Few things worry a self storage owner more than rate increases. You worked so hard to get the tenants to sign the lease and move their stuff into your facility, and now you are worried that there will be mass exodus the second the rate increases hit their mailboxes. Did you know that most rate increases only yield a 1% move-out?
Most owners worry about the mass exodus that never happens, and while they are worrying, they aren’t increasing rates, which means they’re losing money. How much money can you afford to lose before you finally decide to increase rates?
Here are some tips if you are ready to increase your rates.