100 terms with plain definitions and examples, from street Rate to explainable pricing.
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Revenue Management has its own vocabulary. This is the translation.
Revenue Management has its own vocabulary, and much of it is borrowed from hotels and airlines. This glossary translates it into storage terms. Each entry has a short definition and an example from a Facility you could recognize.
Search by word, or filter by topic: basics and metrics, pricing, guardrails, market, data, models, operations, reporting, pricing plans, comparison and compliance. If you are new to the field, start with Revenue Management, Street Rate, In-Place Rate and Physical Occupancy.
Showing 100 of 100 terms
The core ideas behind Revenue Management for storage.
The practice of setting prices and managing inventory to pursue a goal such as higher Revenue or higher occupancy from the space it has.
Example A 200-Unit Facility raises Rates on its most requested 10x10 Units while holding Rates on slow 5x15 Units.
Software that reads your rent roll and market data and recommends or applies Rate changes.
Example MaxRev connects to your management software, studies your history and suggests a new street Rate for each Unit type.
Changing prices often, based on current demand, supply and competitor behavior, rather than keeping one fixed price list.
Example A 10x10 climate Unit moves from $142 to $149 after three similar Units rent in one week.
The numbers operators use to judge performance.
Total rental Revenue divided by total rentable square feet, whether occupied or not.
Example $46,000 monthly Revenue over 34,000 rentable square feet is about $1.35 per square foot.
Revenue divided only by the square feet that are rented.
Example Rented space earning $1.52 per square foot shows your Rates, not your occupancy, are driving results.
The share of Units, or square feet, that are currently rented.
Example 241 of 260 Units rented is 92.7% physical occupancy.
Actual collected rent as a share of the rent you would collect if every Unit rented at street Rate.
Example A Facility 93% full may have only 85% economic occupancy if many tenants pay discounted Rates.
How Rates are set, moved and explained.
The advertised Rate a new customer sees today for a Unit.
Example Your website lists a 10x10 at $129 per month. That is the street Rate.
The Rate an existing tenant currently pays, which may be lower than today's street Rate.
Example A tenant who moved in two years ago still pays $118 while the street Rate is $129.
The difference between the street Rate and the in-place Rate for the same Unit type.
Example A $11 gap across 80 long-term tenants is a clear existing tenant Rate increase opportunity.
A planned price increase for tenants already renting, often called an existing customer Rate increase.
Example A tenant of 22 months moves from $128 to $133 with 30 days of notice.
A raise to the rent of a current tenant, timed and sized to limit move-outs.
Example MaxRev flags tenants below street Rate and suggests a small, scheduled increase for each.
The Rate a new tenant signs at on the first day.
Example A first-month promotion lowers the move-in Rate while the standard Rate stays the same.
A temporary offer, such as a free first month, used to win move-ins.
Example A competitor runs 50% off the first month, and your promo feed shows it within a day.
The rules for when and how much you discount to rent a Unit.
Example Offer a discount only on Units vacant for more than 30 days.
The Rate the model aims for given your chosen pricing goal, before guardrails apply.
Example Balanced mode sets a goal Rate of $131, then your ceiling and floor are checked.
Your overall objective for pricing, such as filling Units or maximizing Revenue.
Example Choose Keep My Units Full for a slow season and Maximize My Revenue when demand is strong.
The balance between renting more Units at lower Rates and renting fewer at higher Rates.
Example Lowering price 5% may fill three more Units but earns less per Unit.
Where you choose to price relative to nearby competitors: below, at or above market.
Example A Facility with new climate Units positions Above market.
The fill-up period of a new or recovering Facility, priced to reach a target occupancy quickly.
Example Price to fill until 90% occupancy, then switch to Balanced.
The occupancy level at which lease-up pricing ends.
Example A 90% target ends lease-up mode once the building reaches it.
The limits that keep every recommendation inside your rules.
The lowest Rate you allow the system to set for a Unit type.
Example A floor of $90 stops the system from pricing a small Unit below your cost target.
The highest Rate you allow the system to set for a Unit type.
Example A ceiling of $493 on an extra-small Unit keeps Rates inside what your market accepts.
Limits you set so automated pricing never leaves your comfort zone.
Example Floors, ceilings and a maximum change per update keep every suggestion within bounds.
A cap on how much a single Rate can move at once, as a percent.
Example An 8% increase cap means a $100 Unit can move to at most $108 in one step.
An if-then rule that adjusts Rates when conditions you define are true.
Example If occupancy is below 40% and the Rate is 10% above competitors, decrease the Rate by 5%.
A range of occupancy with its own pricing behavior.
Example Below 20% occupancy lowers Rates, while above 90% raises them.
A premium, discount or exclusion for specific Units that differs from the standard price for the type.
Example Unit 245 has drive-up access, so it carries a 15% premium over its type.
A Unit you tell the system never to reprice.
Example A Unit held for office use stays outside automated pricing.
How MaxRev learns from your history and forecasts demand.
A statistical method that blends thin local data with a broader average so estimates stay stable.
Example A Unit type with eight past rentals is pulled toward a similar group's average.
A model that estimates how many people will rent at a given price.
Example The model estimates that a $5 increase lowers weekly rentals by one.
How strongly demand changes when price changes.
Example If a 5% increase cuts rentals by 2%, demand is inelastic and the increase pays off.
Measuring price sensitivity by Unit type, season and market.
Example Climate Units show less sensitivity than standard Units.
The step that recommends a Rate that fits your chosen goal, within your limits.
Example Given a goal and guardrails, it recommends the Rate that best fits the goal you chose.
Finding the best answer while respecting hard limits.
Example Pursue a goal, such as higher Revenue, while Rates stay between the floor and ceiling.
A repeating yearly pattern in demand.
Example Move-ins rise in late spring and early summer.
Predicting demand changes across the year using past patterns.
Example The model expects fewer move-ins in winter and raises Rates before the spring peak.
An open-source time series forecasting method suited to data with strong seasonal patterns.
Example The Predictive plan applies it to long rental histories.
How fast Units of a given type are renting.
Example Six 10x10 Units rent per month, which is fast for that size.
The effect of few Units left on how much you can charge.
Example Only two climate Units remain, so the Rate can rise.
Competitor Rates, promotions and how your Facility compares.
Watching competitor street Rates over time to understand where you stand.
Example Three nearby Facilities are tracked daily for each Unit size.
The group of nearby Facilities you compare yourself against.
Example Your comp set is the three Facilities within 5 miles that tenants consider when they shop.
A nearby Facility most similar to yours that competes for the same renters.
Example A Facility half a mile away with similar Unit sizes.
A Facility that competes with you less directly, usually farther away or different in type.
Example A Facility three miles away that serves a different neighborhood.
Another Facility owned or operated by your own company.
Example You own two nearby Facilities and label them as sister sites.
The average street Rate for a Unit size across your tracked competitors.
Example The average 10x10 market Rate is $126 while yours is $118.
How far your Rates sit above or below the market, as a percent.
Example A gap of -4.9% means you price about 5% below the market on average.
A view that shows where you are priced above or below each competitor by Unit type.
Example The tracker highlights that your 10x10 climate Units are 11% under the market.
A notice when a tracked competitor starts a discount or special offer.
Example A competitor posts a free first month, and you get an alert the same day.
A map of nearby Facilities, with radius rings and labels for primary, secondary and sister sites.
Example The map shows 1, 2 and 3 mile rings around your Facility.
A real estate investment trust, often a large public owner of storage Facilities.
Example Map colors can separate REIT-owned Facilities from independent ones.
A storage owner with a small number of Facilities, usually without a corporate pricing team.
Example An owner of four Facilities who prices Unit by Unit.
The information behind every recommendation.
A list of all Units with the tenant, Rate, move-in date and status.
Example Your rent roll shows 241 of 260 Units occupied.
The system that runs daily operations: leases, payments, gate access and Unit status.
Example SiteLink, storEDGE, 6Storage, Tenant Inc and Storeganise are all FMS platforms.
A connection that lets a pricing tool read your Unit data and send approved Rates back.
Example MaxRev reads inventory and history from your FMS, then writes Rates after you approve.
Sending approved Rates from the pricing tool to your management software.
Example Approving a Rate pushes it to the FMS at the time you choose.
Setting a future date and time for an approved Rate to go live.
Example Approve today and publish Monday at 9:00 AM.
Past rents, move-ins, move-outs and occupancy used to learn demand patterns.
Example Three years of history lets the model see which months are busy.
How much past history the model uses when estimating demand.
Example A 3 year window smooths out one unusual summer.
How much the model trusts your own data for a Unit type, compared with outside benchmarks.
Example Newer Unit types borrow more from similar Facilities until history builds.
An anonymized comparison drawn from many Facilities, used when your own data is thin.
Example A newly added Unit type starts from benchmark behavior and moves toward your own.
Day to day work: reviewing, approving, publishing and managing tenants.
How long a Unit has been empty.
Example A Unit vacant for 46 days is a candidate for a lower Rate.
How long a tenant has rented a Unit.
Example Tenants past 13 months may be eligible for a Rate review.
The share of tenants who stay over a period.
Example Retention fell four points after a series of increases.
When a tenant ends a rental and vacates the Unit.
Example Track move-outs after each increase to see if you pushed too far.
Move-ins minus move-outs over a period.
Example +186 Units absorbed over twelve months shows steady demand.
The days of warning a tenant must receive before a Rate increase takes effect.
Example A 30 day notice period means a Rate approved today starts next month.
The combination of Unit sizes and types in a Facility.
Example Forty percent small Units and sixty percent large Units.
Grouping Units of slightly different dimensions into standard size categories so they can be compared.
Example A 9x11 and a 10x10 are both grouped into Medium.
A Unit with temperature control, usually priced higher.
Example A 10x10 climate Unit rents at a premium over a standard 10x10.
A ground-level Unit you can drive up to, usually valued for convenience.
Example A 10x20 drive-up commands a higher Rate per foot.
Storage for vehicles, boats and RVs, priced separately from indoor Units.
Example A 15x30 parking space is priced by its own size categories.
A label that bundles Facilities by region or market.
Example Group Facilities into North and South.
Managing Rates across several Facilities from one place.
Example Review recommendations for eight Facilities on one screen.
The step where a person reviews and approves Rate changes before they apply.
Example Approve, adjust or decline each recommendation.
A setting where confident suggestions apply automatically and unclear ones wait for review.
Example High confidence changes go through, and flagged ones wait for you.
Rate changes applied by software with limited manual review.
Example Rates update nightly within your guardrails.
Setting a Rate yourself regardless of the suggestion.
Example Adjust a suggestion from $137 to $135 before approving.
A rating of how sure the system is about a recommendation.
Example High confidence suggestions can be approved quickly.
A warning that a suggestion needs a human look.
Example Mixed signals on a rare Unit type trigger a flag.
A running log of every Rate change, why it happened and who approved it.
Example See that a Rate moved from $105 to $114 on a certain date and why.
The reasoning behind a specific Rate suggestion.
Example A breakdown shows how demand, competitors and seasonality shaped a number.
Reports that show what changed and why.
A single screen of the numbers an owner checks first.
Example Occupancy, market position, Revenue per foot and items waiting for review.
A target income for each foot of rentable space.
Example A $1.50 goal helps you see whether you are ahead or behind.
A report showing how your Rates compare with the market over time.
Example See whether your gap to market is closing month by month.
How occupancy and move-outs behaved after Rate changes.
Example Check whether occupancy held after existing tenant increases.
What each plan includes and how billing works.
A one-time charge for onboarding and migration.
Example Independent operators with up to nine locations pay no setup fee on MaxRev.
A subscription price charged for each Facility.
Example $75 per location per month for eight locations is $600 monthly.
Paying part of a term in advance in exchange for a plan Rate.
Example A 12 month plan with $900 paid per location at signup.
A smallest Portfolio size a vendor will sell to.
Example Some enterprise tools set a 5,000 Unit minimum, which excludes many small operators.
Help moving rules and data from a previous tool.
Example Translate legacy rules and group Units for a new setup.
How MaxRev differs from other kinds of tools.
A Revenue Management option for operators who find enterprise systems too large, too costly or too slow to set up.
Example MaxRev is built for operators of any size, even a single location, with no Unit minimum.
Pricing software designed for owners with one or a few Facilities and no dedicated pricing team.
Example A single-Facility owner reviews suggested Rates on a Tuesday morning and approves them in minutes.
A Revenue system designed for large Portfolios, often with contracts and minimums.
Example Priced for owners with thousands of Units.
Pricing recommendations with no visible explanation.
Example A tool that says raise Rates but not why.
Recommendations that come with plain reasons.
Example Each suggestion shows demand, competitor and seasonal inputs.
Privacy, security and responsible pricing.
Legal concern over tools that pool non-public competitor data to set prices.
Example MaxRev does not let operators adjust pooled cross-operator data. This is not legal advice.
Aggregated data with identities removed, used only for general comparison.
Example A benchmark shows typical behavior without revealing any one operator.
Rate information available to any renter, such as published street Rates.
Example A competitor's posted 10x10 price on its website.
A Rate choice made by the operator based on their own goals and data.
Example You approve every Rate before it goes live in assisted mode.
Keep learning
Pages that put these terms into practice.
Learn how Rate recommendations, guardrails and Rate Watch work together.
Read how the four goals and four advanced controls shape a suggestion.
See how MaxRev differs from enterprise Revenue systems.
Core, Market and Predictive, with published per-location prices.
Links: Features | Pricing strategy | Compare | Plans
Book a short demo and we will walk through your Units, Rates and guardrails.
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