Is self storage of any advantage to me?
03/05/09
Self storage is the service of providing cargo containers which are divided into storage space which are rented to consumers on a monthly basis. These facilities are used by individuals for storing household goods, and by small business for storing excess inventory or any other purpose. The storage space also known as "units" are secured by the tenants own locking systems.
The possession of the unit is completely with the tenant and the service provider does not have a right of entrance once the tenant has taken possession of the unit. A service provider can gain access to the unit through approaching the judiciary for a right of lien for non payment of rent under self storage laws. There are around 52,000 storage facilities which have been developed on industrial land in a property ranging from three to seven acres in the U.S. The land covered by such storage facilities is roughly three times the size of Manhattan Island.
The self storage industry which was considered the lowest common denominator of the real estate industry, generates around $20 Billion in a year. These spaces are in a variety of sizes ranging from 5x10 roughly the size of a walk in closet to 20x 20 around the size of the two car garage, and are typically windowless, walled and lockable by renter. Some of the better storage facilities use state of the art security for the safety of your belongings, the security available ranges from security guards to cameras and even individual door alarms. Some facilities also have electronic access through keypads or biometric thumbprints as well.
These containers might bed climate controlled which would be compensated with a higher rent for belongings which require a specific temperature. Self storage has gained popularity over the years , one in ten families employ the service of a storage provider in the United States. Tenants are not allowed to store non perishable, non hazardous and non toxic items in there storage space. Customers are not allowed to live or sleep in their units, it is essentially only a storage space.
If in a self storage the tenant refuses or cannot pay the rent for the storage space, the service provider can take possession of his belongings and auction them to recover the rent. These auctions are open to general public and are seen as an opportunity by many to buy cheap second hand merchandise.
In rural and suburban regions most self storage facilities are multiple single storied buildings and thus are well ventilated. Storage spaces which are climate controlled are generally more concerned with humidity control than temperature as issues of mold, mildew and moisture can destroy belongings.
An ancillary business in the self storage industry is public storage such as lockers in clubs, railways etc, where items can be stores, though these are at a much smaller level and are not always related to self storage.
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