What are some of the most common and effective concessions in today’s marketplace?
A. With the dramatic proliferation of self-storage properties creating greater competition nationwide, concessions have grown by leaps and bounds in recent years. We have all seen them advertised in print, on the web, and on television, with some of the most popular being: the first month’s rent for $1, sign up for three months and get the fourth month free, free truck usage with move in, first month free with a three-month lease. As self-storage property owners, you may wonder which concessions work best. The answer depends on two key factors: A) Your market, and B) Your facility operations. Frankly, if your facility is 85% to 90% leased, it may not make sense to offer any concessions at all. Instead, you more likely should think about boosting your revenue by increasing rents on existing tenants. If you don’t fall within this occupancy range and your local competitors are offering concessions to lure new business, it may be wise to consider concessions as part of your property’s mark
