Do Self-Storage Prices Increase After The First Month?
Yes, many self-storage companies increase the price after the first month - especially if you have signed up with an introductory rate at a lower price.
In the UK, many storage facilities have monthly contracts and can raise the rent frequently - sometimes every 6-12 months.
At The Box Co., we offer affordable storage and allow you to store by the box so that you only pay for what you store. With plans starting at £3.65 per box per month, we keep our prices consistent for as long as you store with us - transparent pricing with no hidden fees.
Talk to our team today to find out more.
Why Do Self-Storage Prices Increase?
There are many reasons why self-storage prices at major storage facilities increase over time including:
Introductory offers
Many storage companies offer enticing discounts when you first get started such as the first month for half-price.
However, once that period is over, the rent will jump to the standard rate - often working out far more expensive than companies with no introductory offer.
Market demand
Prices could rise based on increased demand. This is why certain locations (e.g. big cities like London and Manchester) have higher storage prices than facilities in other regions. In peak periods where demand is especially high, prices could spike.
Increased operating costs
With inflation and rising costs in general, storage facilities need to pay more for services such as maintenance, insurance and property taxes. As a result, they often charge more to tenants to cover these costs.
Certain software
Some storage facilities, especially the major national chains, use revenue management software which adjust rates based on the demand. This will impact the prices existing tenants pay as well as what is shown to prospective tenants looking for storage.
Pressure from shareholders
For bigger chains, it’s common to receive incentivisation from shareholders to maximise profit as much as possible. As a result, tenants experience frequent rent increases and additional fees.
How Often Do Storage Prices Increase?
There’s no set rule for how often self-storage facilities increase their fees but once a year tends to be fairly common. Some larger chains increase prices more frequently (sometimes every 6-9 months).
More than twice a year is unusual as it is considered unfair for existing tenants.
Local operators or smaller companies don’t raise their prices as frequently, usually around 1-2 years.
At The Box Co., we don’t believe in dynamic pricing - just flexible, affordable storage solutions all year round. Our pricing is consistent throughout the duration you’re storing with us and is totally flexible, so you only pay for what you store.
How Much Can Storage Prices Increase By?
As with the frequency of price increases, the amount that the price is increased by also has no universal rule.
With storage contracts usually being on a month-to-month basis, facilities are legally entitled to raise rates for a new month - without providing any proper notice.
Typical increases tend to be around 5-15% per year and this figure can sometimes reflect what’s going on with general inflation at the time.
However, the bigger chains have more aggressive increases - anywhere between 10-40% at once.
If you don’t want to get caught out by nasty surprises later down the line, at The Box Co., our prices are consistent throughout.
What is the Notice Period to Increase the Price of Self-Storage?
In the UK, there are no specific laws when it comes to increasing prices for self-storage. However, the contract will usually outline the company’s specific policy for rent hikes.
Before choosing your self-storage solution, make sure you know how much notice will be given and how often increases might occur. This can help you budget in the long-term and will also inform your decision of which storage solution to choose.
What Time of Year Are Storage Units Cheapest?
As some storage units base their prices on demand, they have periods of the year with lower prices. Winter is the slower season for storage so sometimes comes with lower prices than the rest of the year.
How To Avoid Self-Storage Price Increases
There are a few ways you can look out for self-storage price increases and protect yourself:
Check your contract
Before signing on with any storage facility, check the contract carefully and keep an eye out for any details on rent adjustments including notice period and how frequently they can increase prices.
You can also ask the storage company upfront before signing anything about their typical price increase and frequency.
Read reviews
Doing your homework and reading different reviews for your chosen storage company can help you find out information that the facility won’t tell you. Look at the reviews for any complaints and specifically any mentions about unexpected price increases.
Negotiate with your storage facility
Depending on the storage facility, negotiation may be worth it as some operators would prefer to keep existing customers.
Negotiating could result in a small discount or delaying the increase by a certain time period. However, for national companies or large storage chains, negotiation may be a lost cause.
Compare and contrast storage providers
Rather than opting for the first storage provider you find, feel free to shop around. Smaller facilities sometimes have slower and smaller increases than bigger chains. Look for storage companies that offer transparent pricing and no hidden fees.
Switch units or change providers
If the new price increase is out of your budget, you could downsize or move to a smaller unit. You could also consider only paying for the storage that you have with a storage by-the-box solution.
What to Look for When Choosing Self-Storage
When choosing a self-storage solution, look out for the following:
Transparent pricing
Look for companies where what you see is what you pay, like The Box Co. If companies advertise transparent pricing and no hidden fees, you can steer clear of surprise price hikes.
Discounts
While discounts can be a good thing, sometimes these can be a red flag for self-storage. Make sure to read the small print about how much the price will be after the discount to avoid getting caught out.
Inclusions
When comparing prices of self-storage, look for inclusions. For example, some companies may charge extra for services like insurance whereas some will have it included already.
Transport
For maximum convenience, some companies offer collection and drop-off - collecting your storage right from your front door, storing it and bringing it back to you whenever you need it at no extra cost.
Security
You want your items to be safe so make sure you’re choosing a self-storage with good security in place such as 24/7 monitoring and access controls.
Transparent Pricing with The Box Co.
Self-storage prices can increase over time, but not all storage companies are the same. At The Box Co., what you see is what you pay.
We offer transparent pricing with no hidden fees - just simple, affordable storage solutions. You’ll only pay for what you store and your prices will remain stable for whatever duration you’re with us. Get a quote today!
