Street rate

Definition

The advertised rate for a unit, usually discounted and below what tenured tenants already pay.

Why It Matters

The spread between this and what tenured tenants pay is the operator's quietest lever, worked through periodic increases on existing customers. Whether the seller has used it decides which you are buying: untouched, it is real upside; freshly pulled, the improvement is already in the price you are being asked to pay. Ask when increases last went out and what the move-out rate was in the two months after.