Short answer: Start from what nearby competitors charge for the same size and features, convert it to price per square foot, then adjust each unit size separately based on its occupancy. When a size stays above about 90% occupied, raise its street rate in small steps. When it sits well below the rest of the site, lower it or improve how it's presented.
There's no national price for a storage unit. A 10×10 can rent for very different amounts in two towns 30 minutes apart. The good news is that your market tells you most of what you need, and your own occupancy tells you the rest.
Step 1: Survey the competition
List every facility within the distance your customers will realistically drive. In a town that's often 3 to 5 miles, in a city it can be under 2. For each one, write down:
- Street rates for the sizes you offer (from their website or by asking for a quote)
- Climate control or not, drive-up or interior
- Move-in specials, such as a first month for $1
- Admin fees and required insurance or protection plans
- Gate hours, security, and condition
Do this for at least the 5×10, 10×10 and 10×20. These are usually the sizes with the most demand.
Step 2: Convert to price per square foot
Price per square foot per month lets you compare different sizes and different facilities.
Monthly rate ÷ unit area = price per sq ft
A $120 10×10 is $1.20 per square foot. A $70 5×10 is $1.40. Smaller units almost always cost more per square foot, because the fixed costs of a unit (door, partition, admin) are spread over less space.
Step 3: Place yourself in the market
Decide where you sit relative to competitors, and be honest:
- Above the market if you're newer, cleaner, better located, climate controlled, or open longer hours.
- At the market if you're comparable.
- Below the market if you're older, harder to reach, or need to fill up quickly after opening.
Price against the facilities your customers actually compare you with, not the cheapest one in the county.
Step 4: Price each size separately
Set a street rate per unit type, not a single rate per square foot for the whole site. Then let occupancy guide each type:
| Occupancy of that unit type | What to do |
|---|---|
| Above ~90% for 2+ months | Raise the street rate 5–8% and watch rentals |
| 80–90% | Hold |
| Below ~75% while other sizes are full | Check photos and online listing; consider a lower rate or a move-in special |
Change one thing at a time and give it a few weeks. Rentals are noisy from week to week.
Step 5: Review existing tenants' rates
Street rates only affect new customers. Many facilities lose more money on long-term tenants paying rates from years ago than on empty units. A common practice is a modest increase for existing tenants once or twice a year, with the notice period your rental agreement requires. Check what your agreement and local law say about notice before you change rates for existing tenants.
A worked example
You have 30 10×10 units. Competitors charge $105, $115, $125 and $140 for comparable non-climate units. Your site is clean and easy to reach but not new. You price at $119.
After three months your 10×10s are 97% occupied, while your 10×20s sit at 70%.
- Raise the 10×10 street rate to $127 (about 7%).
- For the 10×20s, check how they're described and shown online, then test a first-month discount rather than cutting the rate permanently.
Don't forget the add-ons
Your total revenue per tenant also depends on admin fees, tenant protection or insurance, late fees, and retail like locks and boxes. Know what competitors charge for these before you set your own.
FAQ
How do I calculate price per square foot for a storage unit?
Divide the monthly rent by the unit's area in square feet. A $90 unit that is 10×7.5 (75 sq ft) costs $1.20 per square foot per month.
Should storage units have different prices per square foot?
Yes. Small units typically cost more per square foot than large ones. Price each unit size based on its own demand rather than using one rate for the whole facility.
How often should I change storage unit prices?
Review street rates monthly by unit type, and change them when a size stays very full or very empty for several weeks. Review existing tenants' rates once or twice a year.