Self-storage facilities raise rent 25-50% after 6 months knowing tenants won't move out

Self-storage operators use introductory rates to fill units, then impose 10-25% rent increases every 6-12 months, knowing that the cost and hassle of renting a truck, hiring labor, and moving everything to a competing facility exceeds the annual rent increase. Public Storage alone was sued in a class action for systematically targeting long-term tenants with above-market hikes because data showed fewer than 5% of renters move out after a price increase. This persists because only a handful of states (CT, NY) cap storage rent increases, the industry consolidated to where four REITs control over 25% of all U.S. facilities, and storage leases are month-to-month by design so operators can raise prices with just 30 days notice without violating any contract.