Restoring Your Self-Storage Facility to its Former Glory

Consider Unit Mix

In studying occupancy rates of various markets, it is not uncommon to find that low occupancy in a market does not necessarily identify an overall demand concern but could indicate an oversupply or undersupply of a particular unit size or type—for example, too few or too many climate-controlled units. Carefully study your unit mix and consider moving rental space partitions, creating or removing interior corridors or even adding more climate-controlled units. 

Shout it Out

Once you’ve made substantial improvements to your facility, tell your tenants. Ask your manager to send letters to them promoting the upgrades and associated benefits. Increasing occupancy and profit comes not only from new rentals, but is also achieved by continuous rent increases to your existing tenant rent roll. Tenants will be far less resistant to future rent increases if they perceive they are getting more value in the form of improved conditions and services that are meaningful to them.

Jeffrey Supnick is president of Supnick Real Estate Co. A 25-year veteran of the self-storage industry, he has served as a real estate officer for Public Storage Inc. and Storage USA. During his career, he has been responsible for the development of more than 30 self-storage sites. Supnick Real Estate is a full-service firm devoted exclusively to self-storage brokerage, consulting and property-management services. For more information, call 856.722.1414; e-mail jeff@supnick.com; visit www.supnick.com.