Peter Chu, a retired lawyer living in Portland, Ore., pays nearly $400 a month for his storage unit in Seattle, where he used to live.
That rate has gone up by roughly $150 since 2022.
Mr. Chu is caught in an industry that was booming a few years ago during the coronavirus pandemic but now finds it has built way too many rental units.
As the industry cuts so-called street rates to entice new customers, its existing customers are paying substantially higher rates that are sometimes raised twice or more in a year.
“It was really attractive in the moment, but as soon as you go through planning, building, by the time you deliver, you’re kind of in a different market,” he said.
Persons:
Peter Chu, Chu, Tyson Huebner, ”
Organizations:
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Locations:
Portland ,, Seattle, Phoenix, Atlanta