The release will help self storage managers, owners and operators to better analyze the impact of promotions when setting storage rates
Detroit, MI March 14, 2022 – StorTrack, the global provider of self storage data, announced at the recent Self Storage Association Spring Conference in Orlando, Florida, the launch of its Effective Rate Analysis tool to help industry operators manage their rates more accurately. In self storage, the Effective Rate is defined as the rate a renter pays for a storage unit after factoring in promotions, over a specific tenancy length.
StorTrack estimates that in the US, about 18,000 out of 55,000 facilities currently in operation use promotions on an ongoing basis to incentivize renters. With the release of the Effective Rate Analysis tool to its OPTIMIZE platform, managers, owners and operators can view a side-by-side comparison of a competitor’s ‘Standard Rate’ against their Effective Rate. The availability of this tool will help operators understand the true rates offered by the competition and adjust their own rates accordingly.
The Effective Rate Analysis tool is available now to all subscribers of OPTIMIZE in the U.S. and Canada.
Launched in 2014, StorTrack is the largest and most comprehensive provider of self storage market data to the US, UK , Canada and Australia. Providing self-storage owners, operators, developers and investors, with crucial data needed to make important, day-to-day decisions in self-storage, including the necessary data to make informed site-selection and pricing decisions. For more information, visit StorTrack.com.
Whitepaper: Effective Rates in Self Storage and Why Are They Important?
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