Self-storage has boomed since the onset of the pandemic, resulting in higher rent, less empty space, and rising stocks, per The Wall Street Journal.
The industry’s four largest companies — Public Storage, Extra Space Storage, Life Storage and CubeSmart — have reached 95%+ occupancy. The average monthly rent hit $155.65 in November — the highest in five years.
Meanwhile, Extra Space Storage’s shares are two times more valuable than they were pre-pandemic.
Several things, including:
In addition to five public companies, there are also 30,000+ storage owners operating 55,000 facilities in the US, per The New York Times.
The business is appealing due to its low overhead and tenants who often stay put, even when rent increases by 10%.
While bidders typically don’t know what exactly is in a unit, flipping units can be a decent side hustle — hence the premise of the “Storage Wars” franchise.
Some of the weirdest buyer finds include:
When storage locker renters fail to pay their monthly rent for a certain period of time, the storage facility will auction off the contents off the box to the highest bidder.
For side hustlers, that means an opportunity to score inventory to re-sell on the cheap.
Usually there will be a notice in the newspaper or the storage auction facility will have an online listing of when the auctions will be.
For online listings, you can start here.
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