In this Flex TV episode, our storage expert, Hope, delves into the frequency of storage unit rent price adjustments. Gain insights into the factors driving these changes, including market demand, real estate taxes, and operational costs. Discover how understanding price fluctuations can help you make informed decisions about your storage needs.
Jordan wants to know how often are storage unit prices adjusted? That’s a really good question. Sometimes you wanna store, you know you’re gonna be storing for long periods of time and you wanna know you’re not gonna have any crazy and pleasant surprises with the pricing. You wanna plan your budget ahead and be smart. I appreciate that, I get it. Now this depends a lot on the kind of lease that you’re going to sign when you move in to storage. So if you get a long-term lease, that’s a pretty good way to make sure that your prices are maintained for as long as you store. So if you get a lease that’s a year long, the facility is not going to be able to increase your prices in the middle of that year. They’re going to have to wait until the lease is up. However, if you get a short-term lease like a month or three months, the storage facility definitely has the right to increase the prices as they see fit. Now This depends on seasonality, it depends on the market in general. A lot of times this will depend on property tax and all kinds of different considerations. So if you wanna keep your price for a long period of time, the best thing to do is really to go into a longer lease ahead of time and make sure you lock in that price for a long period. So in short, Jordan, each facility is different. Definitely facilities can adjust their prices on a seasonal and even monthly basis. However, if you cover yourself ahead of time with a long-term lease, you’re not going to be able to increase your prices without asking you. That being said, you still have to read the contract you sign very, very carefully. It’s going to state specifically when they’re allowed to increase, how much notice they need to give you, and what the price increase will be. Usually around 3 to 5 percent annually and not much more than that is pretty much the consensus.