The self-storage industry is exploding, and Americans spend thousands each year to store excess items.
In October, StorageUnits.com surveyed 1,200 Americans who are current, long-term storage unit renters.
We found out 76% say they could eliminate the need for storage units with improved home organization.
Many storage renters acquire new home decor, toys, clothes, furniture, and food in bulk each month, and 58 percent admit they buy more or way more than they need.
The study highlights how much renters spend and whether they could improve their home’s organization to eliminate the need for a storage unit. Research experts analyzed responses from 1,200 Americans who are current, long-term storage unit renters.
45% Spend More on Fees Than Items Are Worth
According to the report, 45 percent of long-term renters are spending more on fees than the items are worth, assuming they rent the unit for at least one year. Overall, 81 percent of respondents store less than $2,000 worth of items, and 45 percent have less than $750 in stored items. Thirty-two percent of renters say they have less than $500 worth of items in storage.
Survey results indicate that most long-term renters tend to store furniture, clothing, home appliances, and seasonal items. Only 16 percent of respondents say they will likely use all the storage items in the future. Forty-seven percent of renters say they intend to use 75 percent of what they are storing. The remaining third say they’ll likely use half or less of the items they’re storing in the future.
Many Buy Too Much Stuff
A majority of respondents buy new home decor, toys, clothes, furniture, and food in bulk each month. Fifty-eight percent of respondents admit they are buying way more or more than they need. When it comes to why, 56 percent of respondents say they excessively shop because it brings them joy, and 49 percent believe they need the items.
Many say rooms in their home, particularly closets and the garage, are ‘extremely full.’ Seventy-six percent of renters say they could eliminate the need for storage rentals with improved home organization.
StorageUnits.com commissioned and administered the study via the online survey platform Pollfish. The survey was conducted on October 26, 2022, and appropriate respondents were found via Pollfish’s screening tools. All data found within this report derives from the survey. Click here to view the complete report.
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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.