We have mini-storages. We want to raise our rents but don't know how much notice we need to give our renters. I know what it is for apartments and houses, etc. but wondered if the rules are the same for mini-storage rental space. Thanks.

Kathy:confused:

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Originally Posted by kbetty

We have mini-storages. We want to raise our rents but don't know how much notice we need to give our renters. I know what it is for apartments and houses, etc. but wondered if the rules are the same for mini-storage rental space. Thanks.

Kathy:confused:

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I would assume everyone is on a month to month rental correct? In that case 30 days advance in writing should be sufficient, 60 days if you really want to be nice.

Thanks. Our rents are month to month. I did read somewhere on line that if it is month to month, you don't even need to notify them in writing, but in our business we don't bill so there is no other way to let them know to pay the increased rent except to either call them or send them a notice.

Kathy

I know from a consumer stand point. The more notice the better. Be a good egg and take care of your tenants. Be sure to explain the reasons behind the rate increase to vaildate it. A little care goes a long way in business!

Unless there is a longer term agreement, then a 30 day notice is fine. I also agree with giving them more though, at least 45 days.

I would then prepare a reminder notice for all those that continue to pay the old rate after the effective date. I would NOT chanrge a late charge for the first time. But I would state in the reminder something like:

Thank you for your recent payment on Storage Unit xxx. As per our letter of (45 days previously) we raised the rental on your storage unit to $xxx. So you owe an additional $xxx. Please remit this amount ASAP, but no later then your next month. If the correct payment isn't received you may be subject to late charges.

Thanks for all the tips. They are very helpful. We haven't raised our rents for at least two years so we are due. We are also the lowest in town so we need to be more competitive.
Thanks, again.

Kathy