March Chase is vice president of Southeast Management Co. and the director of operations for Plantation Storage in South Carolina. Tell them youve tried to absorb as many of the costs as possible, but you now have no choice but to pass along some of the expense. May 15, 2019- Kohn, Swift & Graf, P.C. The key is finding the perfect balance. Kohn, Swift & Graf is a national leader in class actions, including complex consumer litigation. At Extra Space Storage, we're dedicated to providing our customers the best self storage experience. Too much and too often could have your tenants racing to your competitors. The key is to increase your revenue at a rate your customers will withstand. "Extra Space Storage provides the convenience and versatility you need with self storage. The rates at Extra Space are set to automaticly increase after 5 months and every 9 months after that. Number 8860726. Extra Space Storage, Inc. EXR reported second-quarter 2020 core funds from operations (FFO) per share of $1.24. If that same customer moves out, youre minus $60. All rights reserved. First consider the incident of a price increase. Timing is critical to the success of a self-storage rent increase, especially in todays market. About Extra Space Asia. It will help justify the increase if a customer sees upgrades made to your facility. Add a little flair to your kitchen by using this space for style and storage. To reach him, call 804.435.1605; e-mail marchchase@hotmail.com; visit Furthermore, your district manager or owner may limit your access to those capabilities, perhaps because increases are handled at the corporate level. Raising rents is often a managers least favorite task, but a necessity to stay competitive and profitable. . However, it may not be the right message to send your customer. Most people need storage less than 6 months so no big deal. Just tell them the dollar amount of the increase. Another thing to always look for in reviewing customers rates is how long each customer has been at the same rate. About Extra Space Asia. www.southeastmanagementcompany.com Find the best companies in Moving and Storage category: Extra Space Storage and Public Storage, Extra Space Storage vs Uhaul, Public Storage vs Uhaul This allows landlords like Extra Space Storage to pass on big rent hikes to customers each year. Go for the less known storage companies they will be a lot cheaper. Timing your site improvements with your rent increases is a wise move. Remember the impact of curb appeal. On the other hand, youre in business to make money. You know your market and your customer base best. The frequency and amount of increase is up to you. 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. Asking rent per sf of self-storage space in the U.S. 2016-2020 Monthly rent for self-storage units in the U.S. 2019, by climate control status Show all statistics (7) Extra Space Asia is the region’s dominant operator in self-storage solutions. Extra Space Storage engages in a deceptive bait-and-switch marketing scheme by offering competitive rental rates for its storage units and representing that the rates only increase to meet “rising costs” without adequately disclosing that the rental rates increase shortly after consumers sign leases. Prices for storage units at Extra Space Storage - 116 Fountain Street start as low as $29. In the admin center, go to the Billing > Your products page. Rather than add $10 to each unit and risk losing all of them, give the customer an increase of $15 across the board, or $5 on each unit. If one customer who pays $90 a month moves out, you still net $10. Class Action and Commercial Litigation Lawyers. On the other hand, if once a quarter and 20 customers per quarter makes you feel safe, proceed with that strategy. Compare Public Storage and Extra Space Storage pros and cons using consumer ratings with latest reviews. Pacing Price Increases: Owners Best Friend, Managers ... Good ole rent increases [Self-Storage Talk], https://www.insideselfstorage.com/sites/all/themes/penton_subtheme_insideselfstorage/images/logos/footer.png. Customers claim that their rent rates increased by $19 and $31 per month. Public Storage rent increase question (Budget, rentals, cheaper, more expensive) User Name: Remember Me: Password ... Public Storage is one of the highest storage units around. They were good at first then they increased my rent by $20. Instead, use it as a foundation on which to build your own personalized message. Lines and paragraphs break automatically. it is clean and convenient and being able to access from 6am-10pm is very helpful. In order to assist you, please fill out the quick form below and submit. Extra Space raises rent like every 6 months. Registered in England and Wales. As of December 31, 2019, the company owned and/or operated 1,817 locations in 40 states, Washington, D.C. and Puerto Rico, comprising approximately 140 million square feet of net rentable space in 1.3 million storage units. If every month works, give increases every month. is currently investigating Extra Space Storage for allegedly engaging in a deceptive bait-and-switch marketing scheme. With these tenants, be sure to raise the rate on all of their units at the same time. Founded in 2007, we have since changed the way people live and work, by providing professionally managed services, state-of-the-art security, and round-the-clock accessibility for customers to live bigger and better. When you find the right self-storage unit for you, contact the property by phone or email to make a reservation. If you or someone you know has been affected by Extra Space Storage’s deceptive bait-and-switch marketing scheme, please contact us. Increase or decrease storage. Extra Space Storage engages in a deceptive bait-and-switch marketing scheme by offering competitive rental rates for its storage units and representing that the rates only increase to meet “rising costs” without adequately disclosing that the rental rates increase shortly after consumers sign leases. If your increase is only $3, potential revenue gain is $30 a month. Additionally, edit your letter to only show the amount of the rent increase and not the monthly rental rate. Also consider a less drastic increase. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Making Small Changes to the Self-Storage Rental Agreement: Legal, Pacing Price Increases: Owners Best Friend, Managers, Self-Storage Technology and Modernization, Gratitude Is the Best Attitude: Showing Appreciation to Your Self-Storage Tenants, ISS News Desk: Inside Self-Storage Closes the Year With Several Must-Have Resource Offerings. When you find the right self-storage unit for you, contact the property by phone or email to make a reservation. On the other hand, youre in business to make money. $ 10 your letter to only show the amount of increase is up to you companies. If you want more Storage Space, contact the property by phone or email to a! Months and every 9 months after that and cons using consumer ratings with latest reviews to be in! Increase is only $ 3, potential revenue gain is $ 204.00 operations for Plantation Storage in South.. Establishing a self-storage rent increase on just one unit will know the others are soon to.. 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