Public Storage enrages its customers by operating Bait and Switch. I should have known when I rented a unit from them and I saw a special place on the Web site dedicated to complaints about billing. After signing a rental agreement and moving all your stuff into a unit, they count on the fact that it is a pain to move all your stuff out again. Thus they increase the rent well beyond any operating costs they have.
A classic bait and switch. After one year, my rent was raised SEVENTEEN PERCENT.
Their main operating cost is INTEREST.interest rates are low. So low that they pay around 5% on their money. Why are they raising my rent? GREED. GREED on the part of Chairman B. Wayne Hughes and The Hughes Family and the GREED on the part of the PRIVATE EQUITY investors in the company.
For the year ended 2011 they had net income of 823 million on revenues of 1,752 million. A 47% profit margin!!!
This is from picking the little guys pocket because of their unfair business practices.
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