Existing customer rate increase

Definition

The scheduled rent increase a facility puts through on tenants who are already in place.

Why It Matters

Street rate wins the tenant and this is what earns the money: a facility that raises existing rents on schedule and one that does not can show the same occupancy and very different revenue two years out. Tenants mostly pay it, because moving a unit of stored goods costs more than the increase. Ask for the increase schedule, the share of tenants who got one in the last year, and how many moved out inside sixty days of it.