Ever wonder why buying storage is so popular? Read on...

Until you have actually sat down and ran the numbers, it is hard to imagine at first blush why owning storage is such a great decision. Owning your storage freezes your costs at today's rate, unlike rentals that traditionally incrementally raise your rent on a fairly regular basis. Further, you have the opportunity to enjoy potential appreciation, build equity, and actually own something of real value. Rentals do none of the above.

I am not much of a numbers guy, I generally go by how things "feel". However, sometimes you just have to sit down and run the numbers. Well, despite my hatred of black and white reality, I put all the numbers together for you. It is pretty surprising how it all works out.
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Rent vs. Purchase Analysis

Purchase Price Rental/Purchase Payment Length of Time Total Net Monthly Expense
Rental $400 60 Months $24,000 $400
$64,999 $383.95 (6% @ 15 Years, 30% down) 60 Months $23,037
Equity Earned (Pay down of loan after 60 months) 60 Months -$11,126.95
Annual Taxes $909 (1.4% of sales price) 60 Months $3,408.75
HOA Dues $35 per month 60 Months $2,520 $297.31 Includes HOA, Taxes, Insurance

Rent Vs. Purchase Analysis with 2% Appreciation

Just for grins, lets see what happens when we add 2% appreciation to the equation, with everything else being equal
Purchase Price Rental/Purchase Payment Length of Time Total Net Monthly Expense
Rental $400 60 Months $24,000 $400
$64,999 $383.95 (6% @ 15 Years, 30% down) 60 Months $23,037
Equity Earned (Pay down of loan after 60 months) 60 Months -$11,126.95
Projected 2% appreciation $1299 Annual value increase over 60 months 60 Months -$6,495
Annual Taxes $909 (1.4% of sales price) 60 Months $3,408.75
HOA Dues $35 per month 60 Months $2,520 $189.06 Includes HOA, Taxes, Insurance

Rent Vs. Purchase Analysis with 5% Appreciation

Okay- Lets get wild here and see what happens with an annual 5% appredciation -
Purchase Price Rental/Purchase Payment Length of Time Total Net Monthly Expense
Rental $400 60 Months $24,000 $400
$64,999 $383.95 (6% @ 15 Years, 30% down) 60 Months $23,037
Equity Earned (Pay down of loan after 60 months) 60 Months -$11,126.95
Projected 5% appreciation $3249 Annual value increase over 60 months 60 Months -$16,249.75
Annual Taxes $909 (1.4% of sales price) 60 Months $3,408.75
HOA Dues $35 per month 60 Months $2,520 $26.48 Includes HOA, Taxes, Insurance