Rent Increases

Self_Storage_Life

What do you do at your facility for rate increases?  Do you find that a flat amount or a % work better?  Also how often do you implement them?  I have several units that are well below street rates due to being tenants forever and would like to get them up some.

GSI03

Every company is different of course, but we usually do every 5 months about 5-7%.   We are pretty aggressive on rate increases and expect 10-15% to move out because of them.  

rmason

We have several units which are well, well below street rates and it seems every one has its own story and personality.  We handle those on a case-by-case basis.  For the rest we look at all units every six months and adjust accordingly to make sure we remain competitive with all surrounding storage facilities.  Like GS103 said - "everyone is a little bit different". 

i43storage

We raise rent by $5 regardless of size every 14-16 months.

MamaDuke7

I do 8% annually.  Though I have turned them off since March, sadly. I don't think this is the time to raise rents, at least in my area.

BusyProperties

We raise our rent by $2-$3 every 2 years. We have always been at least 95% full and appreciate our long term renters. To my knowledge, no one has ever left over the raises. 

MamaDuke7

BusyProperties said:

We raise our rent by $2-$3 every 2 years. We have always been at least 95% full and appreciate our long term renters. To my knowledge, no one has ever left over the raises. 

They would be silly to leave over that.  My absolute minimum is $5/year!

themage

Our rent raises are annual, and usually around $5. We call around and see what everyone else is charging in the area, and then try to set our prices accordingly. This year though, because of newly opened facilities and local hardships, we chose not to raise rents.