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Storage lockers: Stuff to save and sell

June 30, 2008

I did not realize how much is going on in the lives of many Americans regarding storage lockers. Not that I necessarily should have been thinking about storage lockers.

For a short time I rented a storage locker to house my possessions. The lease on one apartment was up. I was planning on moving out of the area and didn’t want to renew, so I temporarily moved back in with my parents. Once I got a new job and apartment I got my stuff and stopped paying for storage.

I had assumed this was how storage worked for most people. You’re in some sort of transition and need a temporary place to keep your essential possessions.

Apparently this isn’t always the case.

There are people out there who are paying for storage simply because they have so much “stuff” that they don’t know what to do with it all. I know one of these people. He’s in his 30s and hanging on to toys and art projects from elementary school — along with a ton of other stuff he’s collected over the years. Most of it could go to the Goodwill or the trash bin.

M.P. Dunleavy addresses this topic in her latest article. It’s interesting to look at some of the numbers she cites as far as how much the storage locker business has expanded in the past couple of decades. It seems apparent that many of us simply have too much stuff.

(I will admit that I have too much stuff, and I’m trying to reduce the amount of unnecessary things I’m cramming into my home. I’m also not spending money every month just to store my things, which is important to note in these tough economic times.)

Having too much isn’t the only reason people are turning to storage.

A while ago I wrote about people selling their possessions in order to pay the bills and put gas in their cars. Yet another trend is emerging from the subprime mortgage meltdown and all-around tougher financial times: Storage auctions.

The New York Times ran this story about the increasing frequency of auctions at storage facilities. The auctions are held by the facility after the unit’s renter is delinquent on his or her payments for a certain period of time.

Bidders get barely a glimpse into the storage unit before they place their bids. Only after someone wins the bid do they get to find out exactly what’s inside.

For people who put their items into storage after a foreclosure, I would imagine it would be particularly difficult to see what amounts to nearly all of your possessions auctioned off, often for a minimal price.

Some people have even been found illegally living in their self-storage units after losing their homes.

On the flip side, some people are turning another’s misfortune into profit. Many bidders wade through their new items and resell them at flea markets or on online auction sites.

Do you pay every month to store “stuff?” What do you think about self-storage auctions? Have you ever attended this type of an auction? Have you ever had your possessions sold?

Written by admin · Filed Under Housing, Misc., Debt 

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