How Storage Auctions Work

At a glance

Self-storage companies like Extra Space Storage or CubeSmart put units up for auction when renters fall behind on their payments. Just about anyone can participate in an auction—such as people who recently moved and want to fill their homes with thrifty purchases like furniture and artwork. Auctions are held both in-person and online. If you win the auction, be prepared to unload the unit’s contents (maybe bring some gloves) and pay on the spot.

How will you move your stuff after an auction?

The next step after winning a storage auction is transporting those items out of the unit, and if it's a big haul, you may find yourself needing professional help. Take a look at our list of best moving companies.

What you need to know about storage auctions

• How a storage auction works
• Tips and tricks for storage auctions
• Storage auction FAQs
• Recommended resources

How does a storage auction work?

A storage unit becomes available

Most storage units never go up for auction. When they do, it’s because the tenants fell behind on their payments. Laws vary from state to state, but most storage unit companies can put a unit up for auction somewhere between 30–90 days after the renter fails to pay.

The storage unit company advertises the auction

Self-storage facilities advertise upcoming auctions. Technically, you can find these in newspaper sections that include legal notices. But these days, it’s easier to find auctions online. Just go to the home pages of storage unit companies in your area—or check out websites that compile storage unit auctions like StorageAuctions.com and Storage Treasures.

Registration opens

You must register to participate in a storage unit auction. The requirements are pretty simple. Typically, you just need to be at least 18 years old and have legal identification (like a driver’s license). Check with your storage unit company to see if you should register online or in person.

The storage company shows the unit

The storage unit company allows you to look at the unit’s contents before making a bid. A company rep cuts the lock off of the storage unit and rolls up the door so you can see inside. This is when you try to determine how much you’re willing to pay. A mostly empty unit with a few brooms isn’t worth more than $10, while one filled with power tools deserves a much-higher bid. The cost of storage units can vary, so the more expensive units may have more profitable items.

The bidding begins

Storage unit companies begin the bidding process once all interested parties have had a chance to view the unit. Professional auctioneers (the people with super-fast voices) oversee the in-person bidding. Sometimes a unit won’t get a single bid. Other times, multiple bidders will compete against each other until the price is over $1,000.

It all depends on what you’re bidding for—and who you’re bidding against. Storage auctions can be a great way to find thrifty items to put in your new home. Many storage unit auctions include things like paintings, books, furniture, and tools for your garage.

Someone wins the auction

The person with the highest bid wins when there are no more offers. This is when the auctioneer (or the online auction website) declares a winner.

The winner pays up—and picks up

Most storage unit companies require the highest bidder to pay in cash immediately after winning the auction.

Tips and tricks for auction bidding

Professional auction bidders have a ton of tricks up their sleeves. They know what traps to avoid and how to take advantage of rare opportunities. Your first storage unit auction is more likely to be a success if you follow their example:

Bring cash. Storage unit companies typically require payment as soon as you win an auction—and you almost always have to pay with cash. Make sure you have enough on hand in case you come across a valuable storage unit. For online auctions, payment methods often include cash, debit/credit cards, and checks.

Don’t forget about Uncle Sam (and Aunt Storage). In addition to the cost of your winning bid, many states require you to pay sales tax. In some cases, you also have to pay the storage unit company a cleaning deposit.

Stick to a budget. It can be fun to bid on everything you see, but that’s a quick way to go broke. Figure out how much you’re willing to spend ahead of time.

Bring a truck (and a lock). Most storage unit companies require you to haul away the unit’s contents immediately after winning an auction. They’ll let you temporarily put a storage unit lock on the door so that you can keep bidding on other units, but you’ll need to bring your own.

Set realistic expectations. It can be tempting to think storage unit auctions are an endless source of easy money. Don’t expect to get rich quick.

Dress appropriately. You’ll often be standing around for hours. Wear clothes that fit your situation.

Bring gloves. Expect things to be dirty. Limit the “ick” factor by remembering a pair of gloves and a mask.

FAQs about storage auctions

Where do I find storage unit auctions? You can find storage unit auctions by contacting nearby self-storage facilities or doing a Google search for “storage auctions near me.”

Why are storage units auctioned? Storage units are auctioned as a last resort because tenants stop paying rent.

Can you return personal items from a storage auction? You can sometimes return personal items. Some self-storage facilities allow you to leave personal belongings with an on-site manager who can attempt to return them.

What are prohibited storage auction items? You should never bid on a storage unit where you can see documents clearly marked as confidential, legal, or medical.

What are the requirements for storage auction buyers? Typically, you need to have a legal ID and be at least 18 years old.

Do storage unit auctions accept sealed bids? No, storage unit auctions don’t typically accept sealed bids.