Whether you are considering self-storage for personal or business use, it has a range of fantastic benefits. It is convenient, practical, secure, flexible, can reduce clutter, and in terms of self-storage for business, can enhance office space to allow for expansion. But what does self storage cost?
Storage unit prices
Storage unit prices are typically paid monthly in advance and vary depending on a range of factors. The two main ones are the size and position of the storage space within a facility and where the facility is located. There may also be additional fees for any add-on services like insurance, an electrical power supply and cleaning fees if you decide to move out.
In terms of the position of the storage space, many storage facilities have a mix of options from ground floor and upper units to drive-up access. Drive-up access is usually the most expensive because of the convenience factor, which is why units on upper floors are typically cheaper. However, a unit upstairs will generally have a lift to make moving goods easier. The price of a ground floor unit typically falls in between the two.
In terms of where the unit is located, storage facilities in the CBD and inner-city areas are generally more expensive than those in suburban regional locations. So if you are prepared to travel to access your unit, it’s a great way to save money.
Average prices by location
In terms of the average cost of self storage, prices can vary depending on the state your storage unit is located in. For example, as a guide, average unit prices for a medium-sized (3m x 3m) unit per month are:
- Sydney — $317
- Melbourne — $310
- Brisbane — $284
- Canberra — $244
- Perth — $189
Average prices by size
Size does matter, so it’s important you work out approximately how much space you’ll need. Prices also depend on the size of in combination with the location of the storage unit, however as a guide:
- Small — $40 to $150
- Medium — $175 to $280
- Large — $255 to $570
- Extra Large — $450 to $90
Other factors that affect self-storage costs
Most storage facilities require customers to rent their units for a minimum of one month, and the rental period will generally continue on a month-to-month basis until either party provides a notice to vacate. This is usually seven to 14 days in advance. If you move out mid-month, some operator will refund all unused rent back to the day you vacate, so you don’t pay for the storage you’re not using.
Some storage facilities also offer customers a discount to price match with competitors, if they book online, pay their rent in advance, and/or a long-term discount rate when they commit to six to 12 months or more.
Rental increases are typically reviewed after a fixed term, and some storage facilities will impose an increase of up to 12 per cent bi-annually. Others may review their prices after 12 months and consider competitor’s rates, supply, and or/previous discount plans offered when determining this.
Insurance, climate control, an electrical power supply and/or a forklift service for the loading and unloading of pallets are some of the additional services that may add to the cost of a self-storage unit.
In terms of a powered unit, this often applies to commercial customers, and climate-controlled units (which control temperature and humidity) can be important if you are looking to store wine, electronics or artworks that may be damaged if exposed to extreme temperatures.
In terms of insurance, although many storage facilities have controlled access via personalised PIN codes and alarms and 24-hour camera surveillance, your contents are not automatically insured when placed in storage, so this may be an additional cost.
Another fee that may be applicable is a one-off administration fee (up to $50) for the sign-up process — some operators will take this amount off your first month’s rent or refund it when you move your belongings out of storage. There may also be administration fees for processing your storage booking, cleaning fees when you move out, rubbish removal for abandoned goods or general waste, fees for late payment and Credit Card surcharges.