If you have a storage facility and you want to rent it out to another party, you need a storage rental contract to formalize and legalize the transaction. The contract contains the complete information of the owner and the renter.
In legal terms, the owner of the storage facility is referred to as the lessor while the renter is known as the lessor. If you do not want to draft the document from the scratch, you can get storage units rental agreement templates online. These documents are editable, which means you can customize the template to fit your specific need.
What Is a Storage Rental Agreement?
A storage rental agreement is a legal contract used when an individual or company wants to rent out their storage space to another individual or company. The contract comes in handy especially in big cities where many people reside in small apartments and look for storage spaces to store their items.
It is important to note that storage agreements are often very simple documents. In most cases, you do not need the service of an attorney or a legal practitioner to draft the contract. You can also find a storage agreement template that you can edit and customize to suit your purpose online.
The basic and most important elements of the document describe the storage space, rental time frame, and payment expectation. The storage contract is usually not negotiated because the person renting the storage space often does not have a say in the specific terms of the contracts.
The storage space owner single-handedly determines the terms of the agreement and presents the written document to the lessee for execution. As mentioned earlier, you usually do not need any legal practitioner to draft the contract. You can use a free template to create your storage unit rental agreement.
Dos and Don'ts Checklist for a Storage Rental Agreement
To avoid any issues between the owner and the renters, it is critical to make your storage lease agreement as tight and accurate as possible. As much as possible, you should state the terms of the rental clearly with no ambiguity.
Anything that a renter can misconstrue can render the agreement ineffective and can lead to issues between both parties. To ensure that you get your storage rental contract right the first time, here are some dos and don’ts that you should consider when drafting the document. First, here are the dos:
- State the terms of the agreement and the timeframe of the rental as well as when the rent is expected to be paid.
- Clearly state the amount of the rent in words and figures to avoid any possible misinterpretation.
- Both parties should append their signature to validate the storage rental agreement.
Here are the don’ts of storage rental contracts:
- Do not forget to specify what the renter is not allowed to store in the storage space
- Do not forget to emphasize that space is for storage alone and not a living space
Tips for Writing a Storage Rental Agreement
A storage rental contract lays out the specific rights and responsibilities of the lessor and the lessee. Apart from being a binding contract that is enforceable in court, it is also a practical document that highlights the terms of the rental agreement, such as the duration of the storage rental, the rent amount, and when it is due every month.
If you are planning to write a storage rental agreement, the tips discussed in this section will help to guide you. When writing storage lease agreements, there are specific details that should be included. These are highlighted below:
- Details of the owner and the rental, including names, addresses, and phone numbers
- Description of the storage rental space, including the complete address and whether or not a parking spot is included
- Terms of the rental and the rental price
- Maintenance and repair policies
- The right of the storage rental owner to enter the rental property
- Specific rules and essential policies
- Landlord disclosures, including specific information that the renter should be aware of about the storage unit.
Although it is not compulsory, you may also share the storage lease agreement with your attorney for their professional input.
Important Notes about Storage Rental Agreement
A storage contract is designed to protect both parties when there are issues about the storage rental space. If you are a property owner and you allow people to use your storage space, it is essential to have a rental agreement in place. Storage space units are mainly for storing essential and sometimes valuable items of the tenants.
Having a contract in place is important to protect both parties in the case of any legal issues. The agreement should specify the types of items that a renter can store in the space. It should also space the weight and size of the item as well as the container. The contract should also include the payment details and when the rent should be paid.
If the renter does not pay the rent as at when due, what steps should the owner take to recover the rent? This should be clearly stated in the agreement. Accidents happen and the items stored can be damaged. When such happens, who bears the responsibility, and to what extent would the property owner and renter be responsible?
A storage lease agreement can be a life-saver when issues arise on storage space rental. This is why you need to have one if you are putting up your space for rent. The great part is that you do not have to stress about drafting the document or pay an attorney to write one for you. You can get a free storage agreement template online and customize it to suit your needs.