MaxRev glossary · 100 terms

Self-Storage Revenue Management Terms

The vocabulary of pricing self-storage units and measuring facility performance, from A to Z.

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10x10 unit: A storage unit measuring 10 feet by 10 feet, or 100 square feet. It is roughly the size of half a one-car garage and is one of the most commonly rented sizes. Because demand for it is high, its rate often moves the facility's revenue more than any other unit type.; Example: A family moving out of a two-bedroom apartment rents a 10x10 unit to hold their furniture and boxes for three months.

A

A/B price test: Showing different rates to comparable groups of units or customers to measure which rate performs better. The test compares rentals, revenue, or conversion between the groups over the same period. It replaces guesswork with evidence about how customers respond to price.; Example: An operator lists half its vacant 10x10 units at 129 dollars and half at 139 dollars online for a month, then compares which group produced more revenue.
Achieved rate: The average rent actually being collected per unit or per square foot after discounts and concessions. It can differ significantly from the advertised street rate. Achieved rate shows the real pricing power of a facility.; Example: A facility advertises 10x10 units at 150 dollars, but after first-month specials the achieved rate across all 10x10 tenants is 138 dollars.
Ancillary revenue: Income beyond unit rent, such as tenant protection plans, locks, boxes, truck rentals, and administrative fees. It can add meaningfully to a facility's total revenue with little extra cost. Revenue managers track it alongside rental income.; Example: A facility earns 9,000 dollars a month from tenant protection plans and retail sales in addition to its unit rents.
Area occupancy: The share of a facility's rentable square feet that is currently rented. It weights large units more heavily than small ones. Comparing it with unit occupancy shows whether large or small units are filling faster.; Example: A facility with 54,000 of its 60,000 rentable square feet rented has an area occupancy of 90 percent.
Average length of stay: The average number of months tenants keep renting before they move out. Longer stays mean more revenue per customer and more opportunity for rate increases. It varies by unit size, market, and customer type.; Example: Tenants at a suburban facility stay an average of 14 months, while those near a university average only four.

B

Bad debt: Rent that is billed but never collected and is eventually written off. It reduces the revenue a facility actually earns. Pricing and rate increase strategies should account for its effect on economic occupancy.; Example: A facility writes off 1,800 dollars of uncollected rent as bad debt after unsuccessful collection attempts.
Base rate: The starting rate for a unit type before any adjustments, discounts, or premiums are applied. Pricing systems often adjust from the base rate based on occupancy and demand. It provides a consistent anchor for the rate card.; Example: The base rate for a 10x20 drive-up unit is 220 dollars, adjusted up to 235 dollars when occupancy for that type passes 92 percent.
Benchmarking: Comparing a facility's rates, occupancy, and revenue with competitors or industry averages. It shows where a facility leads or lags its market. Benchmarking helps set realistic targets.; Example: Benchmarking shows that a facility's revenue per available square foot trails its comp set by 8 percent, despite similar occupancy.

C

Churn: The rate at which tenants move out over a period, usually expressed as a percentage of occupied units. High churn means more units to re-rent and more spending on marketing and concessions. Rate increases and service quality both affect churn.; Example: A facility with 500 occupied units and 25 move-outs in a month has a monthly churn of 5 percent.
Climate-controlled unit: A unit kept within a set temperature range, and sometimes a humidity range, year-round. It protects sensitive items such as furniture, electronics, and documents. Climate-controlled units usually command a premium over standard units of the same size.; Example: A 10x10 climate-controlled unit rents for 175 dollars, compared with 140 dollars for a standard 10x10 at the same facility.
Comp set (competitive set): The specific competing facilities a revenue manager tracks to inform pricing decisions. A good comp set includes facilities that customers would realistically consider instead. Choosing the right comp set keeps competitor-based pricing relevant.; Example: A facility's comp set includes five storage sites within a three-mile radius that offer similar unit sizes and climate control.
Competitor rate monitoring: Regularly collecting the advertised rates of nearby competitors for each comparable unit type. Rates are usually gathered from competitor websites and listing sites. The data shows where a facility is priced relative to its market.; Example: Competitor rate monitoring shows that two nearby facilities raised their 10x10 rates by 10 dollars this week.
Concession: A discount or special offered to win a new rental, such as a free or reduced first month. Concessions help fill units but lower the revenue actually collected. Their cost should be measured against the rentals they produce.; Example: A facility offers half off the first month on 10x15 units to fill several vacancies before the summer season.
Conversion rate: The share of inquiries, reservations, or website visits that become rentals. It reflects how well pricing, availability, and the sales process work together. Price changes often affect conversion first.; Example: Out of 200 phone inquiries last month, 70 became rentals, a conversion rate of 35 percent.
Customer acquisition cost (CAC): The marketing and sales cost to win one new rental. It includes advertising, listing fees, and staff time. Comparing it with customer lifetime value shows whether marketing spending pays off.; Example: A facility spends 4,500 dollars on marketing in a month and gains 90 new rentals, a customer acquisition cost of 50 dollars each.
Customer lifetime value (CLV): The total revenue a tenant is expected to generate over the full length of their stay. It combines rent, rate increases, and ancillary revenue. CLV helps decide how much a facility can afford to spend or discount to win a rental.; Example: A tenant paying 140 dollars a month who stays an average of 14 months, plus protection plan fees, has an expected lifetime value of about 2,100 dollars.

D

Delinquency rate: The share of tenants or rent that is past due. It affects how much billed revenue is actually collected. Rising delinquency can be a sign that rate increases are outpacing what tenants can pay.; Example: Of 600 tenants, 30 are more than 30 days past due, a delinquency rate of 5 percent.
Demand: How many customers want to rent a given unit type at a given time and price. Demand changes with season, local population, and economic conditions. Reading demand accurately is the foundation of revenue management.; Example: Demand for small units spikes each May as students store belongings for the summer.
Demand forecasting: Predicting future rental demand by unit type using history, seasonality, and market data. Forecasts guide how aggressively to raise or lower rates. Better forecasts mean fewer missed opportunities and fewer empty units.; Example: A demand forecast predicts 20 percent more 10x10 rentals in June than in March, so rates are raised ahead of the peak.
Discount: A reduction from the posted rate, offered to win or keep a customer. Discounts may target online renters, military customers, or long-term prepayments. Too many discounts can quietly erode achieved rates.; Example: A facility offers a 10 percent discount to customers who prepay six months of rent.
Discount depth: How large a discount is relative to the full rate. Deeper discounts may fill units faster but cost more revenue. Tracking discount depth helps keep concessions in proportion to their results.; Example: A first-month-free offer on a 150 dollar unit has a discount depth of 100 percent for that month and about 8 percent over a 12-month stay.
Drive-up unit: A unit with an exterior door that customers can drive right up to. It is popular for heavy or bulky items because no carts or elevators are needed. Drive-up access is often priced at a premium.; Example: A drive-up 10x20 unit rents for 20 dollars more per month than an interior 10x20 unit at the same facility.

E

Economic occupancy: Actual rental revenue as a percentage of the revenue the facility would earn if every unit were rented at full street rate. It captures the effect of vacancy, discounts, concessions, and unpaid rent together. It is often lower than physical occupancy.; Example: A facility with gross potential rent of 100,000 dollars that collects 82,000 dollars has an economic occupancy of 82 percent.
Effective rate: The rate a tenant actually pays once discounts and concessions are spread across the rental period. It is a truer measure of revenue than the advertised rate. Comparing effective rates shows the real cost of promotions.; Example: A tenant who gets the first month free on a 150 dollar unit and stays 12 months has an effective rate of 137.50 dollars.
Existing customer rate increase (ECRI): A rent increase applied to current tenants after they have been in place for a period. ECRIs bring in-place rates closer to market and are a major driver of self-storage revenue. Timing and size must be balanced against the risk of move-outs.; Example: After nine months, a tenant paying 120 dollars receives an ECRI notice raising their rent to 132 dollars.

F

Facility: A single self-storage property with its own units, office, and access controls. Revenue management decisions are often made facility by facility, because each has its own market and competitors. Portfolio results are the sum of facility results.; Example: An operator's downtown facility and suburban facility have different pricing strategies because their competitors and demand differ.
Fee income: Revenue from administrative fees, late fees, and similar charges. It is part of ancillary revenue. Fee policies should be clear and consistent with rental agreements and local law.; Example: A facility collects 2,400 dollars a month in administrative and late fees across its tenants.
First month free: A common move-in concession that waives the first month's rent. It lowers the upfront cost for customers and can speed up rentals. Its true cost depends on how long the tenant stays.; Example: To fill a newly opened building, a facility offers first month free on all 10x10 climate-controlled units.
Forecast horizon: How far into the future a demand or revenue forecast looks. Short horizons support day-to-day pricing, while longer ones support budgeting and planning. Forecasts usually become less precise the further out they go.; Example: The pricing system uses a 30-day forecast horizon for rate changes and a 12-month horizon for the annual budget.

G

Gross potential rent: The rent a facility would collect if every unit were rented at its street rate. It is the ceiling against which actual revenue is measured. The gap between gross potential rent and actual rent reveals lost revenue.; Example: A facility with 500 units averaging 140 dollars in street rate has a monthly gross potential rent of 70,000 dollars.

I

In-place rate: The rent existing tenants are actually paying today. It can be higher or lower than the current street rate. Comparing the two helps decide where rate increases are appropriate.; Example: Long-term tenants have an average in-place rate of 115 dollars, while the current street rate for the same units is 140 dollars.
Inquiry: A prospective customer's call, web form, chat, or visit asking about units or prices. Inquiry volume is an early signal of demand. Tracking inquiries by unit type shows where interest is strongest.; Example: Inquiries for 10x30 units doubled this month, suggesting room to raise their rate.

L

Lead: A prospective customer who has shown interest in renting. Leads come from websites, listing sites, calls, and walk-ins. Following up quickly improves the chance of conversion.; Example: A lead who requested a quote online receives a follow-up call within an hour and rents a unit the same day.
Lease-up: The period when a new or expanded facility fills from opening toward stable occupancy. Pricing during lease-up often favors occupancy over rate, using concessions to build momentum. As occupancy grows, rates are gradually raised.; Example: During lease-up, a new facility offers aggressive specials and reaches 60 percent occupancy in its first year.
Lien sale: The regulated sale of a delinquent tenant's stored goods to recover unpaid rent and fees. State law sets the required notices and timelines. Lien sales free up units that would otherwise sit occupied but unpaid.; Example: After the required notices, a facility holds an online lien sale for a unit that is five months past due and re-rents it the following week.

M

Mark-to-market: Adjusting in-place rents toward current market rates. In self-storage this usually happens through existing customer rate increases. It closes the gap between what long-term tenants pay and what new tenants pay.; Example: A facility marks its long-term tenants to market over a year, raising rents in steps until they are close to the street rate.
Market rate: The rate similar units are renting for at competing facilities nearby. It is estimated from competitor pricing and recent rentals. Pricing well above or below market rate affects how quickly units rent.; Example: The market rate for a 10x10 climate-controlled unit within three miles is about 160 dollars.
Metropolitan statistical area (MSA): A US government-defined region made up of a core city and its surrounding communities. Self-storage markets are often analyzed at the MSA level. Supply, demand, and rent data are commonly reported by MSA.; Example: An operator compares rent growth across MSAs before deciding where to buy its next facility.
Move-in: A new rental, counted on the day the tenant begins renting. Move-ins are a key measure of demand and marketing performance. They are tracked by day, unit type, and channel.; Example: A facility records 48 move-ins in June, its strongest month of the year.
Move-in rate: The rate a new tenant pays at the start of their rental. It may differ from the street rate if a discount or promotion applies. Move-in rates set the baseline for future rate increases.; Example: A tenant moves in at a 129 dollar promotional rate on a unit with a 145 dollar street rate.
Move-out: A tenant ending their rental and vacating the unit. Move-outs reduce occupancy and must be offset by new move-ins. Analyzing move-out reasons and timing helps refine rate increase strategy.; Example: A spike in move-outs two months after a round of rate increases prompts the operator to make its next increases smaller.

N

Net effective rent: Rent after accounting for concessions, averaged across the expected rental period. It shows the true revenue from a rental compared with the advertised rate. It is useful for comparing promotions.; Example: A unit rented at 140 dollars with one month free, expected to stay 10 months, has a net effective rent of 126 dollars.
Net rental activity: Move-ins minus move-outs over a period. Positive net rental activity means occupancy is growing, and negative means it is shrinking. It is a quick indicator of whether pricing and demand are in balance.; Example: A facility with 50 move-ins and 38 move-outs in a month has net rental activity of positive 12 units.
New supply: Storage space that has recently opened or is under construction in a market. New supply adds competition and can pressure rates and occupancy, especially during the new facility's lease-up. Revenue managers track it closely.; Example: A new 80,000 square foot facility opening two miles away leads an operator to adjust its pricing strategy for the coming year.

O

Occupancy: The share of a facility's units or space that is rented. It can be measured by unit count, by area, or economically. Occupancy is one of the main inputs to rate decisions.; Example: A facility is 91 percent occupied by unit count and 88 percent occupied by area.
Occupancy target: The occupancy level a pricing strategy aims to hold for a unit type or facility. It balances rate against fill: higher targets favor occupancy, lower ones favor rate. Pricing rises when occupancy exceeds the target and eases when it falls short.; Example: An operator sets an occupancy target of 92 percent for 10x10 units and raises rates whenever that unit type exceeds it.
Online rate: A rate offered only to customers who rent or reserve through the website. It is often lower than the walk-in rate to encourage online rentals. Online rates also make it easier to test prices.; Example: The website shows a 10x10 unit at an online rate of 135 dollars, while the walk-in rate is 145 dollars.
Online rental: A rental completed entirely online, without a visit to the office. Customers choose a unit, sign the agreement, and pay digitally. Online rentals reduce staffing needs and let customers rent at any hour.; Example: A customer rents and pays for a unit at 10 p.m. on a Sunday and moves in the next morning using a gate code sent by email.

P

Price ceiling: The highest rate a pricing system is allowed to set for a unit type. Ceilings prevent rates from rising beyond what the operator considers reasonable. They act as a safeguard on rate recommendations.; Example: An operator sets a price ceiling of 180 dollars for 10x10 climate-controlled units, regardless of how high demand rises.
Price elasticity of demand: How much demand changes when price changes. If demand is elastic, a small price increase causes many fewer rentals; if inelastic, demand barely changes. Knowing elasticity by unit type helps set rates that maximize revenue.; Example: Raising the rate on 5x5 units by 10 percent barely changes rentals, showing demand for that size is relatively inelastic.
Price floor: The lowest rate a pricing system is allowed to set for a unit type. Floors protect against discounting too deeply during slow periods. They are often set relative to costs or brand standards.; Example: An operator sets a price floor of 99 dollars for 10x10 units, even during the slow winter months.
Price sensitivity: How strongly customers react to a change in rate. Sensitivity can vary by unit size, customer type, and location. Highly price-sensitive segments call for more cautious rate changes.; Example: Students renting small units for the summer are highly price sensitive, so the operator avoids rate increases on 5x5 units in May.
Pricing algorithm: A set of rules or a model that calculates recommended rates from data inputs. Inputs typically include occupancy, demand, competitor rates, and seasonality. Algorithms let operators price consistently across many units and facilities.; Example: Each morning, the pricing algorithm reviews overnight rentals and competitor rates and recommends new street rates for each unit type.
Pricing Jury: MaxRev's approach of running several pricing models side by side on each unit type. Each model weighs the data differently, and MaxRev reconciles their results into a single recommended rate. This reduces the risk of relying on any one model's blind spots.; Example: For 10x15 units, one model suggests 165 dollars and another 175 dollars, and the Pricing Jury reconciles them into a recommended rate of 169 dollars.
Pricing rule: A constraint or instruction a pricing system follows. Examples include maximum weekly changes, price floors and ceilings, and minimum gaps between sizes. Rules keep rate recommendations within the operator's comfort zone.; Example: A pricing rule limits any single street rate change to no more than 7 percent per week.
Pricing strategy: The overall approach to setting rates for a facility or portfolio. Strategies may prioritize occupancy, rate, or total revenue, depending on goals and market conditions. The strategy guides how pricing rules and targets are set.; Example: During lease-up, the pricing strategy prioritizes occupancy, then shifts toward rate once the facility reaches 85 percent occupancy.
Promotion: A time-limited offer, such as a discount or free month, used to drive rentals. Promotions can target specific unit types, channels, or seasons. Their results should be measured against what they cost.; Example: A facility runs a promotion offering 50 percent off the first month on large units through the end of March.
Protection plan penetration: The share of tenants enrolled in a tenant protection plan. It is a key driver of ancillary revenue. Higher penetration usually comes from offering the plan clearly at move-in.; Example: Of 600 tenants, 420 have a protection plan, a penetration rate of 70 percent.

R

Rate card: The list of current rates for every unit type at a facility. It is what staff quote and what the website displays. Keeping the rate card up to date is essential when prices change frequently.; Example: The rate card shows 5x5 units at 59 dollars, 10x10 units at 145 dollars, and 10x30 units at 289 dollars.
Rate change: An adjustment to a street rate or an in-place rate. Street rate changes affect new customers, while in-place changes affect existing tenants. Each change should be recorded with its reason and timing.; Example: A street rate change raises 10x10 units from 140 to 145 dollars after occupancy reaches 93 percent.
Rate gap: The difference between a tenant's in-place rate and the current street rate for the same unit type. A large gap suggests room for an existing customer rate increase. Rate gaps are a common input to ECRI decisions.; Example: A tenant paying 110 dollars for a unit now listed at 145 dollars has a rate gap of 35 dollars.
Rate history: The record of every rate a unit type has had over time. It helps analyze how past changes affected rentals and revenue. Rate history also supports audits and explanations of pricing decisions.; Example: The rate history shows that 10x10 rates rose from 125 to 145 dollars over the past year in five steps.
Rate increase notice: The advance written notice a tenant receives before their rent goes up. The required notice period is set by the rental agreement and, in many places, by state law. Clear notices reduce surprises and complaints.; Example: A tenant receives a rate increase notice 30 days before their rent rises from 120 to 130 dollars.
Rate optimization: Finding the rates that produce the most revenue given demand, occupancy, and competition. It weighs the trade-off between higher prices and fewer rentals. Optimization is the core goal of revenue management.; Example: Rate optimization shows that a 10x20 unit earns more total revenue at 210 dollars with 90 percent occupancy than at 190 dollars with 95 percent.
Rate per square foot: A unit's monthly rent divided by its square footage. It makes it possible to compare pricing across unit sizes and facilities. Smaller units usually have a higher rate per square foot than larger ones.; Example: A 10x10 unit renting for 140 dollars has a rate of 1.40 dollars per square foot per month.
Rate premium: The extra amount charged for desirable features, such as a ground-floor location, drive-up access, or climate control. Premiums reflect what customers are willing to pay for convenience or protection. They are often set as a fixed amount or percentage over the base rate.; Example: A ground-floor 10x10 unit near the elevator carries a 15 dollar rate premium over the same size unit on the third floor.
Rate recommendation: A suggested street rate for a unit type, produced by analyzing occupancy, demand, competitor pricing, and seasonality. Recommendations support the operator's decision rather than replacing it: the team reviews each one and applies the rates it approves in its facility management system. Clear reasoning behind each recommendation builds confidence in the numbers.; Example: MaxRev recommends raising the 10x10 climate-controlled rate from 159 to 165 dollars, and the manager approves it and updates the rate in the facility management system.
Rate tier: A pricing level within a unit type, such as standard, premium location, or ground floor. Tiers let operators price similar units differently based on features. They add flexibility without creating dozens of separate unit types.; Example: A facility offers its 10x10 units in two rate tiers: standard at 140 dollars and premium ground floor at 155 dollars.
Rate Watch: MaxRev's daily view of the rate movements and recommendations that need an operator's attention. It brings the most important changes to the top, so operators can act on what moved overnight. It turns pricing into a short daily routine instead of a monthly project.; Example: Each morning, a revenue manager opens Rate Watch and sees that two competitors cut their 10x10 rates overnight.
Rent roll: A list of every occupied unit with its tenant, rate, move-in date, and balance. It is the basis for analyzing in-place rates and planning rate increases. Investors and lenders also review it closely.; Example: The rent roll shows 40 tenants who have been in place for more than a year without a rate increase.
Rentable square feet: The floor area of a facility that can be rented to customers. It excludes offices, hallways, and other common areas. Many revenue measures are calculated per rentable square foot.; Example: A facility has 72,000 rentable square feet across 610 units.
Rental rate: The monthly price to rent a unit. It may refer to the street rate for new customers or the in-place rate for existing ones. Rental rate and occupancy together determine rental revenue.; Example: The rental rate for a 5x10 unit is 89 dollars per month.
Rental velocity: How quickly units of a given type are being rented. High velocity suggests demand is strong and rates may be too low. Low velocity can signal that rates are too high or that marketing needs attention.; Example: Every vacant 10x10 unit is rented within three days, a rental velocity that suggests room for a rate increase.
Reservation: A customer's commitment to rent a specific unit type on a future date. Reservations help forecast near-term move-ins. Reservation activity is an early indicator of demand.; Example: A customer reserves a 10x15 unit online for a move-in date two weeks away.
Revenue management: Using data and analytics to set prices and manage inventory so a facility earns the most revenue. It combines demand forecasting, competitor monitoring, and pricing rules. It originated in airlines and hotels and is now standard in self-storage.; Example: Through revenue management, an operator raises rates on high-demand unit types while offering targeted specials on slow-moving sizes.
Revenue per available square foot (RevPAF): Rental revenue divided by total rentable square feet, whether rented or not. It combines rate and occupancy into a single measure. RevPAF is widely used to compare facilities of different sizes.; Example: A facility earning 90,000 dollars a month from 75,000 rentable square feet has a monthly RevPAF of 1.20 dollars.
Revenue per occupied square foot: Rental revenue divided by occupied square feet. It isolates rate performance from occupancy. A rising figure means each rented square foot is earning more.; Example: A facility earning 90,000 dollars a month from 66,000 occupied square feet earns about 1.36 dollars per occupied square foot.
Revenue per unit: Total rental revenue divided by the number of units at a facility. It gives a simple measure of average earnings per unit. It is most useful when comparing facilities with similar unit mixes.; Example: A facility with 500 units earning 70,000 dollars a month has revenue per unit of 140 dollars.

S

Same-store: Comparing results only for facilities operated throughout both periods being compared. It excludes newly acquired, newly built, or sold facilities. Same-store results show true performance trends without distortion.; Example: Same-store revenue grew 4 percent year over year, measured only across the 30 facilities owned for both full years.
Seasonality: Predictable changes in demand through the year. Storage demand typically peaks in late spring and summer, when people move most, and softens in winter. Pricing strategies anticipate these swings.; Example: An operator raises rates gradually from April through July and offers more promotions in December and January.
Self-storage: A business that rents space, usually by the month, for people and companies to store belongings. Customers typically control their own unit and access it with a personal gate code. The industry's short rental terms let operators adjust rates as the market changes.; Example: A small business rents a self-storage unit to hold extra inventory during its busy season.
Square feet per capita: Total self-storage rentable square feet in a market divided by its population. It is a common measure of how much supply a market has. Higher numbers can indicate more competition.; Example: A market with 9 million rentable square feet and 1.5 million residents has 6 square feet of storage per capita.
Stabilization: The point at which a facility reaches its expected long-term occupancy and revenue after lease-up. After stabilization, pricing usually shifts from filling units to maximizing rate. It is also a milestone for investors and lenders.; Example: A new facility reaches stabilization after three years, when occupancy levels off at about 90 percent.
Street rate: The advertised rate a new customer would pay to rent a unit today. It is the rate shown on the website and quoted by staff. Street rates are the primary lever in revenue management.; Example: The street rate for a 10x10 climate-controlled unit is 165 dollars this week.

T

Tenant: A customer who rents a storage unit. Tenants have different stay lengths, price sensitivity, and needs. Understanding tenant segments helps price and market more effectively.; Example: A tenant who stores a classic car year-round rents a large drive-up unit and stays for several years.
Tenant protection plan: A monthly plan sold to tenants that covers damage to or loss of stored goods, up to a stated limit. It protects customers and generates significant ancillary revenue. Plans are usually offered at move-in.; Example: A tenant adds a protection plan covering up to 5,000 dollars of goods for 12 dollars a month.
Tenure: How long a tenant has been renting. Tenure is often used to time existing customer rate increases. Long-tenured tenants may have the largest gaps between in-place and street rates.; Example: Tenants with more than 12 months of tenure are reviewed each quarter for possible rate increases.
Trace view: MaxRev's explanation screen that shows the inputs and reasoning behind any recommended rate. It lists the data and model results that produced the recommendation. Trace view lets operators understand and trust each recommendation before they act on it.; Example: A district manager opens the trace view for a 10x20 rate increase and sees it was driven by 95 percent occupancy and a competitor's recent price rise.

U

Unit: An individual rentable storage space. Each unit has its own size, features, rate, and status. Revenue is managed at the unit or unit-type level.; Example: Unit 312 is a 10x10 climate-controlled unit on the third floor, currently vacant.
Unit availability: How many units of a given type are vacant and ready to rent. Low availability usually supports higher rates. Pricing systems watch availability closely as units are rented and vacated.; Example: Only three 10x30 units are available, so their rate is raised until more open up.
Unit mix: The combination of unit sizes and types at a facility. A well-matched mix reflects local demand. Mismatches show up as unit types that are always full or always empty.; Example: A facility's unit mix has too many large units for its neighborhood, so it converts several 10x30s into smaller sizes.
Unit occupancy: The share of a facility's units that are rented, counted by number of units. It treats every unit equally regardless of size. It is often reported alongside area occupancy.; Example: A facility with 460 of 500 units rented has a unit occupancy of 92 percent.
Unit type: A group of units sharing size and features that are priced together. For example, a 10x10 climate-controlled ground-floor unit is one unit type. Most pricing decisions are made at the unit type level.; Example: A facility has 18 unit types, from 5x5 standard units to 10x30 drive-up units.
Unit-level pricing: Setting rates for individual units rather than for a whole unit type. It reflects differences in location, floor, and access within a type. Unit-level pricing can capture more value from the most desirable units.; Example: Two 10x10 units of the same type are priced differently because one is next to the elevator and the other is at the end of a long hallway.
Upsell: Moving a customer to a larger, better located, or premium unit. Upselling increases revenue per customer and can free up high-demand sizes. Staff may upsell at move-in or when a tenant's needs change.; Example: A tenant who mentions they are running out of space is upsold from a 5x10 to a 10x10 unit.
Utilization: How fully a facility's available space is being used. It can be measured by occupancy or by revenue relative to potential. Low utilization in a unit type may call for pricing changes or conversion.; Example: Utilization of 10x30 units is only 60 percent, so the operator lowers their rate and runs a promotion.

V

Vacancy: Units or space that are not rented. Vacancies represent lost revenue until they are filled. Pricing and marketing aim to keep vacancies low without sacrificing rate.; Example: A facility has 45 vacant units, most of them in the 10x30 size.

W

Walk-in rate: The rate quoted to a customer who comes to the office without reserving online. It is often slightly higher than the online rate. The difference encourages customers to reserve online.; Example: A walk-in customer is quoted 145 dollars for a 10x10 unit that is listed online at 135 dollars.

Y

Yield management: Another name for revenue management. It means varying price with demand to maximize revenue from a fixed amount of capacity. The term comes from the airline industry.; Example: Like an airline raising fares as seats fill, a facility uses yield management to raise rates as units fill.