Beware of Bait-and-Switch Teaser Rates
Debbie Kuo | March 18, 2024
How to Rent a Cheap Storage Unit
Whether you’re moving, downsizing, decluttering, or simply looking for a little extra space, renting a self-storage unit can be a great solution. But with so many options out there, it can be difficult to find the best-priced storage unit that’s right for you—especially with so many bigger companies luring people in with seemingly low rates only for them to subsequently (and shockingly) increase the price within the first few months. Not sure where to start? We can help you find the best storage pricing.
Find the Best Storage Price by Researching Multiple Facilities
First things first, start by searching online and looking up the terms “storage space near me,” “storage units near me,” or “cheap storage units near me” to find local storage facilities and their prices.
Compare the Costs to Find a Cheap Storage Unit
Make a list of three to five different self-storage facilities that you like, and check out the process for getting a quote from each. You’ll find that many facilities include administrative fees and insurance fees at the end of the online rental process.
Compare Features
Are you storing expensive items or items that are weather-sensitive? If so, keep an eye out for storage spaces near you that offer different features like:
- Climate control
- Wine storage with humidity control
- Security systems
- Clean indoor storage units
- Insurance ($5,000 personal property coverage)
Some of these features can add to the cost of a unit, but it could be worth the expense to protect your belongings depending on what you’re storing.
Check for Specials and Coupons (Storage Unit Discounts)
Do the facilities have any current specials or promotions? Comb through the website to see if any self-storage deals apply to the specific unit size you need.If the website doesn't have any current specials listed, try calling! Some have specials that are not listed on their website. When you call, ask about:
- Referral Programs: Some facilities offer referral programs where you can earn a discount on your rent by referring a friend or family member.
- Multi-Month Prepay Programs: Some facilities allow you to pay multiple months in advance at a discounted rate.
- Military Discounts
- Student Discounts
- Teacher Discounts
- Senior Discounts
- First Responder Discounts
Consider the Location
The location of the storage facility can affect the price. A facility that’s five to ten miles away will cost you more in gas and time than one that’s in your neighborhood. On the other hand, facilities located in metropolitan areas or near highways may charge more than those that are in the suburbs.
Be Aware of Bait-and-Switch Teaser Rates
When doing your research, it’s important to ask the question, how often will my rental rate get increased?When it comes to price, you have to be aware of too-good-to-be-true teaser rates from large, well-known self-storage real estate investment trusts (REITs)*.
*Major Real Estate Investment Trus
What’s a Self-Storage Unit Teaser Rate?
Just as it sounds, self-storage giants will lure renters in with the promise of a low rate only to subsequently increase the price, according to new research from the 2024 Self-Storage National Investment Forecast by Marcus & Millichap.“As larger operators have increased their market presence, they have started to apply dynamic pricing with low teaser rates to draw in new tenants, followed by subsequent rate increases to achieve a higher ultimate target monthly rent,” the report states. “This has reduced visibility into actual effective rents while putting downward pressure on asking rates.”
How Much Does It Cost to Rent a Storage Unit?
Storage unit costs can vary greatly depending on the location, size, and features. You may pay more for larger units (bigger units cost more) and more features (climate-controlled and drive-up units cost more). Based on availability, you may pay more when there is a storage unit shortage in the market. Are you looking to save a little extra once you’ve found a price you’re comfortable with and confirmed it won’t increase unexpectedly? You can save 10 dollars monthly when you rent online with us.
Our 9-Month Rate Protection
**Unlike many large self-storage companies that frequently increase their monthly rental prices multiple times per year, we are committed to offering our customers stability and peace of mind by ensuring their rental rates remain unchanged for nine months. Our customers can rest assured they will not face any rate increases during their first nine months of rental. Please contact your local storage facility for details on self-storage pricing and rate protection. **Move-in promotions are excluded
Find a Cheap Storage Unit Near You
And there you have it! You’ve got everything you need to find a cheap storage unit near you. By accurately determining your storage needs, searching for the best price, double-checking for specials, comparing locations, and being aware of bait-and-switch scams, you can save yourself some serious cash. Don't forget to do thorough research and read reviews before making a final decision. And if you need some extra help or have any questions, we’re here for you. Give us a call today or visit our website to learn more and start storing and enjoying your space again.
Reference
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| Saturday | 9:00 AM - 2:00 PM |
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About Five Star Mini Storage
*Only applies to rental fee. Taxes, and fees, including an administrative fee, may still apply. Offer is for select units, subject to availability, and only applies to new customers (not transfers or additional units). Offer and pricing are subject to change and a reservation is required to guarantee price. Online pricing only applies to online reservations and rentals. Unit sizes are approximate and may vary from size estimate listed. Please inspect unit prior to finalizing rental. See Terms of Use