Rate Increases and Rate Board
Rate increases and street rates, decided on evidence.
Verillum AI prices each sitting tenant against the move-out an increase could cost, and each unit group's street rate against the market. Reviewers approve a whole band at once, and an issued batch comes with its letters and keying list.
At a glance
- Verillum AI recommends rate increases for existing self-storage tenants, each priced net of the move-out it risks.
- Verillum AI proposes no rate increase until it has a unit-level rent roll and a group occupancy report for the store.
- On the Verillum AI Rate Board, a street rate raise needs the unit group at least 90 percent occupied by default, and a cut needs 70 percent or less.
- Verillum AI never changes a rate in your management system; a person keys each approved rate, and the next rent roll checks it.
- Rate increase notices from Verillum AI print on the store's own letterhead, with no Verillum AI branding.
Every increase priced against what it risks
A raise that buys a move-out costs more than it earns. Each recommendation is net of the expected cost of losing the tenant, read from the occupancy of the unit group they would have to re-rent into, not the building average.
The market adds a second ceiling beside your street rate whenever at least 3 recent competitor surveys support one.
Review by band, not by row
Every unit in a band was priced by the same rule against the same gap to street. Approve or hold the band in one decision, and open the rows only when one needs arguing.
A tenant on the never raise list, for military orders, a legal hold or a manager's promise, is held on every batch until the entry ends.
Sign-off means what it says
A batch moves from draft to approved to sent. Change anything on an approved batch and it returns to draft with the approver cleared. The notice period you set for each state is enforced in the database, and a batch priced from a rent roll more than 45 days old cannot be issued.
The issue kit, and the check after it
Issuing produces one notice letter per tenant, on the store's letterhead, and a keying list with each change in dollars and percent and a total to reconcile against.
When the next rent roll arrives, Verillum AI compares every new rent to the cent. Anything that did not land becomes one task for the store manager, and it closes itself once a later roll shows it right.
Street rates on the Rate Board
The market sets the target and occupancy sets the direction. By default a raise needs the unit group 90 percent full, a cut needs 70 percent or less, and one move shifts the street rate at most 10 percent toward the target. Every group shows how many sitting tenants already pay above street.
An approved move is recorded with its reason and roll date. Once it is checked off as entered, it stays on the record; only a same-day undo by the person who checked it off takes it back.
Questions
What files does it need?
A unit-level rent roll with each tenant's current and street rate, and a group occupancy report. A three-column spreadsheet of group, occupied and total units also works for the occupancy. No batch is proposed until both are in.
Does it change rates in our management system?
No. Verillum AI never writes to it. The keying list tells a person what to enter, and the next rent roll checks each rate to the cent. Anything that did not land becomes one task for the store manager.
How is the market rate set?
It is the median of what a new customer pays at the competitors in the store's comp set, from at least 3 competitors surveyed within 90 days. With fewer, there is no market figure and the screen says why. Every survey was recorded by a person.
How do you know an increase worked?
The next rent roll records each tenant as retained or moved out. A control group, 5 percent of a batch by default, gets no increase and is measured the same way, so move-outs are compared against a baseline rather than assumed.
Can a tenant get two notices in one cycle?
No. A tenant already in an open batch, or noticed within the program's minimum months, is held and the other batch is named. A rate already queued on the rent roll blocks a second notice too.
Who sees rate decisions?
Org admins, district managers and area managers run both desks. Store managers see only their store's issued increases, in dollars, so they can answer the tenant who calls.
Related
- ECRI impact calculatorPrice one batch of rate increase notices: the gain from tenants who stay, the cost of the move-outs it causes, and the break-even move-out rate.
- Street rate gap checkerCompare in-place rent with your own street rate by unit type, and see the monthly and annual gap each type carries. Runs in the browser, nothing stored.
- Competitor pricingRecord competitor rates by hand or by paste, compare them unit by unit with your own, and see the market on a map. Nothing is collected automatically.
See it against your own portfolio.
Tell us how many stores you run and who reports to whom. We stand up a workspace with your property registry already loaded.