As the unemployment rate climbs, so does the occurrence of and interest in self-storage auctions, according to the Contra Costa Times. Julie Lewis, district manager of Upland (Calif.) Self Storage said the facility is losing renters she never thought it would lose. Two years ago, the company would auction three or four units quarterly; it now auctions at least six every month.
Interest in storage sales has escalated in recent months, according to Dan Dodson of American Auctioneers, who said a lot of people are out of work and attempting to make a living by buying and selling other people’s stuff. Dodson gets 20 percent of the proceeds for sales he runs. The balance pays off the debt on the unit. The former renter is entitled to any surplus.
Buyers are asked to return personal items such as funeral urns, personal documents, financial information and photos to facility management so they can be returned to the owners.
Source: Contra Costa Times, Unemployment rate leads to storage unit auctions