It is no secret that countless industries and businesses have been significantly impacted by the ongoing coronavirus around the world. Many businesses have been forced to close in order to meet local stay-at-home measures, while those that remained open have seen a significant decrease in business. Industries like the self-storage industry have experienced their own difficulties as well.
Price Gouging
One of the issues that is not only affecting the self-storage industry but most other industries is price gouging. Price gouging refers to an increase in the price of a product or service, and is most commonly seen during a supply shortage. As a result of the coronavirus pandemic, price gouging has been seen with both products and services. In the self-storage industry, states have laws put into place to prevent price gouging, which includes rent prices. While some self-storage businesses may need to raise prices for a few reasons, it is important to check on the state laws before doing so.
Business Cyber Scams
An ongoing issue since the coronavirus pandemic began is the increase of business cyber scams, and they are only becoming more common. According to Inside Self Storage, nearly 50% of domain registrations that are related to coronavirus are likely either posted in an effort to extract information or are infected with malware. In order to reduce the risk of becoming a victim to a cyber scam, it is important to double-check any website that is not familiar. Additionally, only complete online transactions through the company’s official website, as some scams may resemble legitimate businesses.
Rent Payments
Like many other industries, businesses are experiencing more customers who may not be able to make a rent payment, due to their job being furloughed or eliminated. While many Americans received a stimulus check to aid in bills, their priorities are on paying immediate needs. This may leave many unpaid, occupied self-storage units. In these cases, the business should remain in consistent communication with the customers, in an effort to come to a solution that works for both parties.
While it remains a difficult time for businesses around the world, it is important to remain informed in the self-storage industry.