Life Storage, Inc. Incorporates Enhancements to Rent Now, its Contact-Free, Self-Serve, Fully Digital Rental Platform

Dynamic Pricing Functionality Available for Earlier-Than-Planned College Leasing Season

BUFFALO, N.Y.--(BUSINESS WIRE)--Life Storage, Inc., (NYSE:LSI), a leading national owner and operator of self storage properties, announced today the launch of “Rent Now 2.0,” the second generation of its innovative, online rental platform that allows customers to self-serve and “skip the counter.” Customers can select a storage unit from one of three convenience and pricing-based tiers according to their individual needs and preferences. Value-tier units are the most competitively priced, while Premium-tier units provide more convenience and Standard-tier units balance price and convenience. To enable Rent Now, Life Storage conducted very detailed mapping of its properties and is leveraging this data to precisely and dynamically control pricing on convenience tiers.

“We are pleased to provide an enhanced contact-free, skip-the-counter service to our prospective customers, including students as they transition off campus, in these challenging times,” said Life Storage CEO Joe Saffire. “With almost 25% of rentals coming through Rent Now last week, this alternative promotes the health and safety of our teammates and customers, while continuing to meet their storage needs.”

Life Storage’s Rent Now platform is fully integrated with its operating, security and revenue management systems, allowing for real-time and efficient inventory and sales management. Following a successful pilot and phased launch of Rent Now 2.0 at more than 350 stores that began in January, the Company expects to be fully deployed in the second quarter of 2020.

ABOUT LIFE STORAGE, INC:
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self storage facilities. Located in Buffalo, New York, the Company operates more than 850 storage facilities in 29 states and in the province of Ontario, Canada. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 450,000 customers, making it a leader in the industry. For more information visit https://invest.lifestorage.com/.