It’s a month of month agreement so it gives you a lot of flexibility which i think is certainly a benefit say and having month-to-month leases I think provides an inflationary hedge on your dollar so if we have if you buy a building that had a year lease I can bet especially with the way pueblo west storage.
Our government has been spending money like crazy if the value of the dollar could be drastically different years in the future than it is today but with month-to-month leases and having the ability and flexibility to pass through expenses and increase rents when you want to I think that provides from a long-term perspective a good inflationary edge one interesting thing on that topic Uncle Bob self storage for example there are a huge company.
They have a technology that allows them to re price their storage units on a daily or hourly basis based upon occupancy of a particular unit type and so they know because of their data collection there their market presence how many of a certain unit type are available in a certain market at a specific moment in time and.
They can say well we’re running short on this unit size and so the price automatically changes in the computer for all of the new leases and renewing leases on an hourly basis so you come in in the morning the price might be different that afternoon because of what the occupancy rate is in the market that’s exactly true that’s.
That’s what’s really cool about this industry is the software out theirs is really caught up and there are all kinds of advantages to that but we’re having a month month lease if you’re completely out of ten by s and that is a very popular unit mix in your market you can increase your rents dollars per unit by sending the letter out and most people will just pay it they won’t spend their weekend moving out to save a month high barriers to entry one of the reasons I think acquisitions of existing facilities are good is as I’m looking at asset classes .