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

Jana_CommunityJana_Community KSCommunity Manager
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.

JANUARY 2019 POLL: How often do you raise rates at your facility? 46 votes

Every 3 months or less
0% 0 votes
Every 6 months
2% 1 vote
Every 9 months
13% 6 votes
Once a year
60% 28 votes
Less than once a year
23% 11 votes

Comments

  • CVSSSTORAGECVSSSTORAGE CARegistered User, Daily Operations Certified ✭✭✭
    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
  • websterbwebsterb KYRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified ✭✭✭
    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_GrayChrista_Gray CanadaRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭
    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. 

  • CVSSSTORAGECVSSSTORAGE CARegistered User, Daily Operations Certified ✭✭✭
    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
  • MegumiMMegumiM ALRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified ✭✭✭
    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.
  • NiceGuyDaveNiceGuyDave CanadaRegistered User
    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



    An eye for an eye only ends up making the whole world blind.
    -Mahatma Gandhi
This discussion has been closed.