People will always come in and say they can get a better deal from the storage facility down the road, but can they really? Students are less tolerant of price increases than non-student tenants. But consistent rental rate increases are a necessary part of a successful self storage … 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. ft. 200 sq. ... with a 10% increase bringing the payout to … 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. Chronically late tenants are much more tolerant of rent increases than on-time paying customers who are careful with their money. Add up to 1 TB of storage to the 1 TB included with your Microsoft 365 subscription. If your self-storage location increased your storage unit rent, we can answer a few of your questions. 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. 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. 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. 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. ft. 1 week: £25.84: £35.14: £42.37: £52.82: 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. Always remember your basic customer service skills and remain calm when talking to customers. 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. |9 min read. Should You Hire a Wedding Planner or a Wedding Coordinator? Free Steel Building Quotes 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. I've been with Public Storage for almost 3 years now. After following these two simple steps, you have the information necessary to negotiate with the property manager of your storage unit. My final prediction for the self storage industry looks 10-20 years into the future. 9.4% of households. Nobody likes price increases. About Extra Space Storage Inc.: Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. A customer who receives a rent increase on just one unit will know the others are soon to follow. Compared to Access that’s a saving of £640 with Storing.com at a guaranteed fixed price! Along with self-storage they can accommodate business storage needs and vehicle storage needs. Extra Space Asia is the region’s dominant operator in self-storage solutions. Even if it’s a small change, curb appeal is huge. 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. 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Instead, ask three questions: Did you increase rents on all unit types? And then, if so, ask: Which unit types did you not increase rent? 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. Imagine the state … Be sure to write a smart rent increase note. 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. But in some cases, you can also haggle a price of a self-storage unit. Jana is a marketing communications specialist living in Kansas City. Detailed Costs to Build Steel Mini Storage Buildings 2. 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. View the latest Extra Space Storage prices for all storage unit sizes including 5x5, 5x10, 8x10, 10x10, 10x15, 10x20, 10x25, 10x30, and storage boxes. We can move you out of your storage unit and carefully haul your belongings to a Closetbox storage center. 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. This means, of course, that not everyone’s rent needs to increase by the same amount or the same percentage. 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. The industry standard for price increases is to increase rates every nine months, but many REITs increase their prices more than that. First and foremost, arm your team with research about your competitors. Find Storage Deals Near You. But if you put in the time and effort, you can increase your rapport with your customers and reduce the number of unhappy callers later on. Many will complain, but few will leave. 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. Much has been written by the self storage industry about rent increases, and each company handles them differently. 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. Due to overwhelming demand, we are currently at our storage capacity in Boston, the San Francisco Bay Area, Rhode Island and Seattle. Nobody likes price increases. 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. Sizes can range from 5’ x 5’ to 10’ x 30’. So why do people pay the hefty fees? 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. 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. Armed with the above information, call back the storage unit property manager and attempt to negotiate. 1. 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. And finally, ask: What is the cost of a smaller storage unit? Use tenant logic to predict the loss of tenants and control what you can to ensure for a successful rate increase. 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. 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. Find what works for your business and stick to it - consistency is key with rate increases. Know that no matter what you do, there will surely still be complaints. You don’t need to give tenants a lesson on inflation or explain the economy’s effect on small businesses. 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. How to Hope for the Best and Clean for the Worst, Decluttering this Spring? 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. Taxes go up. Some of these laws are clearly applicable to self storage, some clearly are not, and others are uncertain in scope. CubeSmart has the best storage deals † near you, plus move-in specials and more. 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. The easiest way to explain an increase is to time it along with a property improvement. Now, evaluate the increased rent on your storage unit and compare that to the prices of storage units nearby. 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. They’ll understand, of course, but they won’t like it. However, it is crucial to carefully think about when is the best time to raise self-storage costs. 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. Before you call the storage facility that raised storage rents, find out what other storage facilities are charging for storage units like yours. Energy costs increase. 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. 8 expert tips to make it smooth, Apartment checklist: 9 tips for your child’s first place. What to do about my storage rent increase? 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. Don’t let rate increases ruin the fun you have running your storage facility. 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. Your oldest customers choose to stick with you and (hopefully) they dutifully pay their bill every month. and mingle with tenants. Then tell the property manager you will call back so that you have some time to run the numbers. 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 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. Tenants who came to you on a super-special discount are most sensitive to price increases. 20x20-foot spaces rent for about $225 per month. You can also. In higher cost areas a typical price for that space rises to $2,500 (in Los Angeles) to more than $3,700 (in New York City). Everyone has a different customer base, a different management style, and a different relationship with their tenants. About Extra Space Asia. Bad weather makes for an ideal time to increase rates. 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. The easiest way to organize a price increase is to make it part of the yearly schedule. 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. 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. Get the amount you need in increments of 200 GB. Every storage market is different, and what works for the storage facility down the street might not work for you. 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. 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? 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. Of course, 7% might not be the right amount. 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. Estimate cost of self-storage in the North – Updated for 2021. 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. Use our Self-Storage Size Guide to help you determine the self-storage unit that will be perfect for your storage needs. If you haven’t been doing regular rent increases, the first one will be most jarring to your long-term renters. Explain to them the reasons why it is a necessity in self storage. 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. Know that most property managers have the ability to reverse the increased storage rent. ft. 100 sq. 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. Increasing real estate costs are just part of life. 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. 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. 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Consider raising student prices on a yearly basis before prime student rental season. 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. 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. Then, call the storage facility that raised your storage rent and ask the property manager a few questions. Northern Store: 50 sq. Nick I have been subscribing to the same policy as the big boys now for 22 months now. 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! Jana Haecherl Your rate increase should be high enough to make up for lost tenants due to rate increases. It was assured storage then. 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. 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. 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. Buying or building a new self storage facility and not sure where to start? 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. Not Sure How to Start Your Wedding Planning? 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. Pacific Northwest Wedding Trends: What the Pros Have to Say. You can raise rates on indoor units more often than drive-up units and suffer fewer move-outs. |March 28, 2018 Step one in dealing with complaints: Expect complaints. Keep in mind, however, that certain customers’ prices are easier to raise than others. Unit size: Extra Space Storage offers unit sizes ranging from from 5 feet by 5 feet to 10 feet by 30 feet. Is Spring Cleaning the Right Time for Your Basement Remodel? 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. But consistent rental rate increases are a necessary part of a successful self storage business model. When increasing rates, use a combination of good business sense and simple logic to determine who sees price increases first. Of course, more than one tenant may leave, or none might leave at all. 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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Thanks for reading! A 5x5 foot storage unit usually runs about $40-$50 per month. 10x15 foot units cost $75-$140 per month or $115-$150 for a climate controlled space. If your storage unit rent is higher than comparable units, plan to mention this to the property manager when you call back. They pay way more per month than a typical tenant in fees every month, and they still don’t move out. For your facility, raising rates for all tenants once per year might be just perfect. Maybe your customer service is way better or your facility has recently been renovated. Editor’s note: This post was originally published in January 2014 and has been completely revamped and updated for accuracy and comprehensiveness. OneDrive additional storage plans are available if you need them. Re: How do you handle price increases? 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 … 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. Extra Space Storage will be issuing updates to your lease. 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. So how do you make the change smooth and stress-free for your tenants and managers? ft. 75 sq. 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 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! 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. 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. 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. You don’t have to increase everyone at once. 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. 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. 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. Extra Space Storage is a smaller company than Public Storage, but it's been aggressive in its efforts to expand. Considerations Before Purchasing 4. (SSA Self Storage Demand Study, 2017) Also consider a less drastic increase. 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. 1 You can add more storage to your OneDrive for a monthly fee. All you need to do is reserve your pickup and we will take care of the rest for you. Storage unit size and features The figure comes in 6.9% higher than the prior-year quarter’s $1.16. It’s likely that they simply shopped for the cheapest rate they could find. Up to 15% off and first month free storage is just the beginning. Just list the increase amount. Plan a charity event or host a fun, on-site event of some kind (like a barbecue or wine tasting!) It’s also smart to just show the increase amount - and not their full rent rate - in your rate increase letter. 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. Self-storage unit prices. Show them that you’re sympathetic and let them know you hate to raise rent. Many tenants set their rent payments on autopay and forget their actual rent rate. 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. Inflation makes supplies more expensive. 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. 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. Be sure you speak with the on-site property manager, not the self-storage company’s call center. Extra Space Storage’s rates vary based on a number of different factors. A 10x20 unit ranges from $95-$155 per month or $170-$180 for climate controlled. Tips for Packing Paper, Bubble Wrap, Packing Peanuts, Etc. Always gauge the customer reaction, the retention rate, and the net increase in revenue. 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