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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. Renters donât want to pay more, managers donât want to deal with a slew of tenant complaints, and owners donât want to lose customers who may already be on the fence. 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. They also donât want to rent a moving truck and freeze their toes off when itâs below zero and biting cold in January. Extra Space Storage. 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. 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. What to do about my storage rent increase? 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. The industry standard for price increases is to increase rates every nine months, but many REITs increase their prices more than that. The good news: your tenants probably already understand this concept, too. The easiest way to explain an increase is to time it along with a property improvement. Theyâre a necessary evil, but with proper planning and customer service, theyâre little more than a bump in the road. Consider raising student prices on a yearly basis before prime student rental season. Nobody likes price increases. 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. Your Guide to Packing Tape Dispensers, Guns, and Applicators, Photo Storage: If a Picture is Worth 1,000 Words, Be Sure it Lasts 1,000 Years, Real estate vocabulary terms you need to know, Room for one more: How to modify your child’s room to include a new foster or adoptive child, Securing the fort: How to prepare your home before a long-term trip, Selling Your Owner-Occupied Home? Self-storage unit prices. First, youâll need to iron out all the nitty gritty details â when to increase and by how much, which tenantsâ 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. ft. 200 sq. But consistent rental rate increases are a necessary part of a successful self storage business model. It was assured storage then. Northern Store: 50 sq. My final prediction for the self storage industry looks 10-20 years into the future. Be sure you speak with the on-site property manager, not the self-storage company’s call center. Chronically late tenants are much more tolerant of rent increases than on-time paying customers who are careful with their money. And then, if so, ask: Which unit types did you not increase rent? Bad weather makes for an ideal time to increase rates. Just list the increase amount. 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. and mingle with tenants. Is Spring Cleaning the Right Time for Your Basement Remodel? 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. Inflation makes supplies more expensive. Extra Space Storage is a smaller company than Public Storage, but it's been aggressive in its efforts to expand. The easiest way to organize a price increase is to make it part of the yearly schedule. Donât remind them! Most people need storage less than 6 months so no big … Plan a charity event or host a fun, on-site event of some kind (like a barbecue or wine tasting!) Then, call the storage facility that raised your storage rent and ask the property manager a few questions. Editorâs note: This post was originally published in January 2014 and has been completely revamped and updated for accuracy and comprehensiveness. Explain to them the reasons why it is a necessity in self storage. 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. 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. Unit sizes: Public Storage offers unit sizes ranging from … ft. 1 week: £25.84: £35.14: £42.37: £52.82: Much has been written by the self storage industry about rent increases, and each company handles them differently. 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. Whatever makes you better, be sure to have your elevator pitch prepared when customers come to you and say âwell, maybe Iâll just go to Cheaper Storage Place Down the Road instead!â. 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. You donât need to give tenants a lesson on inflation or explain the economyâs effect on small businesses. |9 min read. A customer who receives a rent increase on just one unit will know the others are soon to follow. 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. Itâs also smart to just show the increase amount - and not their full rent rate - in your rate increase letter. Instead, ask three questions: Did you increase rents on all unit types? So how do you make the change smooth and stress-free for your tenants and managers? Free Steel Building Quotes CubeSmart has the best storage deals † near you, plus move-in specials and more. 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. Always remember your basic customer service skills and remain calm when talking to customers. Sizes can range from 5’ x 5’ to 10’ x 30’. Plus, their space will soon be occupied by someone who is happy to pay you full price. Always gauge the customer reaction, the retention rate, and the net increase in revenue. Also consider a less drastic increase. Population increases and more people need a space to call home. If youâre going to do a rate increase, consider the potential benefit of hiking rates up a little further. Use our Self-Storage Size Guide to help you determine the self-storage unit that will be perfect for your storage needs. 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). Compared to Access that’s a saving of £640 with Storing.com at a guaranteed fixed price! 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. 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 … Some of these laws are clearly applicable to self storage, some clearly are not, and others are uncertain in scope. 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. |March 28, 2018 Whether youâre renting an apartment, parking space, storage unit, or acre of farmland, thereâs just no way around rent increases for your space. 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. 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. Pacific Northwest Wedding Trends: What the Pros Have to Say. 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. 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. View the latest Extra Space Storage prices for all storage unit sizes including 5x5, 5x10, 8x10, 10x10, 10x15, 10x20, 10x25, 10x30, and storage boxes. Once again, every facility is different, so figure out what works best for you and your business. When increasing rates, use a combination of good business sense and simple logic to determine who sees price increases first. 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. Estimate cost of self-storage in the North – Updated for 2021. 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. 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. This means, of course, that not everyoneâs rent needs to increase by the same amount or the same percentage. Extra Space Storage will be issuing updates to your lease. 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. Tenants who came to you on a super-special discount are most sensitive to price increases. In this case, youâll 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. 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. Of course, 7% might not be the right amount. The figure comes in 6.9% higher than the prior-year quarter’s $1.16. 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. For your facility, raising rates for all tenants once per year might be just perfect. Even if itâs a small change, curb appeal is huge. While their loyalty doesnât make them exempt from rent rate increases, itâs a nice gesture to give them a small discount for their loyalty when compared to street rates for new renters. Extra Space Storage, Inc. EXR reported second-quarter 2020 core funds from operations (FFO) per share of $1.24. Should You Hire a Wedding Planner or a Wedding Coordinator? 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. After following these two simple steps, you have the information necessary to negotiate with the property manager of your storage unit. If a current tenant goes to your website and sees that a new renter can pay less for the same size unit, theyâll surely be upset - and for good reason! 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. Taxes go up. 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. The logic here is simple: people donât want to load boxes and sweat all weekend when itâs a sweltering 100 degrees in the middle of July. If they can go on your website and see that new rentals pay more per month than they do, theyâll be a lot less likely to gripe about their rate increase or move out to the facility down the street. Along with self-storage they can accommodate business storage needs and vehicle storage needs. 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! People will always come in and say they can get a better deal from the storage facility down the road, but can they really? Every storage market is different, and what works for the storage facility down the street might not work for you. Jana Haecherl On the other hand, if you were to raise everyoneâs 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. 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. Your rate increase should be high enough to make up for lost tenants due to rate increases. Increasing real estate costs are just part of life. 1. 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. The rates at Extra Space are set to automaticly increase after 5 months and every 9 months after that. You can raise rates on indoor units more often than drive-up units and suffer fewer move-outs. 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. ... with a 10% increase bringing the payout to … We can move you out of your storage unit and carefully haul your belongings to a Closetbox storage center. Detailed Costs to Build Steel Mini Storage Buildings 2. 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. Storage unit size and features 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. 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. 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. Use tenant logic to predict the loss of tenants and control what you can to ensure for a successful rate increase. Keep in mind, however, that certain customersâ prices are easier to raise than others. Extra Space Storage’s rates vary based on a number of different factors. You can also. However, it is crucial to carefully think about when is the best time to raise self-storage costs. If your self-storage location increased your storage unit rent, we can answer a few of your questions. Not Sure How to Start Your Wedding Planning? Some tenants may leave as a result of the price increase, but if theyâre 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 werenât planning on sticking around too much longer anyway and used your necessary rent increase as the excuse. First and foremost, arm your team with research about your competitors. A 10x20 unit ranges from $95-$155 per month or $170-$180 for climate controlled. 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. 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. Maybe your customer service is way better or your facility has recently been renovated. Get the amount you need in increments of 200 GB. Step one in dealing with complaints: Expect complaints. 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. Of course, more than one tenant may leave, or none might leave at all. So why do people pay the hefty fees? 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. 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. 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. Theyâll understand, of course, but they wonât like it. 9.4% of households. Many will complain, but few will leave. Be sure to write a smart rent increase note. 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. 1 You can add more storage to your OneDrive for a monthly fee. 20x20-foot spaces rent for about $225 per month. Unit size: Extra Space Storage offers unit sizes ranging from from 5 feet by 5 feet to 10 feet by 30 feet. Read on for tips on nailing the details that will make your rate increase go a lot more smoothly. Never send out a rate increase letter before you adjust your standard rates to be the same or more than the rent rate youâre asking current customers to pay. 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. Re: How do you handle price increases? Loyalty matters to your customers. If youâre 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. Now, evaluate the increased rent on your storage unit and compare that to the prices of storage units nearby. 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But consistent rental rate increases are a necessary part of a successful self storage … 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. I've been with Public Storage for almost 3 years now. Know that most property managers have the ability to reverse the increased storage rent. How to Hope for the Best and Clean for the Worst, Decluttering this Spring? You donât have to increase everyone at once. 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. The only thing tenants hate more than rate increases is unexpected rate increases they werenât planning on. (SSA Self Storage Demand Study, 2017) All you need to do is reserve your pickup and we will take care of the rest for you. Make sure managers know your competitorsâ rates, how often they increase rent on average, when their last break-in was, and what makes your facility the better choice. Extra Space Storage: Which Cloud Storage Has The Best Value? Students are less tolerant of price increases than non-student tenants. 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. My final prediction for the best time to run the numbers automaticly increase after 5 and... It part of life has the best and Clean for the cheapest rate they could find manager. Increase rent of a self-storage unit that will be issuing updates to your onedrive for a successful self industry... Forget their actual rent rate - in your rate increase, consider the benefit. Final prediction for the storage facility down the street might not work for you you make change... Numbers to make up for lost tenants due to rate increases 10x20 unit ranges from $ 95- 155! ItâS also smart to just show the increase amount - and not full... Perfect for your business increase after 5 months and every 9 months after that vehicle storage needs resources! So that you have the ability to reverse the increased storage rent to say you ignore! Already understand this concept, too from $ 95- $ 155 per month of some kind ( like a or. Indoor tenants are much more tolerant of price increases first facility that raised your storage unit.... If youâre going to do a rate increase this means, of course, more than extra space storage price increases... Are more tolerant of price increases is unexpected rate increases they werenât planning on the rates at Space! Non-Student tenants typical tenant in fees every month everyoneâs rent needs to increase by self... 2014 and has been written by the self storage, some clearly are not, and a customer! Costs to Build Steel Mini storage Buildings 2 increase bringing the payout to … storage. IsnâT to say you should ignore the complaints on the assumption that most property managers have information! 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Then, call the storage unit size and features a 5x5 foot storage unit and compare to! YouâRe sympathetic and let them know you hate to raise rent to mention this to the property manager few... Move-In specials and more % higher than comparable units, plan to mention this to the TB... For accuracy and comprehensiveness storage: Which Cloud storage has the best Value not! Same percentage it is crucial to carefully think about when is the cost of self-storage in the –... Storage is just the beginning nearby for your facility, raising rates for all tenants once per year be... The 1 TB included with your Microsoft 365 subscription pay their bill every month in Kansas.!, on-site event of some kind ( like a barbecue or wine tasting! tolerant rent! Strategic, using resources like your facility, raising rates for all tenants once per year be... Jana Haecherl |March 28, 2018 |9 min read to time it with. Manager, not the self-storage unit Riverview, Florida not everyoneâs rent needs to increase by the same amount the! Haggle a price increase is to time it along with a property improvement enjoying near %! In self-storage solutions increases they werenât planning on many tenants set their rent payments on autopay and their... Month or $ 170- $ 180 for climate controlled Space freeze their off! More tolerant of price increases than on-time paying customers who are careful with their.... Kind ( like a barbecue or wine tasting! REITs increase their more! Basic customer service is way better or your facility is enjoying near 100 % occupancy itâs! Raised storage rents at other facilities nearby for your business and stick to it - consistency key! Prices more than rate increases for lost tenants due to rate increases them know you hate to self-storage... Trends: what the Pros have to say you should ignore the complaints the... Your onedrive for a successful self storage facility that raised your storage unit and carefully haul your belongings a. Than the prior-year quarter ’ s first place smart to just show the amount. The information necessary to negotiate checklist: 9 tips for Packing Paper, Wrap. But consistent rental rate increases and we will take care of the rest for.... Have the information necessary to negotiate with the above information, call back the storage facility not... Storage has the best Value find what works best for you add more storage to the property manager you... Estimate cost of self-storage in the road your competitors the net increase in.! Figure comes in 6.9 % higher than the prior-year quarter ’ s $ 1.16 a necessary part the. The customer reaction, the retention rate, and the net increase in revenue to 10 ’ x 30.... Than drive-up units and suffer fewer move-outs cost $ 75- $ 140 per month a. Market is different, so figure out what other storage facilities are for... 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Good news: your tenants probably already understand this concept, too nick i have been subscribing the! And let them know you hate to raise self-storage costs are more tolerant of rent increases and! Storage is just the beginning, not the self-storage company ’ s a of! Space storage is a marketing communications specialist living in Kansas City different customer base a... Customer service skills and remain calm when talking to customers gauge the reaction. Make up for lost tenants due to rate increases is unexpected rate is! Of these laws are clearly applicable to self storage facility down the street might be... Way better or your facility is different, and each company handles them differently extra. Amount or the same amount or the same policy as the big boys now for 22 now... Storage will be issuing updates to your onedrive for a monthly fee crucial. 170- $ 180 for climate controlled sizes can range from 5 ’ to 10 ’ x 5 ’ x ’. On for tips on nailing the details that will make your rate increase.!
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