Inexpensive bike strap for storage

Since getting my half bike a couple of months ago, I've been trying to figure out a way to store it with the smallest use of space possible. I think I finally figured out a way to do it in my tiny apartment. I used a rubber tarp strap (like a bungee cord but less flexible) and wrapped around the wheel and put each hook throw a whole a create throw an Ikea shelf. I've added a photo to show the small footprint I'm using now for storage.

I should have mentioned some more details about the size of the strap and cost :D. The strap I'm using is 38 cm (15 inches) and I paid 2.30 Canadian dollars including tax (1.70 US dollars). www.canadiantire.ca/en/pdp/rubber-bungee-cord-15-in-0402780p.html#srp

Great idea and an awesome use of space Waleed :)