I'm in Texas and have been a loyal customer to a local storage unit establishment for the past 5 years. About twice a year they send notices of rent increases, and I always assumed it was based on changes in fair market value (increased demand, etc.). Right now my rent is at $110/month for a 5x10 unit indoor on the third floor of their warehouse. Yesterday I was feeling curious about the price, so I went online to see how much the same establishment is offering for the same 5x10 unit in the same building on the same floor to new customers. And guess what? The going price is $67/month!
So I, a customer who's been doing business with them for 5 years, am paying $50 more every month than a new customer, amounting to a whopping $600 every year, for the same exact kind of unit on the same floor. And if they continue with these arbitrary rent increases, I'll wind up paying $700 extra next year. Something about this doesn't add up to me. I think that they're nickel and diming long time customers with low-key rent increases that aren't based on fair market value. What I want to know, is what they're doing legal? Can they really charge me $50 more every month while the row of empty units surrounding mine that are the exact same size are charged $50 less for other customers? And to be clear, this isn't like real estate where there's ocean-side views or convenience of location, all these storage units are basically empty lockers lined up in a row next to each other in a warehouse.
So I, a customer who's been doing business with them for 5 years, am paying $50 more every month than a new customer, amounting to a whopping $600 every year, for the same exact kind of unit on the same floor. And if they continue with these arbitrary rent increases, I'll wind up paying $700 extra next year. Something about this doesn't add up to me. I think that they're nickel and diming long time customers with low-key rent increases that aren't based on fair market value. What I want to know, is what they're doing legal? Can they really charge me $50 more every month while the row of empty units surrounding mine that are the exact same size are charged $50 less for other customers? And to be clear, this isn't like real estate where there's ocean-side views or convenience of location, all these storage units are basically empty lockers lined up in a row next to each other in a warehouse.
