The Cost Effectiveness of Self Storage

The self-storage industry in the UK is growing, with an increase of 8.1% over the last year according to industry reports. Homeowners, businesses and entrepreneurs are all finding self-storage a useful option when they need more space. It’s flexible, secure, safe and dry, and offers short and long-term storage. But is it cost effective?

Saving costs on office space

The average cost of renting office space across the country in 2024 is £35 a square foot. When you’re based in a city centre, you could be paying a premium. Birmingham office space is estimated at £300 per person per month, while even an economical office averages £455 per desk in London. For micro businesses and SME’s where every penny counts, smaller office space is also much harder to find.

Even as businesses face rising costs, there are ways to save on your space. It’s all a matter of reassessing how you use it. Prioritising your needs – and looking for alternative options to make the most of every corner of your current office.

If your biggest need is room for people – with desks, staff breakout and meeting rooms your priority, you don’t want to lose space to storage. Corners, cupboards and rooms taken up with old furniture, marketing materials and filing is taking up space that is costing your business money.

Saving costs on home living

As the cost-of-living features as an ongoing topic of conversation, the housing market seems to be heading upwards. House prices have increased by 1.4% so far in 2024, according to Zoopla. It might be good if you are selling, but less so for anyone considering upsizing for more space, especially once you add on the additional costs of moving, such as estate agent fees, conveyancing and the cost of moving.

Rental prices are going up as well, by 8.7% in the last 12 months. When your monthly rent averages £1,300 in England, moving to a larger property with higher rates is going to be a big commitment.

Self-storage as a cost-saving alternative to gain more space

While we’re all focused on saving on expenses, the idea of adding the cost of a self-storage unit may not seem to be the best option. But when you consider the potential there are actually huge benefits.

Self-storage contracts are flexible, so you can choose a short-term option. For homebuyers, this gives you time to allow the economy to settle down, or to save up for your house move, while solving your immediate space dilemma.

What do you need more space for? If you have a young family, a lot of room is likely taken up with toys, pushchairs and clothes, however the amount of equipment and size of toys children have is inversely proportional to the size of the child. As they get bigger, their gadgets get smaller, and you’ll need less storage space.

If you’re living in a flat in the city and need somewhere to store your sports gear and camping equipment, a storage locker will be more cost-effective than a larger flat, and you can have access to your items whenever you need it.

Growing a business in storage

Businesses also often need short term space – for seasonal goods or to allow for a temporary staff increase, perhaps for project work. That means you can move the filing out of your storage room and create a new office or temporary meeting room with ease.

Small businesses that need a secure storage option for stock or tools will find a storage option a better business decision than taking on premises, especially if they don’t plan on being open to the public. Business premises incur rates, utilities and insurance on top of the rent, and you are responsible for the upkeep of the security and meeting H&S and fire regulations. With storage units, it’s all taken care of.

If you’re still not sure that a storage unit is the cost-effective space you need, why not give us a call. Once we understand what you primarily need space for, we can help you calculate the size of unit you’ll need and give you an idea of costs. At Magenta Storage, we’re confident you’ll like your options.