Commercial Storage Lease Agreement

A commercial storage lease agreement is a rental contract between a storage facility owner and a tenant for storing goods, equipment, or inventory. This legal document is exclusively for the storage of items. The tenant cannot operate a business in the space.

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Last updated January 2nd, 2025

A commercial storage lease agreement is a rental contract between a storage facility owner and a tenant for storing goods, equipment, or inventory. This legal document is exclusively for the storage of items. The tenant cannot operate a business in the space.

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Storage Space Stats (2024)

  • AVG Monthly Rent (all sizes): $85.30 SF[1]
  • AVG Rent Decrease: 14.4% year-over-year[2]
  • AVG Monthly Occupancy Rate: 85.29%[3]
  • Percentage of households that rent a storage unit: 11.1%[4]

Key Things to Know About Commercial Storage Lease Agreements

  • Purpose: Exclusively for storage use.
  • Lease Term: Offers flexible options, such as month-to-month. 
  • Payment: Typically, a flat fee based on size and duration.
  • Additional Fees: Depending on where you live, storage unit insurance and taxes are additional monthly costs that the tenant needs to pay.

What Is the Average Rent By Unit Size?

Unit Size AVG Monthly Storage Rent $/SF Percent Share of All Units
5×5 $39.61 $1.58 17.34%
10×10 $91.62 $0.92 20.68%
5×10 $58.52 $1.06 23.89%
10×20 $140.65 $0.69 9.37%
10×15 $121.44 $0.80 6.77%

Average prices were calculated using data for units rented through SpareFoot.[5]

Why Are Some Storage Facilities More Expensive Than Others? 

    1. Unit Size: The most popular sized units can drive up demand, which may increase the monthly cost.
    2. Location: Prices vary depending on where you live. You can expect to pay more in urban areas where demand is higher.
    3. Climate control: Air conditioning and heat to keep the interior at a controlled temperature can increase the rent.
    4. Amenities: 24-hour access, in-unit electricity, security and drive-up access can add to the cost of monthly storage fees.
    5. Location of the Unit: Accessible ground-level untis or near an elevator might cost more than less desirable units in the same facility.

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