Public Storage / takes advantage of existing customer with large rate increases
Public Storage does not care about long term customers. Typically, when you rent something long term and are a good customer (always pay on time, never cause any problems), the renting company will give you a good deal and will normally not raise the rent every year.
Well, it seems that public storage only cares about making money. I have been renting a storage unit for more than 6 years and the rent has gone up by more than 10% EVERY year. I called the customer service line and they say that my rental rate is below the market rate so they will not allow the rate to remain the same. (no courtesy holding of the rate or good will)
The company is taking advantage of the fact that it is not easy to switch storage unit providers. They probably have analyzed their historical data and know that people remain in units for so many years and don't move out. Customers (such as myself) are between a rock in a hard place ... do I take hours/days out of my life, rent a moving truck, and put my belongings in a different storage company's unit nearby so I can save $25 a month? Probably not ... and Public Storage knows this so what they are doing is borderline criminal.
I think people should unite and either petition for laws to protect storage unit consumers .. or .. file some sort of class action suit.
There should be a maximum that rent can increase every year ... something under 5% ... or something based on inflation or treasury bonds.
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