I'm in a similar situation - I live in a condo in Durham, NC which has no outside storage (only option would be to erect something similar on the deck). I would be worried about humidity - I would also be worried about theft. My bikes (also my babies) live on free standing performance brand racks in my living room against a wall. They're unobtrusive and I know the bikes are secure and protected from the elements. How about an extra bedroom?

Good luck!

Carrie Anne