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Self-Storage REIT Life Storage Increases Digital Rental Services in Response to Coronavirus Outbreak

Life Storage Inc., a self-storage real estate investment trust (REIT) and third-party management company, has launched “Rent Now 2.0,” the second generation of its online rental platform, to increase digital rental services for customers during the coronavirus (COVID-19) crisis. The platform offers value- and convenience-based pricing to customers and is integrated with the REIT’s operating, revenue-management and security systems. Following a pilot program that began in January, Rent Now is available at more than 350 locations, with plans to deploy it across the entire portfolio during the second quarter, according to a press release.

Life Storage mapped its properties to create a three-tiered pricing structure based on customer needs and preferences. Value-tiered units are the most competitively priced. “Premium” units provide more convenience to customers, while “Standard” units balance price and convenience, the release stated.

“We are pleased to provide an enhanced, contact-free, skip-the-counter service to our prospective customers, including students as they transition off campus, in these challenging times,” said Joe Saffire, CEO. “With almost 25 percent of rentals coming through Rent Now last week, this alternative promotes the health and safety of our teammates and customers, while continuing to meet their storage needs.”

Based in Buffalo, N.Y., Life Storage operates more than 850 self-storage facilities in 29 states and Ontario, Canada. Its portfolio of owned and managed facilities comprises more than 61.8 million square feet.

Source:
Yahoo Finance, Life Storage Inc. Incorporates Enhancements to Rent Now, its Contact-Free, Self-Serve, Fully Digital Rental Platform

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