There are companies that offer storage spaces to be rented out to clients. These storage spaces are then used by the clients so they can store their belongings. This is the whole idea of self storage.
These spaces can be rented out on a monthly or yearly basis. The target market is those who need to store a lot of their belongings because of any of the following reasons:
• They don’t have the space at home.
• They’re renovating.
• They’re moving.
• They’re selling the home.
Business owners would also avail of these services in order to store some of their properties.
The industry of self storage is mainly based in the United States. Currently, there are about 58,000 storage facilities all over the world and 46,000 of them are based in the United States. In fact in 2007, it has been said that the industry of self storage renting and leasing has earned an income of about $6.6 billion.
Self storage facilities are usually rented on a monthly basis, but there are also long term options available. Among the things that are being stored are household goods, appliances, furniture, boxes, supplies, sporting goods and pretty much all kinds of things. For businesses, they would often store inventory and archived records, including excess inventory of goods, etc.
There is no historical evidence of any publicly available storage before the year 1958 when the first modern self storage facility appeared. That was the Lauderdale Storage in Fort Lauderdale in the State of Florida, in the United States. The storage facility was owned by the Collum family.
In the 1990s, the number of storage facilities has increasingly grown. In fact, at that time, the demand for these services has outnumbered the number of supply.
From the year 2000 up to the year 2005, there have been more than 3,000 new self storage facilities that have been built in the United States alone. Since then, the growth of the industry has been very consistent.
Items are normally not covered by the insurance of the facility. The lessor might be covered by his or her insurance policy if such insurance comes with coverage for items that are stored on the premises of the insured party. The lessor may also choose to purchase insurance in order to cover the items and this might be one of the services that the facility will offer through a third party company and in most instances, might require that the lessor will have to purchase as condition of the rental.
The rented self storage space is secured using the tenant’s own key and lock. Since it’s your very own space during the duration of your rental, employees of the self storage company will not have access to the storage space. With this, the company will not be liable for any theft. Furthermore, the company will not take possession of any of the contents except for non-payment of the rent. In this event, companies usually hold an auction for the unpaid storage spaces.