Soaring Self Storage Prices Surpassing Apartment Rentals
Here's the updated version of the article:
"We are proud to unveil the July results of an extensive study highlighting a noteworthy trend in the self storage industry: the cost of storage units now exceeds apartment rentals in certain Canadian cities. Based on comprehensive data collected from 30 storage facilities across Montreal, Toronto, Calgary, and North Vancouver, the findings shed light on the continued increase in self storage prices compared to the average cost of renting an apartment.
In recent months, prices of popular self storage unit sizes have experienced substantial fluctuations. Montreal has seen a notable increase, with the cost of a 5x5 storage unit rising to $136 from $120 in June. Similarly, a 10x10 unit is now priced at $286, up slightly from $284, while the price of a 10x20 unit has increased to $495 from $428.
In Toronto, a different trend has emerged. The price of a 5x5 storage unit has increased to $170 from $154 in June, indicating a less favorable direction for renters. The cost of a 10x10 unit has slightly decreased to $315 from $319. Furthermore, a 10x20 unit is now available for $601, slightly down from $622.
In Calgary, a 5x5 storage unit is priced at $138, a 10x10 unit costs $300, and a 10x20 unit is priced at $484. In North Vancouver, a 5x5 storage unit costs $159, a 10x10 unit is priced at $421, and a 10x20 unit costs $737.
However, when considering the price per square foot, the cost of self storage becomes even more significant. According to data provided by the City of Toronto, the average price of a bachelor apartment in the city is $1,317, equivalent to $2.63 per square foot. In contrast, a 10x20 storage unit in Toronto costs $601, translating to $3 per square foot. This disparity raises concerns about the value proposition of self storage for consumers, particularly considering the lack of basic amenities such as wall outlets in most storage units.
\"Our research on self storage prices has revealed a concerning trend,\" stated Kris Bruynson, spokesperson for Storloft.ca. \"The rising cost of self storage, especially when compared to apartment rentals, poses a significant challenge for individuals seeking affordable storage solutions. It is crucial for consumers to be aware of these price discrepancies and explore alternative options to meet their storage needs effectively.\"
The study also highlighted the average prices for major self storage unit sizes across Canada. A 5x5 unit costs approximately $151, a 10x10 unit averages at $331, and a 10x20 unit comes in at around $579. Notably, prices for 10x20 units in some cities have already approached the $1,000 mark, indicating a potential for further increases in storage costs.
Storloft.ca remains committed to providing transparency and empowering consumers in their storage decisions. As the leading online self storage marketplace in Canada, Storloft.ca offers a comprehensive platform for individuals to search, compare, and find suitable self storage units across the country. By connecting consumers with trusted storage facilities, Storloft.ca aims to simplify the storage process and ensure it remains cost-effective."
Average price of a 5x5 unit
| undefined | June | July |
|---|---|---|
| Montreal | 120 | 136 |
| Toronto | 155 | 170 |
| Calgary | 129 | 138 |
| North Vancouver | 158 | 159 |
| National Average | 141 | 151 |
| $/sqft | 5.6 | 6.0 |
