Is self storage subject to eviction laws?

Self storage is not guided by eviction laws. Self storage is guided by lien (property) law as opposed to eviction (tenant) law. This means self storage “loses” less days than any asset class that physically has people in it. When a renter is late on payment, their gate passcode is deactivated and/or their unit is over-locked. They are notified of their past due balance and if the delinquent unit does not come current, local lien law timelines are adhered to for the auction process. Typically, the lien and auction timeline allows for the recovery of balances owed and new rental to a paying tenant within 60 days.

Previous
Previous

What is the ownership demographics of self storage?

Next
Next

Is the lien and auction timeline the same nationwide?