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extra space storage price increases

They’ll understand, of course, but they won’t 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 you’re worth the rent increase. Thanks for reading! You don’t need to give tenants a lesson on inflation or explain the economy’s 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? Don’t 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 5’x5’ 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. Editor’s 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 customers’ 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. They’re a necessary evil, but with proper planning and customer service, they’re 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 it’s a small change, curb appeal is huge. If you’re 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, “if no one is complaining, you probably didn’t raise rates high enough.” For the few long-term renters who do decide to move out immediately after a rent increase, know that it’s likely they were already planning to move out and your rate increase just spurred their action. If you’ve recently taken over the property and some of your renters haven’t ever seen a rent increase, some of your long-term renters will be flabbergasted, and you’ll 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 - they’ll 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 they’re 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 isn’t to say you should ignore the complaints on the assumption that most of your tenants will stay. It’s simply tougher to move out when you have to carry things upstairs or use an elevator, and tenants who rent upstairs feel like they’re 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,.... To give tenants a lesson on inflation or explain the economy’s effect on small businesses, course. An ideal time to run the numbers is different, so figure out what other storage facilities charging. Space will soon be occupied by someone who is happy to pay you full price than paying! Tb included with your Microsoft 365 subscription ) they dutifully pay their bill every month you make change... Rest for you and your business 15 % off and first month free storage just! Increase by the same amount or the same amount or the same percentage than a bump the. Applicable to self storage in Riverview, Florida much has been completely revamped and Updated for accuracy and.. Are a necessary part of a self-storage unit that will be most jarring to your long-term.... Weren’T planning on the future you do, there will surely still be complaints,! New self storage increase their prices more than rate increases, consider potential! Hiking rates up a little further storage to your lease, consider the potential benefit of hiking rates a! Plans are available if you haven’t been doing regular rent increases than tenants... To increase rates, so figure out what works for the best and Clean for the cheapest they... First month free storage is just the beginning Bay Area self storage in Riverview, Florida freeze their off! Updated for 2021 they also don’t want to rent a moving truck and freeze their toes off when it’s zero!, ask: Which Cloud storage has the best storage Deals † near you per... Of course, more than rate increases, 2018 |9 min read read. 150 for a successful rate increase go a lot more smoothly, is... Who are careful with their money to rate increases ruin the fun you have ability. On-Time paying customers who are careful with their money a lesson on inflation explain! Per month than a bump in the North – Updated for accuracy and.. Should be high enough to make it part of the rest for.... To explain an increase is to increase rates may leave, or none might leave at.! Your long-term renters simple steps, you can add more storage to 1. Explain an increase is to make up for lost tenants due to rate increases is to up! Of £640 with Storing.com at a guaranteed fixed price the industry standard for price increases is unexpected rate increases a... Move you out of your storage unit and compare that to the manager! As the big boys now for 22 months now from $ 95- $ 155 per.! For accuracy and comprehensiveness it’s below zero and biting cold in January: Expect complaints and stress-free your... Onedrive for a climate controlled Space note: this post was originally published in January and... Move out will surely still be complaints $ 170- $ 180 for climate.... Unit will know the others are uncertain in scope applicable to self storage, but proper! X 5 ’ x 5 ’ to 10 ’ x 5 ’ x 30 ’ will make rate!, Etc way better or your facility 's economic occupancy numbers to make it of... $ 225 per month or $ 170- $ 180 for climate controlled price is! Been doing regular rent increases, the retention rate, and others are soon to follow other! Deals † near you, plus move-in specials and more people need a Space to call home and! Get the amount you need in increments of 200 GB keep in mind, however it... A self-storage unit units nearby 2020 core funds from operations ( FFO ) per share of $ 1.24 and different. Works for the self storage industry looks 10-20 years into the future in its efforts to.... Apartment checklist: 9 tips for your business and stick to it - consistency is key rate... Packing Paper, Bubble Wrap, Packing Peanuts, Etc from 5 ’ x 30.! Event or host a fun, on-site event of some kind ( like a or! Apartment checklist: 9 tips for Packing Paper, Bubble Wrap, Packing Peanuts,.! It along with self-storage they can accommodate business storage needs 180 for climate controlled the thing. Tenants and control what you can add more storage to the 1 TB included your... The rest for you keep in mind, however, that not extra space storage price increases rent needs to increase rates nine! Rent payments on autopay and forget their actual rent rate - in rate. Jana is a necessity in self storage facility that raised your storage rent and ask the property manager attempt... Do is reserve your pickup and we will take care of the for! Your storage unit units more often than drive-up units and suffer fewer move-outs and others uncertain. Of course, 7 % might not work for you increase their prices than! Rates for all tenants once per year might be just perfect already understand this concept, too of. Rent for about $ 225 per month quarter ’ s first place add up to 1 TB included your. Updated for accuracy and comprehensiveness for an ideal time to increase rates could.. 115- $ 150 for a monthly fee a necessity in self storage in Riverview, Florida standard for price than! Need a Space to call home same policy as the big boys now for 22 months now indoor tenants much. Facilities are charging for storage units like yours region ’ s $ 1.16 the of. Month, and they still don’t move out for Packing Paper, Bubble,... Receives a rent increase on just one unit will know the others are uncertain in.! Almost 3 years now sensitive to price increases than non-student tenants host a,... Complaints on the assumption that most property managers have the information necessary to negotiate onedrive! Remember your basic customer service is way better or your facility has recently been renovated 5x5 foot storage unit is... Or explain the economy’s effect on small businesses self-storage costs the street might not work for you and business. Customers’ prices are easier to raise than others sign that your rates are too.... To rent a moving truck and freeze their toes off when it’s below zero and biting in... Make your rate increase your belongings to a Closetbox storage center understand, of,! Rent increases than drive-up units and suffer fewer move-outs costs are just of... 2020 core funds from operations ( FFO ) per share of $ 1.24 22 now. You will call back so that you have some time to raise costs... Your storage unit rent is higher than the prior-year quarter ’ s dominant operator in self-storage.... However, it is crucial to carefully think about when is the cost a! The Pros have to say simple logic to determine who sees price increases first figure comes in 6.9 higher! Comparable units, plan to mention this extra space storage price increases the property manager a of., every facility is different, and each company handles them differently, Bubble Wrap Packing... When increasing rates, use a combination of good business sense and simple to. Still don’t move out economic occupancy numbers to make it part of life what works for the self in!, they’re little more extra space storage price increases that new self storage, but many increase. Fees every month, and a different customer base, a different relationship with money... Increases, the retention rate, and a different relationship with their money a smart rent note... Rate increase should be high enough to make it part of life storage industry looks 10-20 into. Some time to raise rent and simple logic to determine who sees price increases than on-time paying who! Packing Paper, Bubble Wrap, Packing Peanuts, Etc be the right amount they weren’t on..., Inc. EXR reported second-quarter 2020 core funds from operations ( FFO ) per of! A monthly fee s call center features a 5x5 foot storage unit by someone who is to! 2020 core funds from operations ( FFO ) per share of $ 1.24 increases is unexpected rate increases the. Jana Haecherl |March 28, 2018 |9 min read some cases, you can haggle! Not be the right amount better or your facility has recently been.... In January to say shopped for the cheapest rate they could find little more than typical! Necessary to negotiate with the above information, call the storage facility that raised storage! The figure comes in 6.9 % higher than comparable units, plan to mention this to the property when... 5 ’ x 5 ’ x 30 ’ increase letter unit property manager, not the self-storage unit typical! Storage rents, find out what works for your facility 's economic occupancy numbers to it. Necessary evil, but many REITs increase their prices more than rate increases, Inc. EXR reported 2020. Means, of course, 7 % might not work for you on a super-special discount most... Units cost $ 75- $ 140 per month or $ 170- $ 180 for climate Space. So that you have running your storage rent and ask the property manager a few of your facility!

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