Typical Grace Period for Storage Rentals
So, you have made the wise decision to rent a storage unit for your belongings for a month or longer…great! Do you know what happens if you miss a monthly storage payment or need a few extra days to move your items out?
This article covers the typical grace period for storage rentals so that you aren’t locked out of your unit and can no longer access your belongings.
What Is a Grace Period for Paying Rent?
A grace period is an amount of time after a payment is due but before penalties and late fees kick in. You may encounter grace periods in various situations, such as when paying off a credit card bill or student loan after graduation. Storage units also have grace periods, although the typical grace period for storage rentals varies from one company to the next. Some companies don’t offer any grace periods at all.
But rest assured that Stop & Stor offers a grace period to give you a little leeway in your monthly payments. But it's important to stay within the allotted number of days and not take advantage of the grace period, or you may face significant consequences, such as your storage unit going into default.
How Many Days Late Can You Pay Rent?
When you rent a storage unit from Stop & Stor, you sign a rental contract that promises to pay rent on time each month. Our grace period for rent payment is five days, meaning you can pay your rent five days late without incurring extra fees.
However, we highly encourage you to keep up with your monthly payments and not rely upon this grace period on a regular basis as a way to delay payments or cheat the system. Being a good customer goes a long way, and we may be able to assist you in exceptional circumstances if you are honest and upfront with us about your financial situation.
Our 5-Day Grace Period for Rent
At Stop & Stor, we offer a five-day grace period before charging a late fee. Monthly payments are due on the first day of every month. So, you have until the sixth day of the month as a grace period before there is a fee. Our late fee is minimal and reasonable, but it’s advisable to pay your monthly bill on time to save money and retain possession of your stored items.
We offer this five-day grace period as a courtesy to you because we understand that life sometimes gets in the way of paying each and every bill on time and that circumstances sometimes make it difficult to move out of your unit by the last day of the month. We rent all of our storage units on a month-to-month basis, but if you need long-term storage, definitely ask about our discount program to pre-pay for six or 12 months in advance in exchange for a discount. You can get a half month free by pre-paying for six months and one month free by pre-paying for 12 months.
What Happens If You Don’t Pay Rent?
If you still do not pay your storage unit rent by the sixth day of the month, you will incur a fee and risk your unit going into default. Default means that you are locked out of your unit and that your lock is cut and replaced by a property manager so that you can not enter or collect your belongings.
However, this is a worst-case scenario and something we want to avoid at all costs. We will make multiple attempts to contact you to collect payment and make arrangements. We want to work with you to come to an agreement rather than letting your unit go through the auction process. Storage auctions are not profitable for storage unit companies and require a lot of time and effort from our staff members, which could be better spent serving our customers who reliably pay their bills on time. The amount of time between a default and an auction can range from 30 to 90 days.
What If You Can’t Afford to Pay Your Rent Anymore?
If you have experienced extenuating circumstances that prevent you from paying your rent by the first of the month, please get in touch with us and ask to speak to a property manager. If you can no longer afford to pay rent, a property manager can advise you on the next steps of moving your items out in a timely way.
At Stop & Stor, we do not require you to provide advance notice of your move-out date. Standard rental terms end on the last day of the month, and then you may renew your unit for the next month if you still need it.
We aim to make your storage experience as easy, affordable, and hassle-free as possible, and this commitment extends to your monthly payments. So that you don't have to remember to pay your bill on time, we offer an autopay option to automatically charge your credit card each month or withdraw from your checking account without any extra fees. You can also make monthly payments by credit card on our website or by telephone. If you prefer to pay in person, bring cash, a check, a credit card, or a money order to any Stop & Stor location. We also accept checks and money orders you mail directly to the facility.
An excellent resource for related questions is the FAQ section on our website, so check it out and contact us at 718-698-8000 for additional help.
Established in 1980, Stop & Stor is a family owned and operated business that has become New York’s Self Storage Leader by offering cutting-edge facilities in the Bronx, Brooklyn, Queens, and Staten Island.
TO FIND ONE OF OUR LOCATIONS NEAR YOU, SELECT YOUR BOROUGH:
Storage prices our competitors can’t beat. Act fast, these storage deals last for a limited time only. Reserve now and lock in the best storage price for a FULL YEAR – GUARANTEED. Contact Stop & Stor today to learn more about our storage options.