For self storage operators, increasing prices is one of the most effective ways to grow revenue without significantly increasing operational costs. While many facility owners hesitate to implement price increases due to customer concerns, strategic adjustments can lead to healthier profit margins and sustainable business growth.
The self storage industry benefits from a relatively inelastic demand, meaning customers often prioritize convenience and location over price. This makes periodic rate increases a viable strategy for maintaining profitability, keeping up with inflation, and reinvesting in improved facilities and customer service.
However, it’s crucial to strike the right balance. Raising prices too frequently or too aggressively can risk customer attrition, while failing to adjust pricing can limit revenue potential and stifle growth.
With the right approach, price increases can become a natural and expected part of your storage business model.
Introducing Price Increases in Stora
We’re excited to launch Price Increases, a powerful new feature in Stora that helps self storage operators boost revenue effortlessly. The best part? Once scheduled, price increases are fully automated. No more manual calculations, spreadsheet tracking, or individual notifications, just a seamless way to optimize pricing and maximize revenue with minimal effort.
How Price Increases Work for Self Storage Businesses
Visit the Price Increases page in your Stora account, and you’ll instantly see a big number labeled Potential New Revenue. This figure represents how much additional revenue your facility could earn based on your preset price increase rules.
By default, the system suggests increasing rates by 10% for tenants who have been with you for more than 6 months. You can customize these rules based on your pricing strategy, local market conditions, and how often you prefer to adjust pricing. Whether you operate a single facility or multiple locations, Stora ensures that pricing updates are easy to manage and execute.
Scheduling Price Increases
Once your rules are set, Stora identifies all applicable tenant subscriptions, allowing you to choose when to implement increases. Simply click Increase Price for a tenant’s subscription, review the projected revenue boost, and press Schedule Price Increase. You can also override presets for specific customers if needed, ensuring flexibility while maintaining an efficient process.
What Happens Next? Stora Takes Over!
Automatic Email Notifications: Tenants are informed of the price change automatically, reducing friction and ensuring transparency.
Automated Price Adjustments: The increase is applied and charged on the date you set, requiring no manual intervention.
Your scheduled increases move to the Pending Revenue tab, showing how much extra revenue your facility will earn once the changes take effect. Once applied, they shift to the Actual Revenue tab, displaying actual earnings.
Less admin. More revenue. 100% automated. That’s the Stora way.
Flexible Features for Self Storage Operators
Future Increases: Schedule price adjustments in advance, even immediately after a new tenant moves in, ensuring a structured approach to pricing.
Flexible Adjustments: Modify or cancel scheduled increases anytime before they take effect, providing control over your pricing strategy.
Curious How Price Increases Could Boost Your Revenue?
Try our free revenue growth calculator to see how price increases can impact your storage business over the next five years. Adjust the monthly revenue slider to visualize potential long-term gains.
Calculate Your 5-Year Revenue Growth →
Try Automating Your Price Increases Today
Price Increases is now available for all Pro plan customers. If you’re not on the Pro plan yet, we’re offering an extended 90-day trial so you can experience all of Stora’s automation features firsthand.
Ready to maximize revenue and streamline your price increase process? Visit Price Increases now and schedule your first increase.
Not a Stora Customer Yet?
If you don’t manage your revenue effectively, you could miss out on opportunities to make a profit, increase your operating costs, and ruin your chances of a competitive advantage.
With self storage management software like Stora, you can:
✔️ Streamline your operations.
✔️ Enhance the customer experience.
✔️ Implement strategic pricing.
✔️ Automate your facility management.
✔️ Get real-time data on key performance metrics like revenue.
Our suite of integrated features, such as online sales, inventory management, and business insights contribute to more efficient revenue optimization.
One of our clients, Blockspace, achieved full occupancy and turned a healthy profit in just five months using our comprehensive software. Within weeks, they were online, selling units to students and managing their revenue through our solution.
Book a free Stora demo today and learn how we can help you maximize your revenue and run a highly profitable self storage facility.
