Wednesday, September 30, 2020

What is a storage unit auction?

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A storage unit can be a blessing if you do not have enough room in your home to store items. And, for a small monthly fee, you can typically get a great deal on a lot of extra space. But, what happens if you become delinquent on your monthly rent?

When failed payment notices stack up, the storage unit’s owner has the right to sell your items via a storage unit auction. The money earned, will then be used to pay them for the months you were behind, and they’ll now have a cleared unit they can rent to another tenant.

What is a storage unit auction?

Like any other auction, items are put on a table and an auctioneer will start a bidding war with attendees on each item individually. Some items may sell for $5 while others may sell for $500.

That money will then be collected and given to the storage unit owner, so they can pay themselves for the missed rental payments.

Are storage unit auctions legal?

While it may not sit well in your stomach that an owner has the rights to sell off your items should you not pay your rent, it’s no different from renting an apartment or home.

Should you fail to pay your monthly rent on an apartment or home, the owner/landlord can kick you out on the street by throwing your items in a box on the street or even in the yard for anyone walking by to grab.

For this very reason, it’s important you read through your agreement before you sign, and you always pay your bills on time. If you’re having financial difficulties or you’ve lost your job, discuss this with your landlord or in this case, the storage unit manager or owner.

You may be surprised to find they have a clause in the contract that covers this and will help you out. You may also be surprised if they say you need to get your items out before the next month’s rent is due. Regardless, communication is always the best.

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