myth #3: They are legal traps.

     Truth: RTO has a short-term agreement period with no fees to pay off early.

Myth #4: High buyouts

     Truth: When you complete the rental contract, the building is yours at no additional cost.

Myth #5: I won't qualify for the program.

     Truth: All you need is a steady income.

So, how does Rent To Own actually compare to a storage unit? Glad you asked.  Let's use these numbers: The average 10x15 storage unit can be rented for $135 per month while the average 10x16 Lofted Shed Rent-to-Own payment is $182 per month.

 That's a $47 difference. While you are paying $135 for a off site storage unit, I can be paying $182 per month for a shed in my backyard. So for the extra $47 a month I will be buying a shed that will be mine once the rental period is complete. 

Having a shed in your backyard not only saves gas, but also the time that you spend running to the storage unit to get that one item that you need or running back for the one that you forgot!

Comparison

Here is a chart that compares the key differences between Rent To Own and Off-Site Storage.

Conclusion

Final thoughts: Chose the Long-Term option!

 Although an off-site storage unit may be the perfect fit for a college student or someone who only needs storage temporarily, it is not the best choice for everyone. If you need long- term storage Rent-to-Own can often provide better long-term value than a Storage Unit.

Many storage unit renters who plan to rent a storage unit for a short time actually end up renting it for longer than they had initially intended. So why rent a storage unit far away when you can rent your dream shed in your backyard and have storage forever? 

Click the button below to apply for Rent to Own today!