Apr 13, 2009

Storage unit auctions on the rise as economy sags

When the renter of a storage unit stops paying rent an auctioneer is brought in to sell the contents. The entire contents is sold as a package to the single highest bidder.

The photo shows bidders leaning forward to get a look at the contents of a storage unit being auctioned off.

Bidders are not allowed inside the unit or to touch the contents. Many bring flashlights in an attempt to get a better view of the contents.

The scene is evidence of an unusual opportunity: Business is booming in the sale of belongings that owners can no longer afford to keep at the nation's storage units.

For buyers, it's a grab bag that can yield either junk or the luxuries of a life left behind.

The troubled economy is reflected in the items being sold - trendy clothes, high-end appliances and other indicators that the owners were, until recently, well off.

"What we are selling now is indicative of higher-income people than what we were selling in the past," said Rich Schur of Schur Success Auction Services in Colorado Springs, Colo. "Clearly these are people who fell on hard times."

One auctioneer said he's selling off the belongings of customers who have rented storage space for years and until recently paid their bills.

More here.