Why Storage Facilities Raise Your Rent Every 9–12 Months (on average)
If you've ever put your stuff in a storage unit thinking, “This is only temporary,” only to have it sit there for a year (or two… or seven), you’re not alone, in fact you are the majority. And if you've noticed that your rent quietly crept up sometime between month 9 and 12, you're also not alone - again in the majority. You might even be thinking, “Wait, my stuff has done nothing - why am I being charged more?” Let’s break down why storage facilities love to bump that rate up and what you can do about it or not..
The Old “Intro Rate” Trap
Storage places are marketing pros & they hide in plain sight. They’ll lure you in with a “$100 for the first month!” deal that makes you feel like you've won the lottery - especially when you are in that time in your life when storage apparently is desperately needed. But fast forward 9–12 months, and your $100/month unit is now $115/month, and you’re wondering did something change within my unit that I am unaware of?
That low rate was just a honeymoon phase. And like any honeymoon, reality (aka market value & storage norms) of storing kicks in.
Your Junk is Prime Real Estate
Self-storage has boomed and is still booming. Between people downsizing, moving, travelling/moving overseas or refusing to Marie Kondo their life, demand is up (especially after covid as well!). If the facility sees they’re filling up fast, they raise prices because, well, you made it more valuable. What? Well yes, you kept it there - so it must be valuable to you? So the space must be valuable? Sound familiar? Yes because that's how real estate works - amazing isn't it? Your holiday decorations and mystery bins full of cords are now increasing a storage unit's value, apparently but reality.
Inflation: It’s Not Just for Eggs, Avocados & General Day to Day Apparently?
Storage businesses have bills too - insurance, staff, maintenance, little bit of electricity, (usually on a timer - no switches here) cleaning & a few bits and pieces here and there. As costs rise (every 9-12 months as stated), they pass the increase along to you. It's basically trickle-down economics, but for your belongings you refuse to part with.
They Know You’re Not Moving That Stuff
Storage companies are banking on one thing: you don’t want to move your stuff again or you can't be bothered to move your stuff or you somehow can't empty your storage unit. Let’s be honest - who wants to rent a truck, sweat through another Saturday AND Sunday, and reorganize, declutter & clear out your perfectly arranged Tetris of totes and furniture in your storage unit? No one..
They count on that inertia. A $10/month hike? Easier to just sigh, grumble, and keep paying on the CC you ignore already. SYS has seen this countless times..
What You Can Do (Besides Cry Softly or Know the Game of Storage?)
Ask upfront about rate hikes. If they dodge the question, that’s a red flag the size of a king size mattress - they do not want to tell you the price hike is coming.. why would they? They want you to stay remember..
Set a calendar alert at month 8. You would be silly not too. Time to reevaluate before they hit you with the “surprise!” Contact SYS if you aren't sure!
Negotiate. Seriously. Sometimes just calling and being polite (or fake crying) can get your rate lowered or extended at the same price!
Shop around. Other places might offer a better rate, they usually will or at least a new intro deal. Play the game. But you will have to sacrifice other luxuries within the facility if you want to keep reducing the price.
Bottom line? Your stuff might not be living rent-free anymore, in fact it never did but at least now you know why they increase on you. Stay savvy, and just know - you made that space "worth more" by "staying longer". Storage logic 101.