Self-Storage Facilities And Rent Increases: What You Need To Know

A self-storage unit can help you eliminate some of the clutter from your home or garage or give you a place to store your belongings while you are between homes. These units typically are offered at a discounted, promotional price for new renters. After the promotional period has ended, your rent is likely to increase on the unit. If you have never rented a unit before, you may have many questions in regards to these increases. Here is a bit of information you should know about self-storage facilities and rent increases.

A Self Storage Unit Has to Give You Notice About Rent Increases

A self-storage unit does have to give you notice about rent increases. Unless stated otherwise in your rental agreement, most states require the rental company to give you 30-days notice in regards to a rental increase. The rent can only be increased if you are not on a fixed lease period. For example, some companies will state that their rental price is fixed for six months. If you are within this period, the rent cannot be increased. However, if you are outside of this period, or on a month-to-month lease, the rent can be increased at any time, provided proper notice is given.

Are There Limits to How Much the Rent Can be Raised?

There are not any limits to how much your rent can be raised when a self-storage facilities decides to raise rents. However, keep in mind that the self-storage industry is a competitive one. There are many incentives for new self storage customers. As such, many facilities limit their increases to keep their loyal customers. They don't want you moving your unit to a different facility simply because they increased their rates. 

What Can Be Done If You Feel the Rental Increase is Too Much?

If you have received a notice that states that rent will increase on your unit in 30 days, you may want to do some calling around to find out what the going rate is for similarly sized units at other facilities. Once you have this information, you can decide if the amount you will be paying is too high. If you feel it is, you can always attempt to negotiate with the rental facility. Many people do not realize it, but their rates are negotiable. If they are not willing to budge, you have the option of staying and paying the increased rent or moving your belongings to another facility.

The best way to prevent rate increases with self-storage facilities is to lock yourself into a contract with the company for a prolonged period of time. The contract will state how long the rental price is fixed. During this time, you do not have to worry about rental prices increasing. Once the lease is up, attempt to negotiate a new deal to keep prices as low as possible for your self-storage unit.