What do you need before you set a rate?
Before you touch your rate sheet, collect three things: the current street rates at your three to five nearest competitors for the same unit type, your own occupancy percentage for 10x10 units right now, and the month you are in.
Street rate is the advertised price a new tenant would pay on move-in day, before any promotional discount. Occupancy for a unit type is the number of rented 10x10 units divided by the total number of 10x10 units you have.
You can pull competitor rates from their websites or by calling as a prospective tenant. Do this at least quarterly. Markets move, and a rate you set in March may be wrong by July.
How do you actually set the rate, step by step?
- Pull your current 10x10 occupancy. Count rented units, divide by total units, express as a percentage.
- Survey competitors. Write down the street rate for a standard 10x10 and a climate-controlled 10x10 at each nearby facility. Note whether they are running a promotion.
- Find where your rate sits relative to competitors. Are you the cheapest, the most expensive, or in the middle?
- Apply the occupancy band. According to Storeganise, reduce street rates when occupancy for a unit type falls below 80%, hold rates at 80 to 89%, raise rates 3 to 5% at 90 to 94% occupancy, and raise rates 5 to 10% above 95% occupancy.
- Adjust for season. According to MMCG Invest, peak demand runs May through August and softens November through February. Set a firmer rate heading into summer. Consider a promotional rate in December, which is typically the lowest occupancy point of the year according to Extra Space Storage.
- Write the new rate on your rate sheet and note the date you set it.
What should you check before finalizing the rate?
- Current 10x10 occupancy percentage, standard and climate-controlled tracked separately
- Whether any competitor is running a move-in special that effectively lowers their real rate
- The current month and where it falls in the seasonal demand cycle
- How long since you last changed this rate
- Whether the 10x10 has been above 95% occupied for three or more consecutive months without a rate change
Hypothetical example
Hypothetical example.
That still sits below two of your three competitors. You are not the most expensive option in the market, and your occupancy supports the move.
What are the common mistakes and edge cases?
The most common mistake is treating high occupancy as a sign that the rate is right. According to Storeganise, if a unit type has been above 95% occupied for three months or more and the rate has not moved, the rate is too low. Full units that never turn over mean you are leaving money on the table.
The second mistake is using national averages as a target. According to RecNation Storage, the 10x10 non-climate-controlled rate spans roughly $75 to $135 per month across U.S. markets. StorageCafe data shows New York City averages $325.91 per month, San Francisco averages $270.27, and Los Angeles averages $255.29. A rural operator who benchmarks against a coastal city will overprice and lose tenants. An urban operator who benchmarks against the national average will underprice and leave revenue behind.
A third mistake is setting one rate for the year and ignoring season. According to MMCG Invest, demand softens from November through February at most facilities. Running your summer rate in January when you have empty units costs you move-ins. Running your winter promotional rate in June when demand is strong costs you revenue.
Rates are also trending down nationally. According to Storable, the 10x10 non-climate-controlled street rate is down 2.5% year-over-year and the climate-controlled equivalent is down 3.6%. National stabilized occupancy stood at 77.0% in Q4 2025 according to Storable, well below the 96.5% peak recorded among REIT portfolios in Q3 2021. A softening market means competitor rates may have dropped since you last checked them.
What should you measure to keep the rate right?
Track these numbers, by unit type, every month.
Occupancy rate by unit type. Rented 10x10 units divided by total 10x10 units. Collect from your rental records on the same day each month.
Street rate versus competitor street rate. Your advertised rate minus the lowest competitor rate in your market. Collect by surveying competitor websites or calling them.
Move-in volume. Number of new 10x10 rentals in the month. A drop in move-ins while occupancy is falling tells you the rate may be too high relative to the market.
Days vacant per unit. Total vacant unit-days divided by the number of units that turned over. A rising number suggests the rate is slowing move-ins.
None of these require software. A spreadsheet updated monthly is enough to see the trend.
What should you do next?
- Pull your current 10x10 occupancy today. Separate standard from climate-controlled.
- Survey your three to five nearest competitors this week. Write down their street rates and note any promotions.
- Apply the occupancy-band rule from Storeganise to decide whether to hold, raise, or reduce your rate.
- Factor in the current month. If it is May through August, hold firm or raise. If it is November through February, consider a promotional rate to protect occupancy.
- Update your rate sheet with the new rate and the date you set it.