- Real Estate
Renting a Storage Space
We tend to accumulate a lot of necessary and unnecessary items along our journey of life. Hence, availability of sufficient space to accommodate these items becomes a challenge. It is then that we look for storage space externally. I think I can safely say that “Need for Storage Space is Universal”.
Storage space is required for storing goods that are personal in nature or business goods.
Need for Storage
Industry experts have defined 4Ds for the need of storage as:
In the case of death of an individual, all his possessions need to be stored safely until they are disposed of.
In the case of a divorce, usually, one individual forfeits the rights to the home. In such a case, he/she will need a temporary storage for his/her personal items.
This is a case when a family requires space for storing their goods. The reasons for dislocation could be:
- A family/ or an individual move to a new city and has not fixed up their accommodation.
- A family/ individual is selling their home.
- A family/individual is getting their home renovated.
This is applicable for a business enterprise. When they are closing down or downsizing the scale of operations, they will require space for storage.
Other than these, storage space is also required by businesses for storing raw material, work-in-progress and inventory. Industrial warehouses are used for this purpose.
When goods are brought in from another country, space is required for their storage before customs clearance.
Many a time, we may build a collection of art and artifacts. Since space is a limited commodity, we might need to rent extra space to store it.
This leads us to the question, “How to find storage space for our goods?”
These days finding storage spaces of different sizes and at various locations is not a problem at all. There are space listing websites where owners of such spaces list their space. Pictures and locations of the spaces are also uploaded making our task of seeking space easier.
Storage has evolved into an industry popularly known as ‘Self Storage’ industry. This industry basically aims at providing storage units for short-term rentals.
Storage Spaces can be broadly classified as:
Private and Public storage
These are owned by individuals. They are generally small in size. Examples of private storage spaces are unused cupboards, a garage, a vacant room in a house or a storage shed. The chief benefit of this type of space is that they are available at low rentals. Besides this, they are also conveniently located. This type of storage offers more flexibility to the tenant as he is allowed frequent access to the storage space. The concept of private storage is revolutionizing the storage industry. This is because it works as a mutually beneficially arrangement for the owner and tenant. Many a time, the space that the owner rents out is lying idle for him. By renting it out, he is able to generate a regular income from it.
These are generally larger in size compared to private storage. These are used when you do not need to check on your goods frequently. A public storage is one where goods are securely packaged and locked up with limited access. A warehouse is an example of a public storage. This type of storage has the benefit that it has facilities such as freight elevators, scissor lift, loading bay, etc. This makes it an ideal option when large-sized goods need to be stored for a relatively longer period.
Before you select a storage space for rental purposes, you need to check certain vital aspects of the space.
Necessary Features in a storage unit:
This is of foremost importance as you will not want to take the risk of burglary. When seeking a storage space, you should ensure that it is safe and secure. It is beneficial to select a storage unit that has surveillance cameras.
The size of the selected space should be such that it comfortably houses your goods. It should be convenient to arrange the goods so that they are not damaged.
3. Climate Control:
The storage space should be weather-proof so as to protect the goods from damage due to weather.
4. Protection from pests:
The space should be free from attack by pests and rodents, etc.
Before finalizing your storage unit, you should ensure that the access to the space is convenient but not too easy.
6. Facilities at the Storage Unit:
The type of storage facility you choose depends on the nature of goods. If you need to store goods that are small in size, you can select a garage or a closet space, etc. If the goods that you need to store are bulky, you will need a storage space which has facilities such as cranes, freight elevator, etc.
7. Packaging Material:
Some storage facilities provide packing material to their users. You can select a facility based on your requirement.
8. Miscellaneous Factors:
Sometimes you might need a storage facility where you may need to set up a temporary office. This is true in the case of warehouses from where goods are shipped out. You will need to check the feasibility of setting up the office in the warehouse. Some storage space owners provide restroom facilities to the users. Some storage facilities provide trucks, etc., for movement of goods.
Self-storage has become a popular concept these days. Recent times have seen a rise in the use of private storage. This is mainly because of the flexible terms and lower prices. As space becomes more and more scarce, the trend of renting storage space is only going to increase.