As a renter, we know that the last few years have been a rollercoaster with the pandemic, inflated real estate prices and high rent in many cities. Economically, people are looking to save money where they can and rent is one of the biggest expenditures many of us have. If you’re looking to save money this year, consider renting a 10×10 storage unit instead of that additional bedroom. Time and time again, renting a storage unit rather than an apartment with an additional bedroom adds up to big savings.
Save Money on Rent with a Storage Unit
If you live in a major city, odds are that apartment space is at a premium. If you need additional space at home, renting a larger apartment may not be the most economical option. Imagine swapping out 100 square feet at home for the same amount of space in a 10×10 storage unit. Looking at the cost of renting a storage space versus upgrading to a larger living space — it’s almost always less expensive per square foot to rent a storage unit.
According to sparefoot.com, the average cost of a 10×10 storage unit per month in the United States was $119.84, with an average cost of $1.20/sqft.
According to RentData.org, the average Fair market rent prices for 2021 were:
1-Bedroom – $1,205
2-Bedroom – $1,526
3-Bedroom – $2,103
On average, it would cost ($1,526 – $1,205 =) $321 to upgrade to a 2-bedroom apartment.
On average, it would cost ($2,103 – $1,526 =) $577 to upgrade to a 3-bedroom apartment.
The data we used reflected the average of California as a whole, which is important to remember, as we know there’s a big difference between rent in San Francisco and the rent in smaller cities.
No matter how you look at it, renting a storage unit when you need more space is more cost effective than renting a larger apartment. If you’re looking for ways to save money on rent, consider renting a storage unit for extra space rather than a larger apartment.
If you’re weighing the option of downsizing, this may also be a great way for you to save money on apartment rent. If you’re a single person renting a two-bedroom apartment, you could save ($321 – $120 = $201 x 12 months =) $2,412 annually by downsizing into a one-bedroom apartment and renting a 10×10 storage unit. Roughly the same amount of space, for a lot less money seems like a wise move to us!
Downsize with a Storage Unit and Save an Average of $2,000 Annually
Rent may be high, but it’s possible to find creative ways to save money in 2023. Downsizing into a smaller apartment and renting a storage unit often leads to big savings for renters. What would you do if you were able to save more than $2,000 a year on rent? On the flip side, if your current home feels cramped, moving unused items to storage rather than upgrading to a larger home rental offers big savings.
The way prices have skyrocketed recently, we know it’s important to save more where you can. Renting a storage unit from Security Public Storage may be just the money saving catalyst you need to reach your financial goals. Find the SPS storage location nearest you and browse current storage unit availability in your city.