Self-storage operators in Portland, Maine, are experiencing an increase in auctions, as homeowners and businesses continue to struggle to make ends meet in today’s tumultuous economy.
Uncle Bob's Self Storage, Portland Self Storage and Morrills Corner Self Storage all held auctions recently in attempt to recoup money lost to non-paying tenants.
Justin Manning, owner of Yarmouth, Mass.-based Storage Auctions USA, which conducts self-storage auctions, told The Portland Press Herald business has increased dramatically. Some operators are holding twice as many auctions as they did before the recession.
In Maine, self-storage operators have the right to sell the contents of a unit once the tenant is in default for more than 45 days. Tenants must be notified of the sale and operators must also post public notices.