Over the past few months, there’s been a sharp rise in pricing for a variety of goods and services, including food, gas, housing, utilities and even TV streaming services. Prices rose 7.5% in January compared to the year prior, according to the most recent Consumer Price Index report. Self-storage companies aren’t immune to these increases. The cost to operate a facility is higher than ever, and owners must look for ways to cover their mounting expenses. Some are re-evaluating their rental rates and whether they should be adjusted to reflect the marketplace.
In this thread on Self-Storage Talk, members are discussing their rate plans for current and new tenants, and whether inflation is affecting their decisions. They’re also talking about the right timing for increases and other factors that play a role in this process. What’s your take?