Self Storage and Economic Crisis | Public Storage
Posted in Baby boomers, Economic crisis, Financial crisis, Foreclosures, Home appliances, Home furnishings, Public storage, Public storage renters, Rent free storage, Rent to own, Renting, Renting storage space, Self storage, Storage and apartment rental, Storage and economy, Storage and finance, Storage and forclosures on January 10th, 2009 by james – Comments OffPublic storage benefits from financial crisis
The self storage, or public storage industry is booming in the midst of economic crisis, and, to be honest, because of the financial crisis! Foreclosures are forcing people to move out of their homes quickly in many cases, and all those home furnishings, appliances, and other valuables have to be put somewhere for safe keeping. To add insult to injury in such difficult circumstances, the people who are doing the moving and storing, rarely have opportunity to do the kind of research that would lead them to the best long term solution while under the pressure of the short term situation. Families forced to move from their dream home, into smaller homes or apartments usually have more belongings than they can put into their new quarters, and they often suffer the double rental whammy of not only renting a place for their families to live, but also renting a place for their belongings to stay until times get better.
Other reasons for public storage growth
There is however, no single profile of the average public storage renter. Add to the above scenario a growing population of baby boomers preparing to retire and turn nomadic, and others who are down sizing for reasons other than foreclosure, and the figures go even higher.
An alternative to public storage
There is a better way to approach this problem. Buying a building of your own to store your property makes much better economic sense. Sure, you would have to pay for it, but it will be yours, and you will have something to show for your money when it is paid for. Even if you chose a rent to own building, the price is normally equal to the price of renting self storage, and the cost evaporates when the final payment is made, so that you can look forward to rent free storage, and using the building for other purposes when your situation returns to normal.
Apartment renters
It is obvious that buying a storage building is better than renting storage space, but what about people who move from a large home into a small apartment, or some other rental situation? Where would they put a storage building? The short answer is this: Everyone knows someone who has a home and land. This is usually a family member or a close friend, who understands the situation and would be more than happy to allow you to buy a building for placement on their property until the situation gets better. You will not gain all the advantages of having the building placed conveniently at your own doorstep, but at least you won’t be throwing your money away on rent.
Other renters
If you rent a home, other than an apartment, the owner of the property might be willing to allow you to have a building placed in your rented back yard. At the least, it would not hurt to talk to them about it. In such cases, a ‘landlord lien waiver” may be required. Your building supplier will be able to supply one for you, along with instructions. However you work it out, renting to own, or purchasing outright, makes more sense than paying $50.00 a month for several years to store $500.00 worth of goods.
Storage sheds like this save money on storage expenses
