The true yearly cost of a storage unit
The monthly rate is only part of what a storage unit costs. Over 12 months, fees, protection plans and rate increases can add up. This guide shows you how to work out your own yearly number, using your lease and your bills.
Start with the monthly rate × 12
Take the rent on your latest bill and multiply it by 12. That is your base yearly cost. If you moved in on a promo, check what the rate becomes after the promo ends. That number, not the promo, is what most of your year will look like.
Add one-time fees: admin fee and lock
Many facilities charge a one-time admin or setup fee at move-in, and some require you to buy a lock. Look at your move-in receipt for these lines. Read more in our guide to self storage fees
Add monthly insurance or protection
Many facilities require proof of insurance or sell a monthly protection plan. Multiply that monthly charge by 12 and add it.
Rate increases after move-in
Your rate can change after you move in. Check your lease and any notices for the new rate and when it starts. If it went up mid-year, count the old rate for the months before and the new rate for the months after. See what to do about a self storage rate increase
A simple worksheet (use your own numbers)
Fill this in from your lease and bills:
Yearly cost = (monthly rate × months at that rate) + (new rate × months at new rate) + one-time fees + (monthly protection × 12) + other monthly fees × 12
Example only (made-up numbers, not real prices): a 10x10 at $150/month for 6 months, then $170/month for 6 months, a $25 admin fee, a $15 lock and $12/month protection.
- Rent: ($150 × 6) + ($170 × 6) = $1,920
- One-time fees: $25 + $15 = $40
- Protection: $12 × 12 = $144
- Example yearly total: $2,104 (about $175 a month on average, versus a $150 starting rate)
Your numbers will be different. Use the ones on your own bills.
How to ask for a lower rate in writing
Once you know your yearly number, you can ask the facility in writing for a lower rate. Keep it short and polite, mention how long you have rented, and ask what rate they can offer. See how to negotiate storage unit rent
Want us to ask for you?
Cut My Storage is free for renters. We ask your facility for a lower rate in writing, and we can also compare written quotes from storages within about 3 miles. We never move you without your OK. We work by email only: hello@cutmystorage.com
FAQ
Are there fees beyond rent?
Often, yes. Common ones are a one-time admin fee, a lock, and monthly insurance or a protection plan. Check your move-in receipt and monthly bill for each line.
Can my rate go up after move-in?
It can. Many storage leases allow rate changes after move-in. Check your lease and any notice you received for the new rate and the date it starts. This is general information, not legal advice.
Is Cut My Storage free for renters?
Yes. Cut My Storage is free for renters. Start your request or email hello@cutmystorage.com.
This guide is general information, not legal advice.