The 4 part framework for rate increases that work

The 4 elements of the rate increase framework that works are right here. It's first is timing. Communication— communicate annual increases in August before the fall move-in season. Saying this a few videos in a row now. This aligns your existing tenant rates with your new fall move-in rates and prevents the awkward situation where a new tenant is paying more than a long-term tenant for that same type of space. August also gives you tenants or gives the tenants 60+ days before they need to make any decision. And most of them are focused on fall season prep anyway, not facility switching. Second, your notice period, 60 days minimum in writing. And it's not just courtesy. In many states, it's actually the legal requirement for month-to-month storage agreements.