Raising Rents: Determining Your Best Strategy
It’s time for some good news! As the economy slowly improves, we have observed an increase in rental rates and occupancy of self storage properties around the country. It is important to note that there are still some parts of the country that are struggling more than others, and even the improving economy will not solve an ill-conceived project as the market is more competitive today than ever before. Below I have outlined the basics of raising rents and the possible benefits it has to your bottom line. In today’s age of revenue management systems and sophisticated operators, it is more important today than ever to have a plan in place when raising rents!