A Guide To Start Your Own Storage Space Rental Business Right Now!

how to start storage space rental unit business

Self-storage spaces are storage units that make an excellent space-saving solution to both individuals and businesses. People need storage solutions to temporarily store their belongings while downsizing, business purposes, or when relocating to a new place. Storage facilities are secure, convenient, and easy to find options for people who are in need of temporary storage. 

While it started with traditional ways of direct booking, its scope now has expanded to online reservations. Not just that, traditional self-storage solutions have given way to peer-peer self-storage management software. While storage space rental business generates a healthy and stable cash flow, it is important to be unique in the market to grow and sustain your business. 

How Do Storage Space Rentals Work? 

The basic functioning of self-storage platforms is similar to Airbnb. Just like how house owners list their properties in Airbnb, people who have unused storage space can register within the website and people who want to avail vacant storage spaces can visit the same website to pick the right option that suits them. In other words, storage space rentals work just like Airbnb for storage space. A storage space rental platform is not just a website that facilitates storage space bookings, instead, it is a trusted community marketplace for people to list, search, and book self-storage units. Let’s see how it works for storage space owners and renters. 

For Storage Space Owners 

People who have an extra storage space unit will register their listing on your platform and outline specifications like location, size of the storage unit, pricing, terms and conditions, and other details. Once the profile is created it undergoes a series of verification processes to verify the identity of the storage space owner. When a user requests to book storage space, hosts can either accept or reject the booking based on availability. They can also chat with potential renters and leave reviews once the business interaction is closed. Self-storage rental platforms work as a great channel for storage space owners to make money and utilize their vacant space productively. 

For Renters 

Airbnb for storage space makes it easy for renters to find the best deal of self-storage spaces near them. Guests can search through the available filters like location, size of storage space, etc. to find a suitable listing. To get started with browsing listing, they also have to create a profile on the platform with personal information and other necessary details. 

Users can also take advantage of the in-app communication system to chat with the host before booking the space. Once they have found the desired listing, they are either book it instantly makes the booking. Self-storage space rental marketplaces allow users to make payments either by cash or pay online within the platform itself. 

The Business Model Of Airbnb For Storage Space 

The business model of storage space rentals allows storage space owners to rent out their units to users who seek short term storage solutions. If you want to start a storage space rental business on a budget or you don’t own any storage space, building a peer-peer rental marketplace is a great idea as the initial investment is considerably low. Considering the revenue strategy, the primary way your platform makes money is through commission charges. You can charge a commission fee for both renting and hosting from each booking. Premium listings, in-app purchases, and additional services are some of the alternate ways to generate revenue. 

How To Create A Self-Storage Management Platform? 

Self-storage solutions make a lucrative business idea as it is more affordable when compared to traditional storage units and it is much easier for users to book and make payments securely online. The very first step to set up your storage space rental business is to build a website that facilitates users to list, search, and book storage spaces effortlessly. Let’s see in detail how to create a self-storage management software for your business the best way. 

Define The Core Features 

When it comes to building storage space software, the most essential part is to clearly define the features and functionalities of the platform as your business success lies in the same. A peer-peer rental platform based on the Airbnb business model will have three user groups, the storage space owners (hosts), the renters (who wants to book the storage space for rent), and the admin (who manages and control the activities of both hosts and renters). 

So here are the core features of a self-storage management platform 

Registration, Authorization, And Account Creation 

Airbnb for storage space allows both users to use the platform through registration on the site. Users must be able to sign up using their email, phone number, or even social logins. Additionally, include an authentication feature that allows users to switch their rules between hosts and renters. Once they successfully register, they must be able to create their account by inputting personal information like name, mail id, password, etc. 

Listings 

Storage space owners must be able to create their storage unit listings on the website along with the detailed information of storage units and pictures. Specifying information like unit size is very critical and it helps to ensure that customers can reserve the right space before turning up with stuff that doesn’t fit. 

Communication System 

Your storage space rental platform must integrate a messaging system that allows both hosts and renters to communicate with each other. 

Booking System 

Customers must be able to search and book storage spaces by checking the availability of the storage space. You must also allow them to book rentals and later pay for it online through a secure payment gateway. Storage space owners must also be able to see new booking requests, active bookings, and past bookings. 

Online Payment Integration 

Set up a full-fledged online payment system so that it is easy for renters to make payment and for renters to accept payments for services effortlessly. The secure payment gateway integration comes handy for both users to make and receive payments on the go. It also facilitates a channel for the admin to charge a commission fee for each booking that takes place on the website. 

Decide How To Build The Website 

To build the storage space software, you have two options- either to build it from scratch or to use a white label solution to build it the easiest and affordable way. As you might already know, building the platform from scratch is the most elaborate and difficult, and expensive way to do it. Whereas, white-label solutions or ready-made scripts are ready to deploy programs that help to create a storage space rental website for your business with all core features and functionalities. You can choose to customize the template to any level to create the website according to your unique business requirements to fulfill the needs of your target audience. 

Start A Smart Storage Rental Space Business 

Both individuals and businesses rely on self-storage units to store their stuff. Each of these storage units is a small business on its own terms. Hence, building a self-storage management software can be a lucrative business. Self-storage unit businesses are listed as one of the most profitable small businesses as they have a margin of 11%. To gain a competitive edge in the market with fierce competition, aim to offer the most convenient and secure storage space rental solutions to your customers. 


shirley c stewart rental business expert

Author Shirley C. Stewart 

Business Consultant & Marketing Head at RentCubo 

https://rentcubo.com/ 

Helping brands to build their web products that people love using. Interested in growth hacking & startups.

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