SUBMIT A COMPLAINT

Public Storage / takes advantage of existing customer with large rate increases

VA, United States Review updated:

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.

Re
Jun 24, 2013
Sort by: UpDate | Rating

Comments

  • Re
      Apr 09, 2014

    I agree 100%. I have a storage unit with Public Storage in Virginia also. And they have raised the rent every year around 10% (I have had the unit for 7 years! ... I never intended for it to be that long, but that is another story). They also say that the new rate is below the market rate.

    How can inflation be average about 2% over the last year but the rental rate has gone up 10% per year?

    Public Storage is taking advantage of its customers. They know it is super inconvenient to change storage locations so they keep raising their rates after people move in ... which of course re-sets the market rate and the whole cycle starts over again the next year.

    Definitely should be some legal or legislative action regarding this. I am surprised that current consumer protection laws do not cover this.

    0 Votes
  • Tn
      Jun 20, 2014

    I absolutely agree. They reel you in with $1 a month initiation fee then over the course of years your rent becomes hundreds of dollars. For example, for the first 3 months of my thus far 3 year lease I pain $25. Now, I pay $200 a month. They insidiously increase the rent without notice- you just get a bill with increased amounts every 6 months or so.
    Additionally they require insurance for your belonging while in their storage facility which is yet another way they get to charge you more.
    I plan to get my item out ASAP, write a letter to their company directors and disperse this warning to anyone who is thinking of storage with Public storage.
    Thank you.

    0 Votes
  • Ch
      Sep 21, 2015

    I completely agree! I haven't had the unit a year yet and the rent was increased by $32 or 18%. I signed the contract to have the unit at a price and expected that this would be the price for a minimum of a year. Laws need to be put in place restricting the maximum increase and also limiting the increase to an annual basis. Class action lawsuit or something needed.

    0 Votes

Post your comment