Active Supply & Design (CDM) Ltd., a U.K.-based builder and design firm specializing in self-storage, has released a study comparing the cost of renting a self-storage unit in the United Kingdom with the rental income that could be achieved from leasing a spare room. The study reviewed information from sources like real estate websites Spareroom.co.uk and Houseshare.com, as well as the 2014 annual survey conducted by the Self Storage Association of the United Kingdom.
It concluded that the difference between renting a self-storage unit and the income achieved from leasing a spare room ranged from £61 per week in Edinburgh, Scotland, to £58.50 in Manchester, England. In London, consumers could expect to profit anywhere from £66.50 to £133.50 per week, according to a press release issued by Attic Self Storage Ltd., a London-based operator with seven facilities.
“This finding will be extremely welcome news to many, with annualized savings ranging from £3,000 in Edinburgh to upwards of £7,000 in London,” Attic officials said in the release. “While the study did not factor in the additional costs associated with self-storage, such as the cost of moving your things into storage, the study also ignored other potential savings which could be achieved [such as] sharing the burden of utility bills at home across more people.”
With the size of new homes decreasing in the U.K., clutter is “silently taking space and quietly costing money, in spare rooms all over the country,” Attic officials said.
Although unemployment is down and inflation remains low in the U.K., wage growth is stagnant, placing pressure on households, according to the release. “Even as unemployment continues to tick down and increasing numbers of people find work, it’s imperative to keep finding new ways of releasing tied-up cash flow,” Attic officials said. “The news that renting out your spare room and placing the contents into a self-storage unit really can prove worthwhile will be very welcome, indeed, to millions across the U.K.”