Short Answer: Seven days after your first missed payment, Public Storage will charge you a late fee. This fee is a percentage of what you pay per month for your storage unit. Typically, late fees are about 20% of your monthly bill. If you fail to make a payment within 30 days, Public Storage will charge you an additional fee and may, in accordance with state law, sell the contents of your storage unit at auction. For more information on Public Storage late fees and payment grace periods, see below.
Public Storage Late Fee & Payment Grace Period Explained
Public Storage rental fees are due on the first day of each month, a corporate customer service representative said. There is a payment grace period of six days, meaning seven days after a missed payment, you will be charged a late fee, the representative said. Late fees vary by state but are a percentage of the amount you pay each month to rent a storage unit. Late fees are typically about 20% of your monthly bill.
During the first 30 days of your first missed payment, Public Storage will attempt to contact you by phone and by email to arrange for payment. If no payment is made, a set fee will be applied to your next month’s bill, plus rental fees and the late fee. This fee varies by state law and is typically between $50 and $60. State laws also determine how long Public Storage must wait before it considers your account in default and sells the contents of your storage unit at auction. This varies from 30 to 90 days. State fees and wait times are listed in your contract. You can also find out the specifics of your contract by contacting Public Storage’s customer service department at (866) 684-6436.
If you default on your account, Public Storage will report to the credit bureaus. You have up until your items are put up for auction to settle your account with Public Storage. If your unit is put up for auction, the amount from the sale will be deducted from your account balance. You will still, however, be required to pay any remaining balance.