Out of Sight, (Sporadically) Out of Mind: NYC’s Storage Conundrum
This article originally appeared in Sutton Place Social.
by Sonya Weisshappel
Here’s a common scenario: you’re downsizing, renovating, or dealing with the death or illness of a loved one. You need to clean and stage an apartment and get it listed for sale or rental as soon as possible. During this chaotic time, you may feel pressured to put things in storage. Quick fixes seldom go out of fashion. Managing stress should be the number-one priority, but don’t rush into making a decision. Everybody’s different, but New Yorkers tend to be a lot different. Gather the facts, clarify pricing, talk to your trusted advisors, and, most importantly, know what you own and what it’s worth before it goes out the door.
Some people think storage is a life hack; others, perhaps rightfully, dismiss it as a scam. The truth lies somewhere in between. Reality TV programs like Storage Wars and Antiques Road Show have only fueled an (often misguided) notion that you may be sitting on buried treasure. Is that dollar amount worth the trouble of putting your stuff in purgatory, without a clear plan, only to risk it being damaged on the way in or out?
If you’re not sure what’s being sent off to storage and you think there might be something valuable, then do a simple calculation based on these numbers: According to StreetEasy, the going rate for a medium (8×8) storage unit at popular NYC storage facilities is between $180-$250 per month—second only to Tokyo as the most expensive place in the world—far surpassing the national average of $89 per month. And, based on recent statistics gathered on Neighbor.com, the average duration of a storage unit rental is fourteen months. So, are your items worth more than $2,520? What about $6,480 for three years, or $10,800 for five? You could have paid for that table or chair or lamp several times over and you may be left feeling hoodwinked—with only yourself to blame.
Let’s say you have a piano or a violin and it’s worth a lot of money. You ask your insurance agent to create a special rider on your policy for this special thing. But how much money are you willing to spend on insurance over the next fifteen or twenty years? At what point is it no longer worthwhile to insure this item or group of items? The same question applies to storage units. Also worth asking: Will the problem be passed down to your children or grandchildren? Or can you sell, donate, or gift items before they go to storage purgatory?
Some New Yorkers consider their storage unit to be their second apartment. It’s an additional rental without having to go through the headache of talking to property management. Midwesterners have their garages, attics, barns, and sheds—or at least an extra piece of closet space under a staircase. Where else can New Yorkers put their Christmas decorations? Then again, why do some collectors have enough ornaments to decorate the Rockefeller Tree twice over?
Undoubtedly, renting a storage unit is a must for anyone who’s planning a renovation. In this case, consult a reputable mover who offers storage options. Remember that art should be stored separately or in a specialized facility. Having a digital inventory with photographs, measurements, values, and descriptions is always a good idea. That way, you can easily share that information with your family members or advisors, update your appraisals, double-check that you’re insured properly, and vet possible vendors for sale, auction, or donation.