Own a Storage Facility? 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!

26 comments
brandonroberts055
brandonroberts055

My wife and I are about to start moving out of our apartment, and into a small home. This is our first move, so I would like to play it safe with everything. One of the things I wanted to do, was rent out a storage unit to help us organize everything. 

WalterKowalski
WalterKowalski

I think this sounds like solid advice for owners of storage units. Number five on the list of things that should be included in the rental agreement really stood out to me. I agree that things like the rental term, length, and termination policy should be included in the agreement so that they are very clear to the tenant. Things like that should not be hidden.


emilysmith47876
emilysmith47876

I agree that it is better to be safe than sorry. If you have some valuable possessions that you want to keep safe, then a self storage unit would be a great way to keep it safe. Many self storage businesses provide excellent security and some even provide insurance for your belongings. In my opinion, it would be worth renting a storage unit. 


EliasRufus
EliasRufus

Tip number 2 is very interesting! I had no clue that they must ask about military service. I think this will give insight to the quality of storage unit that you're renting. My family will make sure to look into that as we are searching for the best place to store our possessions during the move.


LaceyRockwell1
LaceyRockwell1

My husband and I have been looking at purchasing a storage unit. We are moving to the big city for a couple of years, and we won't be able to fit everything in our new apartment. We don't plan on staying there, so selling everything seems like a silly idea. This was a great article to find! If we end up finding one, I want to make sure we are very well covered, so we are protected if something goes wrong. 


James Lisbon
James Lisbon

I liked when the article mentioned that the rental agreement and things should be posted in the agreement.  The other thing that stuck out to me was when it mentioned to make sure you know how you are paying for it.   However, I can see how it could be a good thing to have storage depending on the situation of the person.

Gary Puntman
Gary Puntman

There are storage units all over.  I think that it's a good idea to visit some different facilities to see which one you like the best.  You will also want to get one that's close to your house.  It will be much more convenient that way.

AshleyReed
AshleyReed

I've been thinking about getting a storage unit for all my holiday decorations. The garage is filled with boxes, there is hardly even room to park the car anymore. It would be fantastic to get all those boxes out of there, and get rid of what we don't need. Thanks for all the tips, I'll be sure to look for the things you listed. 

MaryJanePrincton
MaryJanePrincton

Storage space is definitely a nice thing to have. By having something like this you can get a lot of clutter out of your home.  However, you really want to make sure that you find a good storage unit that you feel is safe.I would suggest checking out a bunch of places before choosing one.

 

 

Michael2327
Michael2327

My wife and I are thinking about going back to school to get a better education. We think it might be nice to sell our home and just live in an apartment. However, we have so much stuff, I don't think it would be possible to do that. It sounds like you've been directing people on this kind of thing? Would you suggest that I get a storage unit? 

LaceyRockwell1
LaceyRockwell1

My husband and I want to find a storage unit, but we want to know what to look for. We have a bunch of furniture that we don't want to get rid of, but it doesn't fit. Anyways, I like what you said about making sure you know what you are getting into, and what is in the contract. 


Marcus Morgan
Marcus Morgan

My wife and I are looking to clean out our garage this spring so that we are able to park our cars in there. We are going to need a place to put all the stuff, so we are looking into getting a storage unit. I have never had to look for a storage unit before. So I am researching where to find places to get a storage unit at. This article was exactly what I needed and it gave me a great place to start looking. 

avalaurie86
avalaurie86

The storage unit rental business has been a booming for the past couple of years. I think a lot of it has to do with the fact that some many innovations are being made that people want to invest on as many things as possible. I would also add that you should as the managers if they have some kind of insurance if you plan on putting a vehicle in the storage. 

janefairfax18
janefairfax18

This is excellent advice to anyone that owns a storage facility. Having the right coverage is crucial because if anything happens to property stored in your facility, it is on you. However, it is also advisable that people renting units get insurance as well. That's a good way to make sure that all bases are covered.


robbhardy3
robbhardy3

Sounds like there are a lot of things to consider when deciding on renting a storage unit. One of your numbered items to ask about was temperature controlled units. Is it better to have a temperature controlled unit? I would assume it is, but I don't know for sure if it's completely necessary.


JordanJohnson2
JordanJohnson2

Your list seems like a good summary of the minimum topics that should be addressed in the rental agreement. I have had to write up a few legal documents in my life and it is always stressful trying to make sure that you have all addressed all of the possible loopholes. One of my buddies owns a few units that he rents out, I'll send this on to him and see if it is of any help.  

tedsmith575
tedsmith575

i agree that if you are renting a storage unit, you should have insurance. Even though storage units are generally safe, you can never be too careful. That is why it is best to get insurance. That way you can be compensated if your storage unit is broken into. 

MikeLintro
MikeLintro

When thinking about storage units, the cost of insurance doesn't really come to mind. Obviously they are decently profitable, but how much of the profit goes toward coverage for everything that is stored there? Or, if the place goes up in flames, does all that stuff just go away, with no reimbursement whatsoever? 

James Lisbon
James Lisbon

There seem to be a fair amount of tips and guidelines when renting out a storage unit.   The part that caught my attention was when it mentioned making sure the tenant knows all the charges and fees that he/she may be charged.   Storage units might be viable options for those looking for a place to store their things, but it would probably depend on the situation. 

JamesSimon1
JamesSimon1

Are many people aware of how useful storage units are? In today's world, it's often more efficient to pay a little bit in order to have more space than otherwise. Due to the versatile nature of these units, I often find myself considering them. They are very conditionally useful.


sfreddson2156
sfreddson2156

I never considered how expensive it could be to own a facility like this. Is it worth it to own a storage unit like this if you aren't going to be able to invest much time in the process? It seemed like renting to me except easier since storage units won't likely be used as often. Thanks for sharing your expertise with us, I'll keep looking for more details before I make my decision. Great article!

rbenson1
rbenson1

My father is considering opening up a storage facility but doesn't know what he should do to protect himself.  Your tips on  what should be included in a rental contract will be really helpful.  He hasn't ever thought about placing restrictions on what can be stored at his facility.

Cameron Robertson
Cameron Robertson

These are good pointers to note when entering into an agreement with a storage facility. It is good to read forums and blogs similar to this and ensure that you are covered by the agreement based on your needs and requirements. It is also good to note if the storage facility does regular checks of the units in order to avoid and suspicious activity that might endanger the entire clientele. Recently, there was news that one of the units stored body parts, which gave out a foul smell all over the facility. 

CourtneyGaller
CourtneyGaller

Very interesting article, J.; I thought that your list about rental agreement things was very helpful. I'm currently trying to choose a self-storage facility to store my seasonal decorations in. I'll have to use the advice in your article on my search. Thanks for the advice! 


FelicitySandy
FelicitySandy

You know, I really liked tips number three of making sure the lease has specific language for allowing cars in your storage unit. I've been looking for these kind of tips for getting our storage unit started. I might go ask other storage units some questions to get some advice as well. 


James Lisbon
James Lisbon

Tip number four seemed interesting when it mentions to see if the unit is temperature controlled.  I also liked tip number six when it talks about making sure you are on the same page when it comes to payment of the unit.   Are certain storage units used for storing certain things, or can you store whatever you want?   It seems like and interesting topic to look into and research.