Should You Rent or Buy a Shipping Container?
When deciding if buying or renting a shipping container is right for you it is important to factor in price, convenience, and the use of the container. Do you need the container for business or residential purposes? If you need shipping containers for a long 10, 20 or even 30 years or want to make modifications then it will be better for you to buy shipping containers instead of renting them. If you need a shipping container for a storage purposes and don't know how long you will need it for then renting is the easiest and most convenient option. Below we have put together a comparison guide of renting vs. buying a shipping container to help you make the right decision.
Reasons for Renting a Shipping Container
Using a shipping container is a great option when you are moving into a new home. When deciding if you should buy or rent a storage container for the purpose of moving it is important to consider if you will only need the container for the move itself or if you are down-sizing and need somewhere to store your belongings for a long period of time. Most people rent a storage container when they are moving and use it to store belongings while they settle in and then give it back when they are finished.
Hosting an event
You can rent different sizes of shipping containers for storage while you host an event. Weddings, anniversaries or larger scale events like concerts are a great time to rent a shipping container.
Managing a Construction site
When using shipping containers for storage while managing a construction site it is important to factor in the length of time your project will be when deciding if you should rent or buy a shipping container. If you are only planning on using the container for a few months or if you have nowhere to store the container once the project is finished then it makes more sense to rent a shipping container.
Many people rent storage containers for home renovations. Instead of tripping over couches and boxes while renovating you can keep them clean and out of the way in a shipping container. You could also use a container for storage of tools, equipment and materials for the renovation.
Seasonal Storage for Retail Businesses
Seasonal retail businesses often have excess product on hand during specific seasons and need to store it. Short term rentals are a great option for these businesses.
Reasons for Buying a Shipping Container
This year we have seen many people make the shift from working in an office to working from home. This hasn’t been the easiest transition for many people with home distractions. If you have the land space, you can utilize a shipping container with modifications as an at home office space. If you are looking to use a shipping container for an on-site office at a construction site then renting a container is a great option.
Extra Classroom for a School
Schools that are in need of extra classroom space or need to socially distance can purchase a shipping container and modify it into a classroom, music room or for extra storage.
Hospital Staff Room or Medical Supply Room
Hospitals have always used shipping containers as staff rooms and for medical storage but with the pandemic we have seen hospitals be more creative and use shipping containers as testing sites and waiting rooms.
We often have farmers buying and renting a container and using them as tool sheds or barns. If you want to make a shipping container into a barn for livestock then purchasing a container is the best option for you. If you are looking for seasonal storage for crops then you could rent a container and give it back when the season is over.
Advantages of Renting a Storage Container
When you are weighing if you should rent or buy a shipping container it is important to factor in the convenience and ease of use when you are renting vs. buying a shipping container. You can swap the containers for different sizes if your needs change and if you are a business you don’t have to worry about storing it in the off season if you won’t be using it.
When renting a container you can have easy delivery to the location of your choice, use it and then have it picked up at your convenience or moved to another location.
When buying or renting a shipping container budget is one of the most important factors. Renting a container requires monthly payments while purchasing a container is a much larger one-time fee.
Tax Benefit for Businesses
This may not be applicable to everyone, but many businesses will get a tax benefit when they lease or rent a shipping container that they wouldn’t get if they purchase one. This is something you should look into before you decide if you should buy or rent a storage container.
Advantages of Buying a Storage Container
Container homes, home offices, art studios and even pools. Storage containers are being modified into pretty much anything these days. When deciding if you should rent or purchase a shipping container it is important to factor in if you need or want modifications. If you just need a basic office for say a construction site job then renting could be a great option but if you want more significant modifications then you will need to purchase a container.
Should you buy or rent a storage container? When answering this question you have to think about what makes the most financial sense. How long are you going to have the container and how much money does it cost to rent monthly vs. a large one-time fee.You will also want to think about the depreciation of the container over time and factor in the cost of modifications, transportation, maintenance, etc.
Why not incorporate some free advertising on your container? Similar to modifications, if you are wanting to add branding to your shipping container you will need to buy shipping containers instead of renting.
Sell when done with it
When you purchase a container this gives you the opportunity to sell it when you no longer have need for it and get some of your original investment back.
Renting vs. Buying a Shipping Container
When doing a comparison of renting vs. buying a shipping container you must factor in budget, use, and convenience. If you plan on only using your container for storage purposes or have a limited budget then the convenience of renting a container is the best option for you. If you need modifications and plan to keep the container for many years then you are going to want to buy shipping containers instead of renting. Either way, we have you covered.
If you are looking for convenient, short-term storage use with no maintenance and easy monthly payments then renting a container from Make Space Storage is perfect for you. Need to make modifications or plan on keeping a shipping container for a longer period of time? Visit our partner company, Coast Containers here.