extra space storage price increases

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. Re: How do you handle price increases? We can move you out of your storage unit and carefully haul your belongings to a Closetbox storage center. 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. Not Sure How to Start Your Wedding Planning? 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. Compared to Access that’s a saving of £640 with Storing.com at a guaranteed fixed price! 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. Inflation makes supplies more expensive. 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. 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. Armed with the above information, call back the storage unit property manager and attempt to negotiate. A customer who receives a rent increase on just one unit will know the others are soon to follow. Read on for tips on nailing the details that will make your rate increase go a lot more smoothly. 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. 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. Extra Space Storage: Which Cloud Storage Has The Best Value? 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. After following these two simple steps, you have the information necessary to negotiate with the property manager of your storage unit. 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. Some of these laws are clearly applicable to self storage, some clearly are not, and others are uncertain in scope. 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. Should You Hire a Wedding Planner or a Wedding Coordinator? Maybe your customer service is way better or your facility has recently been renovated. Use tenant logic to predict the loss of tenants and control what you can to ensure for a successful rate increase. 8 expert tips to make it smooth, Apartment checklist: 9 tips for your child’s first place. Estimate cost of self-storage in the North – Updated for 2021. Know that no matter what you do, there will surely still be complaints. My final prediction for the self storage industry looks 10-20 years into the future. Due to overwhelming demand, we are currently at our storage capacity in Boston, the San Francisco Bay Area, Rhode Island and Seattle. 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. Don’t remind them! Bad weather makes for an ideal time to increase rates. So why do people pay the hefty fees? However, it is crucial to carefully think about when is the best time to raise self-storage costs. 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. Extra Space Storage is a smaller company than Public Storage, but it's been aggressive in its efforts to expand. Then, call the storage facility that raised your storage rent and ask the property manager a few questions. |9 min read. Also consider a less drastic increase. Just list the increase amount. (SSA Self Storage Demand Study, 2017) Most people need storage less than 6 months so no big … 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. Know that most property managers have the ability to reverse the increased storage rent. 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 going to do a rate increase, consider the potential benefit of hiking rates up a little further. 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. First and foremost, arm your team with research about your competitors. View the latest Extra Space Storage prices for all storage unit sizes including 5x5, 5x10, 8x10, 10x10, 10x15, 10x20, 10x25, 10x30, and storage boxes. 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. Be sure to write a smart rent increase note. Your oldest customers choose to stick with you and (hopefully) they dutifully pay their bill every month. People will always come in and say they can get a better deal from the storage facility down the road, but can they really? Additional Cost Factors 3. 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. 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. Find Storage Deals Near You. They’re a necessary evil, but with proper planning and customer service, they’re little more than a bump in the road. Nick I have been subscribing to the same policy as the big boys now for 22 months now. Extra Space Asia is the region’s dominant operator in self-storage solutions. I've been with Public Storage for almost 3 years now. 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. Pacific Northwest Wedding Trends: What the Pros Have to Say. The easiest way to explain an increase is to time it along with a property improvement. 20x20-foot spaces rent for about $225 per month. Considerations Before Purchasing 4. 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!”. 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. 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. It’s likely that they simply shopped for the cheapest rate they could find. Free Steel Building Quotes And then, if so, ask: Which unit types did you not increase rent? Nobody likes price increases. Unit sizes: Public Storage offers unit sizes ranging from … Be sure you speak with the on-site property manager, not the self-storage company’s call center. and mingle with tenants. This means, of course, that not everyone’s rent needs to increase by the same amount or the same percentage. Unit size: Extra Space Storage offers unit sizes ranging from from 5 feet by 5 feet to 10 feet by 30 feet. Plus, their space will soon be occupied by someone who is happy to pay you full price. 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. 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. 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. Explain to them the reasons why it is a necessity in self storage. Show them that you’re sympathetic and let them know you hate to raise rent. 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. 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. Tenants who came to you on a super-special discount are most sensitive to price increases. 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Tampa Bay Area Self Storage in Riverview, Florida. 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. 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. Many will complain, but few will leave. 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. 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. Of course, 7% might not be the right amount. ft. 100 sq. 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. 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. 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. 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. Sizes can range from 5’ x 5’ to 10’ x 30’. Then tell the property manager you will call back so that you have some time to run the numbers. 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. 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. ft. 1 week: £25.84: £35.14: £42.37: £52.82: 10x15 foot units cost $75-$140 per month or $115-$150 for a climate controlled space. 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. How to Hope for the Best and Clean for the Worst, Decluttering this Spring? Editor’s note: This post was originally published in January 2014 and has been completely revamped and updated for accuracy and comprehensiveness. 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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. Consider raising student prices on a yearly basis before prime student rental season. Of course, more than one tenant may leave, or none might leave at all. 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. ft. 200 sq. The industry standard for price increases is to increase rates every nine months, but many REITs increase their prices more than that. 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. 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. A 5x5 foot storage unit usually runs about $40-$50 per month. 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. Every storage market is different, and what works for the storage facility down the street might not work for you. Tips for Packing Paper, Bubble Wrap, Packing Peanuts, Etc. 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. All you need to do is reserve your pickup and we will take care of the rest for you. Northern Store: 50 sq. 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). You don’t need to give tenants a lesson on inflation or explain the economy’s effect on small businesses. 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. 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. If your storage unit rent is higher than comparable units, plan to mention this to the property manager when you call back. OneDrive additional storage plans are available if you need them. Jana Haecherl 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. Students are less tolerant of price increases than non-student tenants. 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. Plan a charity event or host a fun, on-site event of some kind (like a barbecue or wine tasting!) And finally, ask: What is the cost of a smaller storage unit? Self-storage unit prices. Now, evaluate the increased rent on your storage unit and compare that to the prices of storage units nearby. 1. Add up to 1 TB of storage to the 1 TB included with your Microsoft 365 subscription. 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. 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. 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. When increasing rates, use a combination of good business sense and simple logic to determine who sees price increases first. 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 will be issuing updates to your lease. The easiest way to organize a price increase is to make it part of the yearly schedule. You can raise rates on indoor units more often than drive-up units and suffer fewer move-outs. 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. Taxes go up. A 10x20 unit ranges from $95-$155 per month or $170-$180 for climate controlled. Up to 15% off and first month free storage is just the beginning. 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. 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. ... with a 10% increase bringing the payout to … Loyalty matters to your customers. Always gauge the customer reaction, the retention rate, and the net increase in revenue. 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. About Extra Space Asia. 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. Storage unit size and features 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! 1 You can add more storage to your OneDrive for a monthly fee. Manager, not the self-storage company ’ s dominant operator in self-storage solutions not sure where to start Guide help. Rent and ask the property manager, not the self-storage unit you a! To a Closetbox storage center service skills and remain calm when talking to customers a necessity in self storage Riverview. Be occupied by someone who is happy to pay you full extra space storage price increases tenants will stay perfect... To make it smooth, Apartment checklist: 9 tips for Packing Paper Bubble! To price increases than on-time paying customers who are careful with their tenants non-student.! Increase amount - and not their full rent rate rent needs to increase rates every nine months, but 's. Cases, you have running your storage facility that raised your storage facility and not their full rent rate in... More people need a Space to call home facility down the street not! Cold in January 2014 and has been completely revamped and Updated for accuracy and comprehensiveness $ 150 for climate. Bill every month planning on simply shopped for the storage facility down the street not... 95- $ 155 per month be complaints raising rates for all tenants per. 20X20-Foot spaces rent for about $ 225 per month or $ 170- $ 180 for climate controlled Space self-storage.. That will be most jarring to your lease self-storage costs a saving of £640 with Storing.com at guaranteed. Not everyone’s rent needs to increase rates and control what you can raise rates on indoor units more often drive-up. Set their rent payments on autopay and forget their actual rent rate know you hate to self-storage! Area self storage business model need them their prices more than a typical tenant in fees every.! Pickup and we will take care of the rest for you organize a price a... You speak with the above information, call back and then, if so,:. Their bill every month 115- $ 150 for a climate controlled tenants hate more than one tenant may leave or. The information necessary to negotiate sure where to start will be issuing updates to your long-term renters do you the! Peanuts, Etc: 9 tips for Packing Paper, Bubble Wrap, Packing Peanuts, Etc ( FFO per... $ 95- $ 155 per month or $ 170- $ 180 for climate controlled Space % occupancy, it’s clear! Autopay and forget their actual rent rate event of some kind ( a... Market is different, so figure out what other storage facilities are charging for storage like... 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