Storage Rental Agreement

What is a storage rental agreement?

A storage rental agreement is a legal document used to outline the terms and conditions for renting storage space for businesses or individuals. This template helps to formalize the rental arrangement between a storage owner and tenants. This storage space rental agreement defines rental periods, payment terms, responsibilities, and liabilities, helping both parties avoid misunderstandings.

This type of document could be suitable for various individuals and businesses across the U.S. For example:

• individuals or couples who need extra space for their belongings;
• owners of event venues or studios who need to keep decorations and other supplies out of the main place of business;
• businesses that provide free warehouse space to store various goods and commodities, etc.

A storage rental agreement template cannot be used, however, for a lease of residential property (e.g., apartment, studio, house), commercial properties (e.g., office, building), or parking spaces.

When to Use a Space Rental Agreement?

Having a space rental agreement could be a good idea for various types of situations, including:

• Extra Storage. Imagine you rent a tiny apartment downtown so that you can walk to your place of work every morning. An extra space storage lease agreement allows you to keep part of your belongings outside a rented apartment to get some free space.
• Workspace or Creative Studio. When you run a workplace or creative studio, most probably you have lots of staff you need to keep somewhere to avoid cluttering a space. This is where a storage unit rental agreement could be a solution for a small business.
• Storage Needs. This type of contract would also be suitable for general storage needs. For example, you have lots of toys your kids no longer play with. Before selling or donating those toys, you may wish to put them in storage to avoid cluttering your home.
• Commercial Storage. For businesses that sell and supply various goods, a storage space lease contract sample could be a helpful solution. If your current warehouse does not have enough storage capacity, you may keep renting additional storage space as well.

How to draft a lease agreement for storage space?

There are a number of important elements in a solid lease agreement for storage space. Without those elements a legal document may not be complete or enforceable in a court or simply not be able to deal effectively with a lease arrangement.

Below we created a checklist of all mandatory elements a solid space rental lease template must have.

• Details of the parties. Every agreement must define the full name, address, and contact information of a landlord and a tenant. Contact information is vital for communication between the parties once there is a dispute or either party wants to end a contract.
• Description of lease space. The heart of every storage rental agreement is a description of a leased space. This description should include the size, location, and list of items that cannot be stored (e.g., food, hazardous materials). Besides that, the text of a contract shall address whether a rented space is supervised or not (e.g., CCTV or attendants).
• Rental fees. The contract should define the exact amount of recurring payments (e.g., monthly, annual, or weekly). Besides that, a tenant must be aware of the list of acceptable payment methods he or she could use to make payments. Late fees are also common for a storage space lease agreement. Usually late fees are paid in the form of a daily fee for each day of a payment delay.
• Security deposit. Some landlords may require paying a security deposit before the start of the storage lease. While a security deposit is a common thing for commercial or residential lease agreements, this is a rare thing in storage space leases. There is no maximum or minimum cap for the amount of a security deposit. Once the contract ends, a landlord shall return a security deposit back to a tenant.
• Termination. A storage space lease contract template usually provides both parties with the right to end a contract at any time. It basically means that either party can send, with or without a cause, to the other party a written notice about the end of the lease. A notice period is usually quite short and could be 3, 5, or 7 days.
• Signatures. Once you fill in the form and print the document, both parties should sign a printable simple storage agreement. You can sign a document using online e-signature tools or put your signature by hand. Both ways of signing are acceptable.

Why should you have a written storage space lease agreement?

Lots of businesses may skip the step of creating a solid written agreement with their customers while taking items or goods for storage. Lack of a written contract may create a lot of problems along the road.

A solid written storage space lease agreement helps as follows:

• Protect both parties in case of a dispute. The written document acts as a legal record of a written arrangement between both parties. You cannot hide or twist any clause since it is already written.
• Clarifies mutual rights and responsibilities. A written storage rental agreement provides both parties with a fixed list of what could and could not be done. For example, a lessee shall pay for a storage space, and a lessor cannot provide access to a rented space to any third parties, except for a tenant.
• Create a clear road map. Having a written contract provides both parties with a clear understanding of the next steps. For instance, if a party wishes to end a contract, such a party can find a clause describing the process of termination and notice period.

How does customization of a document template work at FasterDraft?

To get a fully customized storage space lease agreement for your particular situation, follow the easy steps below:

1. Click the “Create Document” button.
2. Answer simple questions in the form.
3. Select a template’s format—storage rental agreement PDF or Word.
4. Make a payment.
5. Download, sign, and instantly use this document.