Updated April 13, 2024
A storage space lease agreement is between a landlord who agrees to rent space to a tenant for storing personal property. It outlines the monthly rent, access rights, and the security the landlord provides. If valuables are stored, it is common for the tenant to seek insurance through the landlord or a 3rd party.
Common Storage Items
- Personal property
- Tools/equipment
- Firearms
- ATVs
- Boats
- Vehicles
Storage Statistics (2023 – 2024)
- 52,301 total number of self-storage facilities in the USA.[1]
- 69% of tenants stay for more than 6 months.[2]
- 10′ x 10′ units are the most common (26.6%), followed by 5′ x 10′ units (21.1%).[3]
- 55°F – 80°F is the common temperature for climate-controlled storage space.[4]
- It typically costs 10.74% more for climate-controlled space (10′ x 10′ unit).[5]
Determining the Market Rent ($)
Use SelfStorage.com, the largest directory of storage facilities, to view what others are asking for rent in the local area.
Sample
STORAGE LEASE AGREEMENT
1. THE PARTIES. This Storage Lease Agreement (“Agreement”) is made and entered into on this day of [DATE], by and between:
Landlord: [LANDLORD’S NAME] with a mailing address of [LANDLORD’S ADDRESS] (“Landlord”), and
Tenant: [TENANT’S NAME] with a mailing address of [TENANT’S ADDRESS] (“Tenant”).
2. STORAGE SPACE. The Tenant shall pay Rent for the following storage space: [DESCRIBE STORAGE SPACE]
3. TERM. The term of the lease shall be from [START DATE], and continue until: (check one)
☐ – Termination notice of at least 30 days sent by either the Landlord or Tenant.
☐ – The end date [END DATE].
4. RENT. The Tenant must pay rent of $[RENTAL AMOUNT] per monthly period on or before the [#] day of each month. If the rent is received more than [#] day(s) late, a late fee of $[FEE AMOUNT] shall be due. In the event a check is not honored by the Landlord’s financial institution, a fee shall be charged that is the maximum allowed under State law.
a.) Security Deposit. $[DEPOSIT AMOUNT] shall be deposited with the Landlord by the Tenant at the execution of this Agreement and shall be returned to the Tenant within 30 days after the Tenant vacates the storage space. If any deductions are made related to repairs needed or other damage caused by the Tenant, an itemized list will be given to the Tenant.
5. DEFAULT. In the event the Tenant fails to pay rent as described herein, the Landlord may deny access to the storage space until paid-in-full. If the rent is more than 30 days in arrears, the Landlord may sell the Tenant’s personal property that is left behind in the storage space for their own benefit.
a.) Lien. The Landlord shall have a lien on any property placed in the storage space and have the right to sell the property at public or private sale as provided under State law.
6. USE. The Tenant may use the storage space to store their personal property. It is prohibited to use the storage space for any of the following:
a.) Prohibited Items. Storing explosive items, flammable materials, hazardous waste, animals, or illegal substances is prohibited.
b.) Residential Use. The Tenant shall not occupy the storage space for residential purposes.
c.) Assign or Sublet. The Tenant cannot assign or sublet any portion of the storage space.
d.) Alterations. The Tenant is not allowed to make any type of alteration to the storage space without the express written permission of the Landlord.
7. INSPECTION. The Landlord has the right to access and inspect the storage space at any time for repairs, modifications, or emergency purposes.
8. LIABILITY. This Agreement is made on the express condition that, while the Landlord shall exercise reasonable care in the operation of providing safe and accessible storage space, the Landlord shall not be liable for any loss or damage to the Tenant or their property stored in the storage space.
9. CASUALTY. In the event the storage space is damaged by fire or other casualty and is rendered untenantable, either the Landlord or the Tenant may terminate this Agreement without penalty.
10. ADDITIONAL TERMS & CONDITIONS. [ENTER ADDT’L TERMS]
11. ENTIRE AGREEMENT. This Agreement represents the complete agreement between the Landlord and Tenant, superseding all prior negotiations or understandings, whether oral or written. No modifications to this Agreement shall be considered effective unless in writing and signed by both parties. This Agreement is not altered by prior agreements or concurrent oral agreements.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
Landlord Signature: _______________________ Date: ____________
Print Name: _______________________
Tenant Signature: _______________________ Date: ____________
Print Name: _______________________