Theyâll understand, of course, but they wonât like it. Sizes can range from 5’ x 5’ to 10’ x 30’. Consider raising student prices on a yearly basis before prime student rental season. Then, call the storage facility that raised your storage rent and ask the property manager a few questions. A 5x5 foot storage unit usually runs about $40-$50 per month. Extra Space Storage Inc., headquartered in Salt Lake City, Utah, owns and/or operates over 1,850 self-storage properties in 43 states, Washington, D.C. and Puerto Rico. Population increases and more people need a space to call home. Know that most property managers have the ability to reverse the increased storage rent. Always greet your customers with open ears and a smile on your face, and think of ways to show your customers why youâre worth the rent increase. Thanks for reading! You donât need to give tenants a lesson on inflation or explain the economyâs effect on small businesses. Always remember your basic customer service skills and remain calm when talking to customers. Then, evaluate the raised rent on your self-storage unit versus downsizing to a smaller unit or to multiple smaller units at the same property. Posted on May 14, 2019 • 0 Comments One of the fastest growing industries in today's day and age is technology, and our current technology has limited storage space, so to remedy that people have tried finding ways for an extra storage. Now, evaluate the increased rent on your storage unit and compare that to the prices of storage units nearby. Additional resources on rate and revenue management: Revenue management: The short-term and long-term solution to your storage facility's value, 15 metrics every storage owner should be tracking, and How to use your facility's occupancy rates to maximize profits. Imagine the state … And then, if so, ask: Which unit types did you not increase rent? Donât let rate increases ruin the fun you have running your storage facility. Find the latest Extra Space Storage Inc (EXR) stock quote, history, news and other vital information to help you with your stock trading and investing. 10x15 foot units cost $75-$140 per month or $115-$150 for a climate controlled space. Tenants who came to you on a super-special discount are most sensitive to price increases. We hope all of the above helps you resolve the issue – but in the event this advice still fails to eliminate your storage unit rent increase or you wish to leave but are unable to move your items out of storage, call Closetbox at 877-433-9636. SpareFoot has four tips for negotiating a self-storage rate: Shop around online first, find the best posted price, try for group discounts or referral bonuses, or lock in a lower rate by signing for a … Pacific Northwest Wedding Trends: What the Pros Have to Say. Also consider a less drastic increase. Maybe your customer service is way better or your facility has recently been renovated. For a small unit, it may only be $10 more per month - not an amount most people would scoff at or struggle to come up with. The easiest way to explain an increase is to time it along with a property improvement. You can help managers deal with complaints by prepping them far in advance and offering best practices and real life calls as examples of how to deal with a difficult customer who objects to the rate increase. Pointing out the ways in which the facility has improved during their tenure will give them tangible proof of the necessity of their rent hike. Extra Space Storage: Which Cloud Storage Has The Best Value? how to handle the potential flood of complaints, Revenue management: The short-term and long-term solution to your storage facility's value, 15 metrics every storage owner should be tracking, How to use your facility's occupancy rates to maximize profits, your facility's economic occupancy numbers, Re-evaluating our views on customer service, PR and crisis management: A comprehensive guide for managers, The complete guide to offering move-in trucks, Homelessness + self storage: How to be compassionate while preventing live-in renters, A 4-step guide to attracting the college student market, Jana Haecherl, Marketing Communications Specialist. Considerations Before Purchasing 4. After following these two simple steps, you have the information necessary to negotiate with the property manager of your storage unit. For example, an extra $10 is not much when the renter has been paying for a large warehouse unit at $150 per month, but the guy paying $30 a month for his 5âx5â will be a lot less happy. For your facility, raising rates for all tenants once per year might be just perfect. Upstairs and indoor tenants are more tolerant of price increases than drive-up tenants. Your oldest customers choose to stick with you and (hopefully) they dutifully pay their bill every month. Editorâs note: This post was originally published in January 2014 and has been completely revamped and updated for accuracy and comprehensiveness. Keep in mind, however, that certain customersâ prices are easier to raise than others. Students are less tolerant of price increases than non-student tenants. Inflation makes supplies more expensive. Of course, more than one tenant may leave, or none might leave at all. Theyâre a necessary evil, but with proper planning and customer service, theyâre little more than a bump in the road. As you may be aware, self-storage prices are commonly less expensive in the Northern areas of the UK and more expensive around the London area. Unit size: Extra Space Storage offers unit sizes ranging from from 5 feet by 5 feet to 10 feet by 30 feet. When increasing rates, use a combination of good business sense and simple logic to determine who sees price increases first. The law states that “A price increase that reflects the usual and customary seasonal fluctuation in the price of the subject essential commodity or the rental or lease of a dwelling unit or self-storage facility is not a violation of this section.” Normal fluctuations in the market based on supply and demand aren’t considered price gouging. |9 min read. Your rate increase should be high enough to make up for lost tenants due to rate increases. Plan a charity event or host a fun, on-site event of some kind (like a barbecue or wine tasting!) First, check storage rents at other facilities nearby for your storage unit size. The To-Do List Every Couple Needs for Their Out-of-Town Wedding Guests, Why Cardboard Recycling is Important: Separating Fact from Fiction, Why It’s More Important than You Think to Break Down Your Cardboard, Why More Senior Housing Doesn’t Provide Storage Space, Wills, Trusts, Probate, and Estate Planning Services, Different Kinds of Storage for Your Family Estate and Asset Protection, Different Types of Estate Planning Services—and How Much You Can Expect to Pay for Them, Estate Planning Services for Every Stage of Your Life, Our 5 Best Tips for Finding and Choosing an Estate Planning Attorney, Smart Estate Planning Tips: Tangible Property vs. Financial Assets, Spring Cleaning: Creating Space for What Matters, Moving in together? Even if itâs a small change, curb appeal is huge. If youâre planning on doing consistent rate increases once a year, consider implementing them during a time of the year when moving out is inconvenient for tenants to discourage those who are grumping about the price and thinking about leaving from taking action. 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And finally, ask: What is the cost of a smaller storage unit? Unit sizes: Public Storage offers unit sizes ranging from … On the other hand, it costs them nothing to complain to you about rent increases - and as the old adage goes, âif no one is complaining, you probably didnât raise rates high enough.â For the few long-term renters who do decide to move out immediately after a rent increase, know that itâs likely they were already planning to move out and your rate increase just spurred their action. If youâve recently taken over the property and some of your renters havenât ever seen a rent increase, some of your long-term renters will be flabbergasted, and youâll need to handle them with kid gloves. Explain to them the reasons why it is a necessity in self storage. If your storage unit rent increased a small amount on the one year anniversary of your move in, it is also likely an across the board policy triggering on your move in date in order to target those long term storage customers who are less likely to move out. Some of these laws are clearly applicable to self storage, some clearly are not, and others are uncertain in scope. Compared to Access that’s a saving of £640 with Storing.com at a guaranteed fixed price! The easiest way to organize a price increase is to make it part of the yearly schedule. It costs tenants a big chunk of time and money to move out - theyâll need to get a moving truck or friend with a pickup, and take time out of their busy schedule to lift heavy boxes and sort through stuff before trashing or selling. I've been with Public Storage for almost 3 years now. Additional Cost Factors 3. Do whatever you can to get their mind off of the extra money theyâre now spending and back on why they love to be your customer. CubeSmart has the best storage deals † near you, plus move-in specials and more. That isnât to say you should ignore the complaints on the assumption that most of your tenants will stay. Itâs simply tougher to move out when you have to carry things upstairs or use an elevator, and tenants who rent upstairs feel like theyâre getting more for their money with an indoor, climate-controlled unit. Nick I have been subscribing to the same policy as the big boys now for 22 months now. Extra Space Storage — Self storage rate increases, customer service, lack of security I first moved to this storage space from U-Haul back in 2015. Raised storage rents at other facilities nearby for your child ’ s first place manager when you the. 10 % increase bringing the payout to … find storage Deals near you, plus move-in specials and people. Months now: 9 tips for Packing Paper, Bubble Wrap, Packing Peanuts,.... 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