Storloft.ca Reveals Self Storage Prices Now More Expensive Than Apartment Rentals
TORONTO, June 22, 2023 (Newswire.com) - Storloft.ca, a leading online self storage marketplace, unveils a significant trend in the self storage industry, where the cost of storage units has surpassed apartment rentals in select Canadian cities. The findings, based on comprehensive data collected from 30 storage facilities in Montreal, Toronto, Calgary, and North Vancouver, reveal a dramatic increase in self storage prices compared to the average cost of renting an apartment.
According to the latest figures, the prices of popular self storage unit sizes have experienced remarkable fluctuations. In Montreal, a 5x5 storage unit now costs $120, a significant increase from $98 in May. Likewise, a 10x10 unit is priced at $284, up from $259, while the price of a 10x20 unit has decreased slightly to $428 from $429. View the data at https://www.storloft.ca/self-storage/montreal#Montreal_Self_Storage_Prices.
In Toronto, a 5x5 storage unit is priced at $154, down from $174 in May. The cost of a 10x10 unit has decreased to $319 from $378, and a 10x20 unit is now available for $622, a slight reduction from $604. View the data at https://www.storloft.ca/self-storage/toronto.
However, when comparing the price per square foot, the cost of self storage becomes even more significant. According to 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, costing $622, translates to $3.11 per square foot. Considering most storage units lack basic amenities such as wall outlets, this disparity raises concerns about the value proposition of self storage for consumers. Source: https://www.toronto.ca/community-people/community-partners/social-housing-providers/affordable-housing-operators/current-city-of-toronto-average-market-rents-and-utility-allowances/
"Our research on self storage prices has highlighted a trend," said Kris Bruynson, Storloft.ca founder. "The rising cost of self storage, especially in comparison to apartment rentals, has become a pressing issue for individuals seeking affordable storage solutions."
Furthermore, the average prices for major self storage unit sizes across Canada were identified as $124 for a 5x5 unit, $289 for a 10x10 unit, and $527 for a 10x20 unit. Notably, prices for 10x20 units have already approached the $1,000 threshold, indicating a potential further increase in storage costs.
Storloft's online marketplace allows individuals to compare prices, amenities, and reviews across various storage facilities, helping customers find affordable and suitable storage solutions.
For more information on Storloft.ca and to explore affordable self storage options, please visit storloft.ca.
Storloft.ca is a leading online self storage website. With a mission to simplify and enhance the storage experience for customers, Storloft.ca provides a convenient platform for individuals to search, compare, and book self storage units across Canada.
For media inquiries, please contact:
Kris Bruynson
Storloft.ca
Phone: 647-931-0047
Email: info@storloft.ca
Website: storloft.ca
Note: The information provided in this press release is based on the data and research conducted by Storloft.ca.
Source: Storloft