A customer who receives a rent increase on just one unit will know the others are soon to follow. Taxes go up. First, you’ll need to iron out all the nitty gritty details – when to increase and by how much, which tenants’ rates to increase, how to inform the tenants, how to handle the potential flood of complaints, and of course how to maintain your sanity while politely responding to any furious phone calls. 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 … If your storage unit rent is higher than comparable units, plan to mention this to the property manager when you call back. Renters of larger units, for example, will generally tolerate greater increases in their monthly rent in terms of raw dollar amount, while renters of smaller units will generally tolerate increases of a greater percentage of their previous rent. If you’re raising rent for ten customers all paying $50/month and you expect one tenant to leave because of the price increase, plan to make up the loss in the new revenue from your remaining nine tenants. Tips for Packing Paper, Bubble Wrap, Packing Peanuts, Etc. Considerations Before Purchasing 4. and mingle with tenants. They pay way more per month than a typical tenant in fees every month, and they still don’t move out. 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. Plan a charity event or host a fun, on-site event of some kind (like a barbecue or wine tasting!) Along with self-storage they can accommodate business storage needs and vehicle storage needs. First, check storage rents at other facilities nearby for your storage unit size. Everyone has a different customer base, a different management style, and a different relationship with their tenants. When rolling out price increases to tenants at your facility, you can sort tenants into more than just unit and price groups using tenant logic: Delinquent tenants tend to be most tolerant of price increases. If a current tenant goes to your website and sees that a new renter can pay less for the same size unit, they’ll surely be upset - and for good reason! Find what works for your business and stick to it - consistency is key with rate increases. Tenants who came to you on a super-special discount are most sensitive to price increases. Is Spring Cleaning the Right Time for Your Basement Remodel? 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. Many will complain, but few will leave. 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. However, it is crucial to carefully think about when is the best time to raise self-storage costs. The logic here is simple: people don’t want to load boxes and sweat all weekend when it’s a sweltering 100 degrees in the middle of July. Use our Self-Storage Size Guide to help you determine the self-storage unit that will be perfect for your storage needs. 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. Estimate cost of self-storage in the North – Updated for 2021. ft. 150 sq. Then, call the storage facility that raised your storage rent and ask the property manager a few questions. Extra Space Storage is a smaller company than Public Storage, but it's been aggressive in its efforts to expand. Don’t bother asking: “Why did my storage rent increase?” You know they increased your rent either to make more money or because rents at comparable storage units are rising – or both. The good news: your tenants probably already understand this concept, too. Extra Space Storage typically costs anywhere from $25 to $500 per month depending on the location, the size of the unit, and whether you need a climate-controlled unit. If your storage facility increased your self-storage rent on your unit type only, it’s likely in response to low vacancy rates on your particular unit type or in your specific submarket. 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As can be seen in the chart, you would need to raise the monthly rent in this example by at least $6 in order to break even after the loss of a tenant. If your storage rent increased by a small amount in January, it was likely an across the board rent increase dictated by someone at headquarters of the big, publicly traded storage facility in order to improve their bottom line. Make sure managers know your competitors’ rates, how often they increase rent on average, when their last break-in was, and what makes your facility the better choice. Inflation makes supplies more expensive. Then tell the property manager you will call back so that you have some time to run the numbers. You can also. 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OneDrive additional storage plans are available if you need them. Unit sizes: Public Storage offers unit sizes ranging from … If you realize a particular method doesn’t work for you, you can try something else next time – and when it comes to rate increases, there will always be a next time. But don’t let this discourage you - if your marketing is on point and your rates are competitive, you’ll fill that space in no time. Typically, the smaller the space, the less tolerant the renter is of a price increase, and students usually rent small spaces like 5’x5’s. Even if it’s a small change, curb appeal is huge. If you’re going to do a rate increase, consider the potential benefit of hiking rates up a little further. Be sure to write a smart rent increase note. (SSA Self Storage Demand Study, 2017) Tampa Bay Area Self Storage in Riverview, Florida. After following these two simple steps, you have the information necessary to negotiate with the property manager of your storage unit. You can raise rates on indoor units more often than drive-up units and suffer fewer move-outs. A graduate of South Dakota State University with a master's in mass communication, Jana enjoys bringing technology, web marketing and industry news and tips to self storage owners and managers. The rates at Extra Space are set to automaticly increase after 5 months and every 9 months after that. Keep in mind, however, that certain customers’ prices are easier to raise than others. 9.4% of households. Be it for increased maintenance fees, changes in the economy, or simply to get more profit, a price increase is a natural flow of events. Be sure you speak with the on-site property manager, not the self-storage company’s call center. Although these laws differ, they generally put a cap on raising prices for certain goods and services above a certain percentage from the amount charged immediately preceding the declaration, subject to certain narrow exceptions. So why do people pay the hefty fees? Finally, be sure to let tenants know a few weeks before the actual increase so they aren’t blindsided by the sudden increase in one of their monthly bills. Some of these laws are clearly applicable to self storage, some clearly are not, and others are uncertain in scope. Some tenants may leave as a result of the price increase, but if they’re willing to commit the time and money that it takes to remove all their belongings from their storage unit (the average move-out costs close to $200), they probably weren’t planning on sticking around too much longer anyway and used your necessary rent increase as the excuse. About Extra Space Asia. A 10x20 unit ranges from $95-$155 per month or $170-$180 for climate controlled. They likely chose you because you were the cheapest in town for the first month - and their price increase might spur them into moving out and finding the next cheapest rate. You don’t need to explain all of the reasons behind the increase - your tenants don’t need to know about your occupancy, and they likely don’t care anyway. 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. Don’t remind them! Thanks for reading! Self-storage unit prices. Extra Space Storage’s rates vary based on a number of different factors. Click the image below to get our FREE guide for new storage owners with everything you need to know to start your search for self storage technology, security, and more! Also consider a less drastic increase. Read on for tips on nailing the details that will make your rate increase go a lot more smoothly. They’ll understand, of course, but they won’t like it. Population increases and more people need a space to call home. Every storage market is different, and what works for the storage facility down the street might not work for you. When increasing rates, use a combination of good business sense and simple logic to determine who sees price increases first. ft. 1 week: £25.84: £35.14: £42.37: £52.82: They also don’t want to rent a moving truck and freeze their toes off when it’s below zero and biting cold in January. Up to 15% off and first month free storage is just the beginning. What to do about my storage rent increase? You don’t have to increase everyone at once. Sizes can range from 5’ x 5’ to 10’ x 30’. This means, of course, that not everyone’s rent needs to increase by the same amount or the same percentage. Always remember your basic customer service skills and remain calm when talking to customers. Detailed Costs to Build Steel Mini Storage Buildings 2. 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. Consider raising student prices on a yearly basis before prime student rental season. Storage units can cost anywhere from $60 to $225 per month depending on the location, the size of the unit, and whether or not the unit is climate-controlled.Storage unit prices fluctuate by location, so take this into account when you’re looking at the average cost to rent. ft. 75 sq. Buying or building a new self storage facility and not sure where to start? On the other hand, if you were to raise everyone’s rent by exactly 10%, the one with the large unit would be paying $15 more while the one with the small unit is paying just $3 more per month. But consistent rental rate increases are a necessary part of a successful self storage business model. Nick I have been subscribing to the same policy as the big boys now for 22 months now. If your self-storage location increased your storage unit rent, we can answer a few of your questions. Editor’s note: This post was originally published in January 2014 and has been completely revamped and updated for accuracy and comprehensiveness. Your oldest customers choose to stick with you and (hopefully) they dutifully pay their bill every month. While their loyalty doesn’t make them exempt from rent rate increases, it’s a nice gesture to give them a small discount for their loyalty when compared to street rates for new renters. The easiest way to explain an increase is to time it along with a property improvement. In this case, you’ll want to be sure to time your increase with a noticeable improvement to the property like a new, modernized gate, a freshly painted parking lot, or bright, beautiful landscaping. ft. 200 sq. Before you do anything, consider these factors: Web rates should always be more than or equal to the rate that current tenants are paying. 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Renters don’t want to pay more, managers don’t want to deal with a slew of tenant complaints, and owners don’t want to lose customers who may already be on the fence. 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. Step one in dealing with complaints: Expect complaints. Show them that you’re sympathetic and let them know you hate to raise rent. 8 expert tips to make it smooth, Apartment checklist: 9 tips for your child’s first place. Just list the increase amount. All you need to do is reserve your pickup and we will take care of the rest for you. Your rate increase should be high enough to make up for lost tenants due to rate increases. NOTE: Even if you are unable to easily move your items out of the storage unit, never discuss your personal situation with the storage facility. Free Steel Building Quotes Upstairs and indoor tenants are more tolerant of price increases than drive-up tenants. Should You Hire a Wedding Planner or a Wedding Coordinator? Every storage facility is unique, so it might be difficult to know the best way for you to approach a price increase until you’ve actually done it. The industry standard for price increases is to increase rates every nine months, but many REITs increase their prices more than that. The cost of your storage unit depends on several things, but mostly the age and location of the facility, the type of security features available, and whether or not you rent a climate-controlled storage unit. Founded in 2007, our first facility in Singapore changed the way people live and work, by providing professionally managed services, state-of-the-art security, and round-the-clock accessibility for customers to live bigger and better lives. |9 min read. Extra Space Asia is the region’s dominant operator in self-storage solutions. Just like their apartment rent increases from year to year or lease to lease, they likely expect their storage unit rental rate to increase, too. Rather than add $10 to each unit and risk losing all of them, give the customer an increase of $15 across the board, or $5 on each unit. Customers all deal with bills and taxes in their everyday lives, so they will probably have less sympathy for you if you cite those reasons. Chronically late tenants are much more tolerant of rent increases than on-time paying customers who are careful with their money. It’s likely that they simply shopped for the cheapest rate they could find. Minus first month promotions and such, you never want to ask current tenants to pay an increased rent rate without first adjusting your web rates to be the same price or more. 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. Not Sure How to Start Your Wedding Planning? I've been with Public Storage for almost 3 years now. Once again, every facility is different, so figure out what works best for you and your business. If you liked this blog post, you may also like: The complete guide to offering move-in trucks, Homelessness + self storage: How to be compassionate while preventing live-in renters, and A 4-step guide to attracting the college student market. Due to overwhelming demand, we are currently at our storage capacity in Boston, the San Francisco Bay Area, Rhode Island and Seattle. And then, if so, ask: Which unit types did you not increase rent? A 5x5 foot storage unit usually runs about $40-$50 per month. 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. Compared to Access that’s a saving of £640 with Storing.com at a guaranteed fixed price! It was assured storage then. 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. Plus, their space will soon be occupied by someone who is happy to pay you full price. Don’t let rate increases ruin the fun you have running your storage facility. If you raise everyone’s rent by, for example, 7% each year they’re at your facility, the increase won’t catch them by surprise and you’ll be better able to integrate your projected earnings from your price increase into your budget. 20x20-foot spaces rent for about $225 per month. Students are less tolerant of price increases than non-student tenants. People will always come in and say they can get a better deal from the storage facility down the road, but can they really? Jana is a marketing communications specialist living in Kansas City. Add up to 1 TB of storage to the 1 TB included with your Microsoft 365 subscription. While that was likely only one small part of the various cost increases that led to your decision to increase rent prices, it is the easiest for the customer to accept. If they can go on your website and see that new rentals pay more per month than they do, they’ll be a lot less likely to gripe about their rate increase or move out to the facility down the street. That isn’t to say you should ignore the complaints on the assumption that most of your tenants will stay. Never send out a rate increase letter before you adjust your standard rates to be the same or more than the rent rate you’re asking current customers to pay. Be strategic, using resources like your facility's economic occupancy numbers to make an informed decision. I have a large unit 10 X 20 I don't understand the rent increases every 6 months it's ridiculous, when I first started renting it was at $230 now I'm paying 298 for the same spot. 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. Nobody likes price increases. Many of these changes are minor in nature and this particular amendment will not impact your current rental rate, administrative fees or the overall great customer service provided for your storage needs. Unit size: Extra Space Storage offers unit sizes ranging from from 5 feet by 5 feet to 10 feet by 30 feet. Here's why: Public, Extra Space, Sovran, U-Haul, and Cube Smart sink 10's of millions into research on how often they can raise rents and how much. 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. Additional resources on customer service in self storage: 6 steps to resolve customer conflict, Re-evaluating our views on customer service, and PR and crisis management: A comprehensive guide for managers. But consistent rental rate increases are a necessary part of a successful self storage … My final prediction for the self storage industry looks 10-20 years into the future. Rent a 320 sq ft storage unit for 6 months and pay £2,152 with Storing.com compared to £2,792 with Access Storage – that’s including their 50% discount for the first 8 weeks. 1. And finally, ask: What is the cost of a smaller storage unit? If prices of storage units nearby or smaller storage units within the same facility are comparable to (or less than) the increased rent on your storage unit, you can threaten to leave the facility, which will sometimes force their hand. 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. 1 You can add more storage to your OneDrive for a monthly fee. 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. Plastic Containers, Comprehensive Solutions for Your Trade Show Storage, Creating a sensory safe haven for kids with autism, Curb appeal for resale value: A guide to the basics, Disaster Planning: The Need for Business Storage in the Event of Severe Weather, Don’t Fall Victim to this Home Staging Myth, Don’t Skip this Early Step for Your Basement Remodeling Plan. For your facility, raising rates for all tenants once per year might be just perfect. 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. Loyalty matters to your customers. Whether you’re renting an apartment, parking space, storage unit, or acre of farmland, there’s just no way around rent increases for your space. Most people need storage less than 6 months so no big … Additional Cost Factors 3. Jana Haecherl Before you call the storage facility that raised storage rents, find out what other storage facilities are charging for storage units like yours. Know that no matter what you do, there will surely still be complaints. Get the amount you need in increments of 200 GB. As of September 30, 2019, the Company owned and/or operated 1,797 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. Caretakers’ Guide to Moving Seniors Into a Facility, Babyproofing (0-6 Months): What to Do before Coming Home from the Hospital, Childproofing for Your Toddler (18 Months to 4 Years), Childproofing for Your Young Infant (6 Months to 18 Months), Comparison Shopping: Cardboard Boxes vs. |March 28, 2018 Energy costs increase. Many tenants set their rent payments on autopay and forget their actual rent rate. CubeSmart has the best storage deals † near you, plus move-in specials and more. ft. 100 sq. View the latest Extra Space Storage prices for all storage unit sizes including 5x5, 5x10, 8x10, 10x10, 10x15, 10x20, 10x25, 10x30, and storage boxes. Northern Store: 50 sq. 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. If your facility is enjoying near 100% occupancy, it’s a clear sign that your rates are too low. Use tenant logic to predict the loss of tenants and control what you can to ensure for a successful rate increase. Of course, more than one tenant may leave, or none might leave at all. Storage unit size and features Whatever makes you better, be sure to have your elevator pitch prepared when customers come to you and say “well, maybe I’ll just go to Cheaper Storage Place Down the Road instead!”. 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. Extra Space Storage: Which Cloud Storage Has The Best Value? The easiest way to organize a price increase is to make it part of the yearly schedule. Amount of rentable self-storage space in the U.S. 1.7 billion square feet (Self-Storage Almanac, 2019) Amount of rentable self-storage space per person in the U.S. 5.4 square feet per person (Self-Storage Almanac, 2019) Percentage of U.S. households that rent a self-storage unit. Re: How do you handle price increases? Give them at least one month to budget for the new expense and gently remind them of the new rent with a friendly text or email a few days before rent is due. Often if you look at different self-storage facilities that are in different cities but that are actually in very close proximity to each other, you can find a much better price for space. Much has been written by the self storage industry about rent increases, and each company handles them differently. How to Hope for the Best and Clean for the Worst, Decluttering this Spring? Don’t forget about seasonal renters, either - if you’ve got a guy who stores his boat with you every winter, consider giving him a (slightly discounted) managed rate for his loyalty and willingness to come back to your facility year after year. So how do you make the change smooth and stress-free for your tenants and managers? The figure comes in 6.9% higher than the prior-year quarter’s $1.16. If your storage unit is higher than two smaller units summing to a size approximate to your storage unit size, you’ll also want to mention it when you call your property manager back. Pacific Northwest Wedding Trends: What the Pros Have to Say. 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. Occupancy numbers to make it smooth, Apartment checklist: 9 tips for your business economy’s on! Facility down the street might not be the right time for your and... North – Updated for accuracy and comprehensiveness we extra space storage price increases answer a few questions plus! 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Time for your business and stick to it - consistency is key with rate extra space storage price increases. To them the reasons why it is crucial to carefully think about when is the cost self-storage. Are a necessary part of the yearly schedule running your storage unit and compare that to the same.... Make up for lost tenants due to rate increases answer a few of your storage unit rent, we answer. Of good business sense and simple logic to predict the loss of tenants and?! Bill every month, and each company handles them differently and compare that to the prices of units!