. 1. For instance, a 10 ft. x 10 ft. climate-controlled unit in Salt Lake City costs $103 per month, … Is Spring Cleaning the Right Time for Your Basement Remodel? 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After following these two simple steps, you have the information necessary to negotiate with the property manager of your storage unit. 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 … We can move you out of your storage unit and carefully haul your belongings to a Closetbox storage center. If your storage unit rent is higher than comparable units, plan to mention this to the property manager when you call back. Know that most property managers have the ability to reverse the increased storage rent. These activities have produced outstanding income improvements. Also check your occupied-history report, which will show you the strength of occupancy by unit type over the past year. Informa Markets, a trading division of Informa PLC. 1st - Fill up your units to increase unit occupancy. 11 Best Cities to Raise a Family in 2021 | Extra Space Storage This has resulted in double-digit growth to our same-store sales and year-over-year improvements. 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. For more information, call 770.801.1888; visit www.universalstoragegroup.com. Now that you’ve maximized your potential rents with new, existing and discounted customers, you need to repeat this process at least monthly. You never want to be 100 percent occupied because then you have nothing to sell. Now imagine investing that money and earning 6% interest rather than spending $100 on a storage … For example, if you continue to hit 95 percent occupancy after raising rates, you’ll need to review your street rates more frequently. Number 8860726. ZIP codes, length of stay, household income, unit type and location, amount of current discount, and competitor-pricing comparisons are just a few of the influencers being used to dictate new rental rates for customers. This will just create stress and a lot of work. A. Lines and paragraphs break automatically. When assessing rates for existing customers, you’ll want to pull an occupied-units report. Because almost all Web-based software programs for self-storage include rate-management tools, you can easily program when and how much you want increases to be, and they’ll show up in your pending-rate-increases folder for approval. You can’t wait three years and then raise all existing tenant rates to match your standard rates. Instead, ask three questions: Did you increase rents on all unit types? Then tell the property manager you will call back so that you have some time to run the numbers. When you have a size with a lot of vacancy, your natural tendency would be to reduce the price. Rent usually must increase marginally each year in order to keep pace with market rates, inflation, tax changes, and other factors that make owning that property just a little bit more expensive. How much self storage should cost. This way the customer knows he’s still getting a discount compared to new customers. You’re going to find customers who meet your criteria for increases by length of stay. Then, call the storage facility that raised your storage rent and ask the property manager a few questions. Aug 26, 2014 772 views 6 comments WITHIN 3 MONTHS OF MOVING IN THEY JACKED MY RENT $20 A MONTH, A … When creating an official or organisation letter, discussion style as well as format is essential to … All rights reserved. How to Hope for the Best and Clean for the Worst, Decluttering this Spring? M. Anne Ballard is president of training, marketing and developmental services for Universal Storage Group and the founder of Universal Management Co. She’s president of the Georgia Self Storage Association and has served on the national Self Storage Association’s board of directors. Unit sizes: Public Storage offers unit sizes ranging from 5 feet by 5 feet to 10 feet by … I have a store in Florida that has to review street rates almost weekly since demand is so high. Average costs and comments from CostHelper's team of professional journalists and community of users. It will take time to decide on the new rates and send out the rent-increase e-mail or letter. What to do about my storage rent increase? Why did my storage rent increase? Self-storage … Particularly if your unit occupancy rate is low, you may want to focus on putting out specials and self storage discounts. Next, look to the occupied percentage column. 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. Its managers do an incredible amount of marketing and hold onsite events to keep it that way. 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The Self Storage Association (SSA) is a not-for-profit tax-exempt organization formed in 1975 under Section 501-c-6 of the Internal Revenue Code. I suggest using 210 days as the trigger, which makes the actual rate increase effective at nine months. First, check storage rents at other facilities nearby for your storage unit size. Also, it’s a less harsh way to say, “Your rent is going up by $30 a month.”. 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. If your self-storage location increased your storage unit rent, we can answer a few of your questions. 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Some are using complex algorithms to determine which demographic groups get more of an increase and how often. And look out for updated Australian agreements, due for release in the first half of 2017! Copyright © 2021. For over 40 years, the Association has served as the official trade organization and voice of the U.S. and international self storage … A 5x5 foot storage unit usually runs about $40-$50 … 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. 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. Americans have a hard time letting go of their stuff. This is likely the easiest method for many facility owners, but it doesn’t allow for as much consideration and improvement as the process outlined above. The units with tenants need to be raised asap to a larger increase like the $26 with a reminder in the rent raise notice that the rate is still lower than any competitors rates and then start the rent raise … The 10-by-10s are now only $5 more than the next smaller size and $75 less than the next larger size, so most customers will view those units as a bargain, and you’ll fill them faster. To make this easy, I suggest owners use a few simple operating-system reports to identify triggers for raising rents, and then review them at least once per month. The next step is to send these tenants a discount-reduction letter. Tips for Packing Paper, Bubble Wrap, Packing Peanuts, Etc. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Unit size: Extra Space Storage offers unit sizes ranging from from 5 feet by 5 feet to 10 feet by 30 feet. Here’s an example: “Dear Mr. Jones, you have been getting a 48 percent discount that has been in effect since X date. Registered in England and Wales. At day 210, start the increase process. Simone Hill BA (Hons) LLB, LLM, is the Legal Advisor to the Self-Storage … And then, if so, ask: Which unit types did you not increase rent? By determining your standard rates prior to executing increases for existing tenants, you can see the variance between current rent and the new higher rate for new customers. Pacific Northwest Wedding Trends: What the Pros Have to Say. Standard (street) rates are reviewed by unit type or size, particularly ones that are full or about to be, which can spur a rate increase. Along with self-storage they can accommodate business storage needs and vehicle storage needs. Instead, stay on top of your rental rates for existing and new tenants and look for areas in which you can improve. Web page addresses and e-mail addresses turn into links automatically. The industry standard for price increases is to increase rates every nine months, but many REITs increase their prices more than that. These are the sizes on which you should raise rates. A motivated owner can outperform the computer by taking advantage of all opportunities. 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. You can also. Knowing when and to whom rental-rate increases should be given, as well as how much they should be, is one of the most important aspects in operating a profitable self-storage facility. Thanks storage increase every other minute. You’ll also need to give customers 30 days notice before the new rate becomes effective. Circumstances will dictate the need for more frequent reviews and actions. Hence, if you start at 210 days, the rates should go into effect at 270 days. If you spent $100 each month on a storage unit, that’s $1,200 a year. Storage units can range from $60 to $225 per month, depending on the size, location and other features. Go through the report and find those getting discounts of more than 15 percent. Find what works for your business and stick to it - consistency is key with rate … 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. While these two rate structures are completely separate, one certainly does influence the other. 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. Analyzing these rates enables owners to maximize income. Before you call the storage facility that raised storage rents, find out what other storage facilities are charging for storage units like yours. Finally, to catch all customers who are getting discounts on sizes that are full, you’ll use the same occupied-units report. Up until now, supply has kept up with demand, with over 90% occupancy rates being typical since 2015, according to the … And yes, I just got another rate increase today!!! So we will resume and are resuming our existing customer rate increase program, market by market as they open up, subject … You may also want to look into listing your brand on an affordable self storage … Leave the 10-by-10 price where it is, but raise pricing for the 5-by-10s to $95 and the 10-by-15s to $175. Shop around online. Inside Self-Storage is part of the Informa Markets Division of Informa PLC. Extra Space Storage - RATE INCREASE, RATE INCREASE, RATE INCREASE! 8 expert tips to make it smooth, Apartment checklist: 9 tips for your child’s first place. Self-Storage Financing for 2021: Options, Market Sentiment and More, NexPoint Launches Investment Platform to Finance, Develop Self-Storage Properties, Self-Storage Financing Through the SBA 504 Loan Program, It’s an Optimal Time to Secure Self-Storage Financing … Find Out Why. The software should be able to sort the report to show you all customers by the number of days the rent has remained unchanged. The prices of storage units nearby and larger sizes around this vacant size to create a perceived discount or of. Can ’ t wait three years and then, call the storage facility that raised storage. Storage rents at other facilities nearby for your facility, raising rates for existing,... And a lot of work statistics on this page will be updated as we receive new data and e-mail turn... 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