Short answer: Usually not. Mark’s view is that matching every competitor cut becomes a race to the bottom, especially against REITs and funds that can sustain losses longer than a smaller owner. If units are still renting at your rates, the market is telling you those rates are fair. If move-ins really have dropped, test targeted changes on a few unit sizes instead of cutting everything.
Trust your own data first #
You need to know what competitors charge and what incentives they offer, but you don’t have to match or beat them. Mark puts more weight on data from his own facility (are people moving in at today’s rates?) than on what a market report or pricing algorithm says about the trade area. He calls this protecting the integrity of your income.
Only cut when you’re sure #
His guidance is to match or go below competitors only when you are clear that others are getting move-ins and you are not.
Test instead of slashing #
- Pick the unit sizes with the most vacancies, or the ones you most want to move.
- For two or three weeks, adjust those prices or offer a targeted incentive (for example, half off the first two or three months).
- Leave all other units alone and watch the results.
- If it works, expand to other sizes. If not, try a different offer.
Mark also tests different move-in specials on different unit sizes, and non-rent incentives such as free tenant insurance for a few months, free disc locks or a free moving truck. These often create as much traction as a lower rent and usually cost less. In early lease-up incentives can run longer, but he cautions against giving away the farm: very aggressive free-rent offers tend to attract shorter-staying tenants.
Related answers #
- What is value-based pricing in self-storage?
- Why should self-storage operators sell benefits instead of competing on price?
- Why do fair, transparent rate increases matter in self-storage?
Source: Mark’s post Self-Storage Revenue Strategies for 2026 Part 1 – Avoid Reactive Pricing
