Self storage

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Description

The term "self storage" is short for "self-service storage", and is also known as "mini storage" or "mini warehouse" (archaic) ^1. . Self storage facilities lease space to individuals, usually storing household goods, or to small businesses, usually storing excess inventory or archived records. The rented spaces, known as "units","rooms" or "lockers" are secured by the tenant's own lock and key. Facility operators do not have casual access to the contents of the space, unlike a professional warehouseman. A self storage operator never takes possession, care, custody or control of the contents of the storage rental space unless a lien is imposed for non-payment of rent. Self storage facility operators frequently provide controlled access to rental space areas, individual door alarms, interior units lights, and security cameras. Goods or items stored are either not insured by the self storage operator, or insured only to a minimal degree; possessions stored are at the tenant's "own risk" or can be protected by tenant-purchased homeowner's insurance or buy purchasing self storage tenant insurance.

Self storage today

At year-end 2009, a total of some 50,000 self storage facilities, owned by 30,235 companies, have been developed in the United States on industrial and commercial land parcels. There is more than 2.35 billion square feet of self storage in the U.S., or a land area equivalent to three times Manhattan Island under roof. The five large publicly traded storage operators (four REITs and U-Haul) own or operate approximately 9% of self storage facilities. More recently, in many metropolitan cities where competition among storage companies is fierce, better parcels of land near residential and commercial areas are being converted into self-storage once approved by zoning panels.

Self storage businesses lease a variety of unit sizes to residential and business customer/tenants. Popular unit sizes include 10x5 (10 feet wide by 5 feet (1.5 m) deep) which is about the size of a large walk-in closet, 10x10 (the size of a child's bedroom), 10x20 (one-car garage), 15x20 and 20x20 (two-car garage). The storage units are typically windowless, walled with corrugated metal, and lockable by the renter. Chain-link fencing or wire mesh may function as a more secure ceiling than a suspended ceiling. Each unit is usually accessed by opening a roll-up metal door, which is usually about the same size as a one-car