You could apply the same logic to the stuff inside your house, which is just a glorified storage unit. Why are you paying premium to store that stuff, when you could downgrade to a studio apartment or a tent?

The bottom line is, if you want to own stuff, then you must store it. You know what is more expensive than storage? Buying stuff you need or want and reselling it, again and again. Or leasing it in general. Some stuff has poor resale value, takes a lot of energy to choose and accumulate, and is not easy to replace.