Joe DownsCEO & Co-Founder, Belrose Storage Group. Founder, Storage Moguls.

The simple retention math that makes this a no brainer

16 May 2026 · 1 min

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Joe Downs breaks down why keeping tenants matters more than filling empty spaces. One vacant spot in a 100-space facility costs $200 a month, and replacing a tenant runs $150 to $300 just in acquisition costs, before counting the switching hassle.

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The retention math that justifies every minute he's spent on this is pretty simple. At a 100-space facility with an average monthly rate of $200 per space, one space vacant for one month is $200 in lost revenue. The average tenant acquisition costs— covered this earlier— marketing, inquiry handling, move-in processing, low end $150, maybe up to $300 or more. So the switching costs to the tenant, well, it's a little higher, right? Vehicle movement, new facility search, setup. It's significant, but not your calculation to make.