U Haul's coronavirus response drives stock 15% after company offers college students free storage

The free month applies to new customers with college IDs and is subjected to availability

U-Haul is stepping up to offer free property storage to college students affected in the U.S. and Canada by the coronavirus outbreak.

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U Haul President John “JT” Taylor announced that it will extend 30 days of free self-storage at its owned and operated facilities to help college students impacted by the schedule changes at their universities.

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UHALAMERCO330.00+6.39+1.97%

The free month applies to new customers with college IDs and is subjected to availability.

"We don’t know how every student is affected. But we know they are affected,” Taylor said in a statement. “More and more universities are giving instructions to leave campus and go home. Students and their parents are in need of moving and storage solutions. We have the expertise and network to help, and that’s exactly what we’re going to do.”

U-Haul's stock closed at $307.75 Friday, an increase of $40.66, or 15.22 percent.

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A number of universities across the country announced this week that they are either shutting down campus for weeks or classes will be conducted the remainder of the semester online.

Harvard University announced this week that the campus will be shutting down for the remainder of the semester. Students were required to remove all of their belongings by the end of the week. Its administration offered to pay for flight tickets for students trying to make their way home.

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U Haul's 30 days of free self-storage has only been extended to communities impacted by a natural disaster. This is the first time U-Haul has extended the offer company-wide.