JANUARY 2019 POLL: How often do you raise rates at your facility?

[Deleted User]

Automating rate changes to increase on a schedule is a great way to maximize profits at your facility, but nobody likes a price increase. How often do you raise rates for tenants at your facility? Feel free to add a comment with the $ or % amount that you raise rates, how rate changes vary across unit sizes, or any notable pushback you've received over the years.

CVSSSTORAGE

We call around to other storages and see what their rates are. We try to keep close to what everyone else is and raise accordingly. Some times it is $3 some times it is $5

websterb

We also try to stay inline with the neighboring facilities that are comparable to us, and generally its a $5.00 to 10.00 increase.

Christa_Gray

The owners/managers here seem to think they can do whatever when it comes to increases. Some tenants will get them at 6 months, others once a year, and occasionally they can get increases twice a year. We are above our competitors for pricing, (the range is $50-$100 more then most of them, even with the same amenities being offered), and increases can range from $10 to $60 a month. 

CVSSSTORAGE

oh wow @Christa_Gray that is a lot. My tenants complain about a $5 one, I could only imagine the things they would say if they got a $60 increase

MegumiM

We hand out between $5 - $15 increases about once a year. We take into consideration how long they've been storing with us, special discounts, etc.

NiceGuyDave

We do ours once a year and we use the tenant's move-in date to mark when their next increase will be.  That way, increases are done quarterly (split up the workload) and our tenants always know when to expect it:

Jan - Mar = Jan. 1st increase
Apr - Jun = Apr. 1st increase
July - Sept = July 1st increase
Oct - Dec = Oct. 1st increase