View Poll Results: We raise rates on long term customers every ______.

Voters
36. You may not vote on this poll
  • 3 months

    0 0%
  • 6 months

    1 2.78%
  • 9 months

    0 0%
  • 1 year

    20 55.56%
  • 1 year 3 months

    1 2.78%
  • 1 year 6 months

    4 11.11%
  • We do not raise rent on long term customers.

    10 27.78%
Page 1 of 2 12 LastLast
Results 1 to 8 of 11
  1. #1
    loftisstorage's Avatar
    loftisstorage is offline Senior Member
    Join Date
    Jan 2011
    Posts
    111

    Default Raise Rental Rates

    I was wanting to see how often you raise rent on long term customers.

    Thanks.
    Jeff
    Jeff Loftis
    Greenville, SC

  2. #2
    JamestownStorage#8's Avatar
    JamestownStorage#8 is offline Senior Member
    Join Date
    Oct 2009
    Location
    High Point, NC
    Posts
    1,248

    Default Re: Raise Rental Rates

    I was going to vote on your poll, but the category I needed was not there. At my old facility, after working there 2 1/2 yrs we raised the rent for the very 1st time for tenants that had been there 3-5 yrs & had never had an increase. We didn't raise to "street rate" we came up about $10 per month higher on average for 50 customers. We lost one customer over the increase, had a few phone calls. The letter sent out to customers explained what people were paying for the same size unit in today's rate terms...and that we were not going to increase to that amount....hope that helps!
    ______________________
    Pat Friddle
    High Point,NC
    AAA Self Storage


    Success always involves risk; you can't steal second base with your foot on first. - Frederick Wilcox

  3. #3
    loftisstorage's Avatar
    loftisstorage is offline Senior Member
    Join Date
    Jan 2011
    Posts
    111

    Default Re: Raise Rental Rates

    Thanks Pat !
    Jeff Loftis
    Greenville, SC

  4. #4
    LLLVIS's Avatar
    LLLVIS is offline Senior Member
    Join Date
    Nov 2010
    Location
    Arlington, TX
    Posts
    571

    Default Re: Raise Rental Rates

    I answered 1 year, but I'm not sure. I am to understand that in 2010 they had 2 rounds of rate increases, as stated by the ownership "that was a lot more aggressive than we've been before" and overall tone suggests they won't do that again. But approximately once a year, possibly 15 months, seems to be about right.
    "I hate quotations. Tell me what you know." - Ralph Waldo Emerson

    http://larrylaunders.voice123.com/

  5. #5
    Sandra is offline Senior Member
    Join Date
    Jan 2008
    Posts
    227

    Default Re: Raise Rental Rates

    Usually it is annual however, sometimes we hold off depending on the rentals coming in at the current rate, number of move outs etc. We try hard to watch the market close and to remain as fair to the customer and our bottom line as possible. I have to agree that we do show our appreciation to the long term customer by not taking them up as high as the current rent rate may be and explaining that their valued business is something we have taken seriously and very much appreciate. It helps them to understand and they seem to respond well.
    Lovin it.

  6. #6
    Reebee's Avatar
    Reebee is offline Senior Member
    Join Date
    Dec 2008
    Location
    Oakdale, CA
    Posts
    429

    Default Re: Raise Rental Rates

    Wow, we've been open since late 2003 and have NEVER raised our rates. We are within $1.00 - $2.00 of all of the other facilities in Oakdale--a little higher than some and a bit lower than others. We've talked about raising rates, but in this economy it just doesn't seem smart for us.??
    Have you ever stopped to think and forgotten to start again?

  7. #7
    loftisstorage's Avatar
    loftisstorage is offline Senior Member
    Join Date
    Jan 2011
    Posts
    111

    Default Re: Raise Rental Rates

    Thank You all ! I have some customers in here without a price increase in three years, They are about $10 to $15 below our rental prices for that size unit now. I guess will do a small price increase for them. Thanks for your help again !
    Jeff
    Jeff Loftis
    Greenville, SC

  8. #8
    MamaDuke's Avatar
    MamaDuke is offline Moderator
    Join Date
    Jan 2009
    Location
    Sunny Southern California
    Posts
    1,806

    Default Re: Raise Rental Rates

    I do it once a year - IF I am in need of that size unit. If I have several available in a particular size, then no increase. It is completely based on supply and demand. If I need the size, either the current customer will pay more, or they will move out so I can rent it to a new customer who will pay more.
    MamaDuke

    The art of life is to know how to enjoy a little and to endure very much.

 

 
Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •