Pricing your self storage units correctly is a key ingredient to any healthy, revenue-generating facility.
A difference of $10 for each of your units could mean a difference of thousands of dollars per month and tens of thousands per year. So, how do you determine what your units are actually worth? What should you charge for them?
In this guide, we’ll outline some high-level pricing concepts and strategies, and then we’ll make the case for value-based pricing. In increasingly competitive markets, maintaining economic viability means finding as much value as you can from every unit.
Generally, pricing strategy is broken down into three categories, responding to three different variables: cost, competition, and value.
The core tenant of value pricing is the focus on your customers’ perceived value of what’s being offered, in your case, a self storage unit.
More and more operators are identifying and highlighting what makes their units special and utilizing value-based pricing to make the most out of each one.