Public Storage or Private Storage? Beating the high cost of public storage.
Storage and financial crisis
In the wake of our recent financial disasters, an already enormous public storage industry has grown beyond imagination. Much of the overflow from down sizing after the mortgage fiasco ends up packed away somewhere inside a small mini storage facility, awaiting the time when the financial situation avails the public of new opportunities. the beneficiaries of this economic decline are those who have the capacity to provide space for self storage.
Boomers
Adding to the growing mini storage boom, are the original “boomers” themselves, “baby boomers” that is. Those of us who were born during that age of extreme population growth, are reaching an age where retirement is available, and to many of us, the thought of spending our new found free time and energy maintaining large homes and properties after our children are all moved out is not all that appealing. We were already a mobile generation, and being tied down was never one of our favorite pastimes. Lookout kids, grandma and grandpa will be hitting the streets! The content of all those large homes will have to be put somewhere, and much of it will end up in a storage building.
Our Stuff
There are a lot of other reasons why storage business is booming these days. A decade or so of relatively strong economic growth has caused and allowed for strong production. We have more stuff! We have so much stuff in fact, that we don’t have a place to put it all! Last years gadgets are outdated, heck, last months gadgets are outdated, and we don’t always want to let go of them.
We are spending more yearly on storage than many countries produce in a year! The problem is, that outside of preserving the things we store, we are not gaining anything in the process, and all of those products that we store are losing value the longer they are stored. It is pretty easy to store a thousand dollars worth of goods in a place that will end up costing us a thousand dollars every year.
The answer
What then is the answer? well, for one thing, we could stop renting and start buying our storage space. At least when it is paid for, we will still have something to show for the money spent. Buying your own building as opposed to renting self storage or mini storage from a public storage facility is a much more rational choice. Most storage building suppliers offer financing through lending agencies and banks, as well as rent to own programs which will give you as much, or more space for storage as the public storage units, at about the same monthly cost, and in the end, you own your own private storage, and will not have to pay for storage space again!
If you rent your home, or apartment, there are still better options than the perpetual self storage offered by the public storage industry. You can read about them on this site.
If you are considering renting storage space, or the purchase of a storage building in East Texas, email us at james@storagebuildingblog.com.