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Looking For Storage In a Tight Market
The more you own, the more likely it is you’ll need to rent.
Nearly one in ten U.S. households store belongings they don’t have a place for in a rented storage unit, according to the Self Storage Association.
Many people discover a need for storage when they’re moving, says Chuck Gordon, CEO of Sparefoot.com.
As the housing market has recovered, demand for storage has grown. “Prices for self-storage are at an all-time high,” says Gordon. The price for a non-climate controlled space averaged $1.25 per square foot monthly in the summer of 2015, up from $1.09 per sq. ft. in winter 2011, according to the Self Storage Almanac.
Building of new storage facilities stagnated during the recession and the squeeze is on. “We’re seeing annual rate increases of nearly 10 percent as facilities fill up,” Gordon says.
And just as builders keep adding luxury features to homes, storage options are evolving. Some companies now specialize in pick-up and delivery for residents of densely populated urban centers, where it’s difficult for apartment dwellers to drive out to a storage center.
Even self-storage, positioned as the more bare-bones option, has added options, with some facilities equipped with surveillance cameras, individual door alarms and movable storage containers, reports the SSA.
Gordon offers these tips to storage customers:
• To estimate how much space you’ll need, tape out an area at home to see if items fit in the allotted storage space.
• Inventory items so that you remember what’s stored.
• Check if your renter’s or homeowner’s policy protects items in storage. You may need an endorsement on your policy to cover expensive articles.
• If storage fees are high in your immediate area, check prices a few miles away.
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