BALTIMORE — Public Storage customers are unhappy with unexplained price increases for their storage units. In the last four years, George Wagner's monthly rate has increased four times.
"It started off at $99 and $14 insurance monthly,” said George Wagner.
He then started receiving notices via email advising him of price increases. The first notice came 18 months into his lease. His rent went up by $26. Thirteen months later, it increased by another $33, bringing the total to $148. Six months later, he was told his new total would be $202, and a year later, it increased to $245 per month.
Wagner could get a promotional rate by switching to a different unit in the same facility, but due to a disability, he'd need to hire movers costing him additional money.
“They get you with an introductory rate and then once you're there, they start giving you these increases,” said Taryn Edmonds, a former Public Storage customer who rented a unit in Florida to house her home staging business. “It’s around the four-month marker when they tend to send an increase.”
Edmonds became fed up in February after being notified of a 40 percent increase raising her rent to nearly a thousand dollars per month.
“It just didn't make sense when I'm not getting anymore space out of it, so that's when I started looking for a warehouse space,” said Edmonds.
She upgraded to a commercial space, which costs her more money, however, she has additional room, an office, bathroom, and space to show her clients. Her contract also spells out any price hikes. “They did lock me in for the year, and then I only have 5 percent increases annually after that, so at least I know what I need to budget for myself, and, again, I have more flexibility to grow as a business where I'm at,” said Edmonds.
Before moving, Edmonds tried negotiating with Public Storage. She said she gave up when she couldn't get through to anyone.
“And it's very difficult to get someone over the phone. I've tried emailing, I've called management locally, no one from corporate will respond,” said Edmonds. “They know you can either leave and somebody else will take that spot or you're going to pay the increase.”
According to the most recent Yardi Matrix National Self Storage report, demand is strong, and occupancy remains ahead of where it normally is. While rates have held steady in the last three months, the average rate is still above pre-pandemic levels.
Wagner said he'd keep his stuff at the facility for the right price. WMAR-2 News Mallory Sofastaii met Wagner at the Public Storage facility on McClean Boulevard to find out why he's being charged $245 when the same unit is being advertised online for $129. The front desk worker wasn't able to answer the question and referred Sofastaii to another location. That associate gave her the corporate phone number. However, after leaving voicemails, sending emails, and LinkedIn messages, there was no response to her questions.
“They know some people are at a disadvantage, and they take advantage of that,” said Wagner.
While Public Storage did not respond to any WMAR-2 News inquiries, Wagner said he heard from Public Storage corporate headquarters on Friday. A company representative agreed to reduce his rate by $43 for the next six months.
There aren't any state laws capping these rate increases, so storage facilities can raise their rents however much they want.
Consumers need to shop around for the best prices, ask about the frequency of rent increases, and, if possible, try to lock-in a fixed rate.
Sofastaii also contacted the Self Storage Association to ask about best practices when it comes to rate increases. She's waiting to hear back.
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