What Are Some Advantages of Using Rent-to-Own Storage Buildings?


Quick Answer

Some advantages of using a rent-to-own storage building include the low upfront cost, the ability to choose from a variety of storage container styles, the convenience of having the container on the renter's land and the option to purchase the unit at the end of the term. Some companies also offer programs that do not require a credit check and include flexible termination options.

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Full Answer

One of the main advantages of participating in a rent-to-own program for a storage building is that the renter does not have to make the complete payment in a single purchase, but instead has the option to break the payments up into multiple monthly installments that may include a small amount of interest. This may be ideal for people who are already renting an off-site storage unit and thus paying monthly fees with no option to recoup the loss. With a rent-to-own program, the renter actually owns the storage building at the end of the payment contract.

Some companies allow participants in rent-to-own programs to sell the unit back during the term in exchange for a new contract and a different model, increasing the renter's options for style and function. These programs sometimes allow renters to have the convenience of an on-site storage space while still paying monthly fees similar to that of an off-site facility. Another benefit of these programs is that renter has the option of accelerating payments at any time to decrease the final balance due.

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