Own a Self Storage Rental Business? Make Sure You’re Covered

Where to find cheap self storage

Photo courtesy of Extra Space Storage

Over the past couple of years, I’ve written several articles directed at individuals looking to rent a space to store their stuff. Whether it is a pair of empty nesters looking to downsize, a young adult getting ready to set off for college, or a family looking to eliminate some clutter, each is looking for a place to store their belongings for certain period of time.

But what about the folks on the other end of the deal? Are there any tips we can share with self-storage unit owners? Absolutely. Below we’ve listed about a dozen “must-have provisions” owners should include in their rental agreements, courtesy of Inside Self Storage. Not only are most of these required by law, but these provisions also protect the owner and their business in case something goes wrong. You know what they say: Better safe than sorry.

  1. The rental agreement should include “all statutory-required provisions or language.” Note that this varies by state, but most statutes include some sort of language requirements.
  2. Your rental agreement should ask a question about military service. This is required and governed by the Service Members’ Civil Relief Act.
  3. If you allow the storage of vehicles in your units, make sure to include “triggering language to recognize the possibility of a vehicle being stored.” Also, be sure to get the additional information you need if a vehicle is to be stored.
  4. The rental agreement should contain a provision that advises the renter if the storage unit is temperature-controlled.
  5. The rental term, length, and termination policy should be properly addressed in the agreement so “they’re obvious to the tenant.” It should include when the agreement starts as well as when rent is due.
  6. Be sure to address how the tenant should pay the rent (i.e. cash, credit cards, checks, etc.).
  7. If you choose to accept credit cards or ACH payments, be sure to include the language that allows you to do so.
  8. Clearly disclose all fees a tenant may be charged above and beyond rent.
  9. Provide the tenant with a list of items that are prohibited from being stored in the unit.
  10. Include a value limit and limit on the amount of a lawsuit that can be brought against you “for loss or damage arising from your negligence.”

For more provisions to include in your contract from Inside Self Storage, click here.

Find Self Storage Rentals Nationwide from Extra Space Storage

Extra Space StorageThe second largest operator of self-storage in the U.S., Extra Space Storage has been involved in the industry for thirty years. Operating over 900 storage locations across the country, Extra Space Storage offers clean, well-lit and climate-controlled units for all of your storage needs. Their units come in a variety of sizes, are managed by professionals and come equipped with state-of-the-art security.

The company prides itself on providing an excellent product and service, and aims to maximize customer satisfaction. Whether you are looking for storage containers rentals to store furniture, personal belongings, business files, a boat or even a RV, Extra Space Storage has a solution to fit your needs. For more information on Extra Space Storage, visit their website or check out their company page on Rent It Today!

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