Can Storage Units Increase Rent Rates?

Hi, there. Welcome to Flex TV. My name is Hope, and I will be answering all of your storage-related questions. Today, we have a question from George, and George wants to know, can storage units increase their rent rates? So, George, of course you want to know this. A lot of people want to know this. If you’re going into storage, you’re putting your stuff in storage for long-term, you want to make sure the prices won’t be raised without your knowledge, and you’ll suddenly find yourself paying a crazy bill that you didn’t sign up for. You want to know that if you signed in on a promotion, that it will last. So here’s the real truth. When you have a promotion, it’s always limited by time. And yes, storage facilities and providers can raise their storage rates and usually will. They’ll raise it if their property tax raises. They’ll raise it on a seasonal basis and on basis of demand. So you want to read the fine print. Of course, when you go into an agreement, any agreement and specifically a rental agreement, you want to make sure to read everything properly. You want to talk to your rep if you have trouble understanding any part of it. So you need to see whether they need to give you notice when they increase the rent or not, how often they’re allowed to increase the rent, and by how much they’re allowed to increase the rent. Check your service agreement and and see whether they’re allowed to do this and what it requires exactly. And then you can plan ahead. Usually storage providers can and will raise the rates occasionally from time to time. So be aware of this. If you’re going to store for the long run, prepare your budget and think about this ahead of time so that you’re not stuck with like a crazy bill. Thank you so much, George. I hope I answered your questions.