No self-storage owner or manager enjoys chasing after tenants in default and selling a tenant's personal property to enforce their lien. Moreover, no owner wants to go through the complicated and tricky process of auctioning off titled property like vehicles and boats. To put it succinctly, self-storage owners are in the business of renting space for storage, not selling property. Nevertheless, … [Read more...]
RV, Vehicle, and Boat Storage Rental Agreements
The owner-tenant relationship is the central element in the successful operation of a storage facility. The rental agreement is at the heart of that owner-tenant relationship. The rental agreement sets forth the terms of the tenant's occupancy in the storage space. Still, it must also comply with state law and include several provisions that protect the owner. Consequently, you need to ensure that … [Read more...]
Understanding Your State’s Storage Lien Laws
In almost every state, self-storage facility owners have been provided with a statutory lien on their tenant’s stored property (including vehicles and boats) for rent and other charges which gives the facility owner the right to sell their tenant’s property at public sale without the necessity of a court hearing if the tenant has failed to pay rent. This right of non-judicial sale of tenants’ … [Read more...]
U.S. Boat Sales Reached 13-Year High in 2020, Recreational Boating Boom to Continue through 2021
With heightened interest in outdoor recreation activities and ways to social distance, consumer demand for new boats surged across the country in 2020. The National Marine Manufacturers Association (NMMA), representing North American recreational boat, engine and marine accessory manufacturers, reports that retail unit sales of new powerboats in the U.S. increased last year by an estimated 12 … [Read more...]