How to Use Upgraded Technology to Raise Your Rental Rates

In the current self-storage market, facility owners and operators run the risk of commoditization, or the misguided notion that all self-storage facilities should charge the same rates because they’re all basically the same. In reality, every facility is different — but owners and operators have to demonstrate value to charge higher rates clearly.

Whether you’ve owned your operation for six months or 20 years, technology upgrades offer the most viable strategy for improving the customer experience and raising unit rental rates. By strategically upgrading specific technologies in your facility, you can avoid the commoditization trap and demonstrate value to current and future tenants.

The Top Self-Storage Technology Upgrades

Self-storage tenants are willing to pay more for security and convenience. Tenant concerns about security are justified: In the U.S., the value of property stolen from non-residences exceeds the value of property stolen from residences. Similarly, tenants pay a premium for self-storage rentals that offer the same convenient (and touchless) experiences they enjoy in other aspects of their lives.

Automated technologies enable owners and operators to quickly implement technology upgrades that improve security and convenience — the kinds of upgrades that justify higher unit rental rates in today’s industry environment.

Door alarms and smart locks

Securing the perimeter of a facility is important, but tenants are also interested in security features for their individual units, including door alarms and smart locks. Door alarms (wireless or hard-wired) enhance security by providing real-time tracking and response capabilities. Smart locks like PTI’s DoorBoss take security and convenience a step further by automatically unlocking and locking unit doors when the tenant enters and exits the property.

Mobile apps

Consumers rely on mobile apps to perform a variety of everyday tasks. In self-storage, PTI’s EasyCode mobile app enables tenants to use their mobile devices to enter the facility, access their units, monitor unit activity, and more. While some operations build the value of the app into increased pricing models, others charge an added fee. Either way, the convenience of a mobile app allows you to capture additional revenue from your existing units. And given the growing demand for touchless customer solutions, the addition of a mobile app is an easy decision.

Operator-facing access control

The integration of upgraded door alarms, smart locks, and mobile apps with your facility’s access control system creates opportunities for an operator-facing access control app like PTI’s StorLogix Mobile. An operator-facing access control app delivers value to tenants because it gives operators and site managers constant visibility of the status of units and enables them to respond to incidents in real-time. The result is significantly improved customer experience, security, and total peace of mind for both you and your tenants.

Savvy self-storage owners recognize that technology differentiates leading facilities from other providers in local markets. By implementing targeted technology upgrades, you not only gain a competitive advantage but improve your ability to charge higher units and grow your operation’s revenue. To learn more about how you can use self-storage technology to differentiate your facility, reach out to a PTI Security Expert here.