How Inflation Affects Moving Costs
What is Inflation?
According to the U.S. Bureau of Labor Statistics, in June of 2022, the annual Consumer Price Index (CPI) was at its highest level since 1981 at 9.1%. You may ask, “What is inflation, and how does inflation affect moving costs?” Inflation is the overall upward price movement of goods and services in an economy. The level of inflation we have been experiencing over the past few months affects every aspect of our economy, including the moving industry.
How Inflation Affects Moving Costs
Since March of 2021, costs for moving have grown by an average of 11.84%. As inflation persists, price surges steadily make their way through almost every industry’s supply chain.
Here are some of the moving costs that went up:
- The average price to rent a moving truck went up by 23.4%.
- Average prices for furniture and bedding have grown by 15.8%.
- Labor costs for drivers and moving crews are up dramatically. Consequently, your hourly labor costs for moving have increased.
- Housing shortages and quick home sales have more people utilizing storage options, and many warehouse facilities are at maximum capacity, driving up storage prices to premium levels.
- The average cost of moving and storage freight services has gone up 6.9%
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How to Save Money on Moving Costs to Offset Inflation Price Increases
Declutter and purge your belongings before you move.
Have a garage sale to sell items you no longer want or need. Additionally, after the garage sale, donate any items that are remaining. The fewer items you have to transport to your new home, the lower the moving costs can be. Selling items you no longer want is a great way to reduce your moving load and make a little extra money.
Avoid moving in the summer peak season.
When demand is lower for moving companies, you can receive better rates when you move. It also gives you flexibility for your moving date and schedule changes. Both of which are uncommon during the busy summer season.
Your moving day affects the cost of your move.
Most people don’t know that booking a moving date is comparable to booking an airplane ticket. Flying on the weekend can cost more than flying in the middle of the week. The same is true for moving. If you are flexible with your moving date, it can save you money. Moving during a less desirable date, in the middle of the week or mid-month, can cost less.
Try packing yourself.
You can buy your packing supplies in bulk and check your local grocery stores or liquor stores for free cardboard boxes.
Get multiple moving estimates.
Research reputable moving companies online and get a least three moving estimates. Additionally, thoroughly vet the moving company you choose to perform your move.
Hire a moving company with experts.
Lile has over 60 years of experience moving families and businesses worldwide. Our knowledgeable sales consultants will work with you before booking your move, and our trained customer service representatives will guide you through the moving process after booking. Our moving experts can help you decide what moving services best fit your needs and budget. Most people don’t move very often, so getting help from experienced professionals can help save you money.
Lile is a trusted professional local, long-distance, international, and commercial moving services provider with over 60 years of moving industry experience.
Contact us today to set up your FREE moving survey. Call us at 888-507-6304 or fill out our online residential services quote form.