Around this time of year the self storage industry comes up in the news a lot generally for all the work that many facilities do with local charities. Many units across the nation get involved with Toys for Tots every holiday season. Many more get involved in food and clothing drives to help out the less fortunate as well.
While these acts of kindness get a lot of attention in the press, there is so much more that many self storage units do for people every day, holiday season or not.
The industry on the whole has not done too poorly over the last few years. In 2009 there were an estimated 50,000 storage facilities in the country run by just over 30,000 companies. All combined they generated approximately $22 billion in gross revenue. Within the United States the self storage industry employed close to 160,000 people.
The industry has grown enough that every person in the country could actually stand under a self storage roof at one time.
Much of the growth and demand for the industry has come due to the harsh economic times that the country is currently trying to work its way out of. Many people that once lived in large houses have found themselves needing to downsize to either a smaller house or an apartment. While there living spaces may be shrinking they still have the same amount of stuff, hence the need for self storage.
However, the same problem that caused them to need self storage has caused some issues in the long run as well. When people can’t pay their bill for their unit the facility can eventually take ownership of the contents and is legally allowed to put them up for auction. The frequency of this happening has led to the birth of another reality series, Storage Wars, on A&E.
While seizing the contents are within a facilities rights, there are many facilities that do whatever they possibly can to avoid getting to the point where such an option is even being considered.
"We know people are having a tough time right now, but we are doing all we can to work with them," Bill Bell, manager of U.S. 41 Self Storage in North Fort Myers, said. "If people are falling behind, we sit down and negotiate with them to work out some deal that will work for them."
Another Florida self storage facility, Community Self Storage in Cape Corral, says that about one in every 10 tenants is behind on their bill.
"I make phone calls every day to work with people," Assistant Manager Lisa Strong said. "If they will just pay something, we won't go to auction."
"I don't know anyone in the business around here that is just doing the minimum notifications," Strong said. "The last thing we want to do is sell someone's belongings after they have been through foreclosure."
It’s good to know that even in these hard economic times that there are some businesses that do not put profit before the people.
Sources Used:
“Storage firms face challenges: Less money to pay despite demand.” News-Press.com; 24 December 2010.
“Self-Storage Facilities across the Nation Are Getting Involved with Toys for Tots.” Self Storage Industry News; 09 November 2010.
Self Storage Association Fact Sheet. Self Storage Association; 24 December 2010.