Self-Storage Glossary

Find information on common terms and phrases used in the self-storage industry.

Common Storage Industry Terms & What They Mean

Access Management

Administration Fee

API Integration

Business Storage

Call Routing

Cap Rate

Climate Control

Collections

Controlled Access

Conversion Rate

CRM Software

Delinquent Account

Does Homeowners Insurance Cover Self-Storage Units?

FMS

Footage Occupancy Rate

Gate Access Code

How Much Does It Cost To Build A Self-Storage?

How To Get A Storage Unit

How To Start A Self-Storage Business

Hybrid

ISS

Lease

Lease Up

Lien

Marketplace

Mini-Storage

Occupancy Rate

Overlocking

Payroll Costs

PMS

POS

Property And Casualty Insurance

Property Management System Definition

Prorated Rent

REIT

Remote Property Management

Rent

Rental Agreement

Resident Manager

Revenue Management

ROI

Self-Storage

Self-Storage GBP

Self-Storage Websites

SSA

Storage Units

Temperature Control

Tenant Insurance

Tenants

A

Self-storage access management refers to the systems and processes used to control who can enter a self-storage facility and when. This usually involves gate codes, keypads, or smart entry technology that allows only authorized tenants and staff inside. For operators, strong access management improves security, reduces liability, and builds tenant trust. Storable’s Access Control software makes it easy to set custom permissions, track access activity, and even manage your facility remotely, without added hassle.

A self-storage administration fee is a one-time charge applied when a tenant signs a new lease or rental agreement for a storage unit. It typically covers the cost of processing paperwork, setting up an account, and preparing the unit for move-in. For operators, admin fees provide an additional revenue stream and help offset operational costs. With Storable’s software platforms, you can automate fee collection during move-in, ensuring every rental is set up consistently and no revenue opportunity is missed.

An Application Programming Interface (API) integration is a digital connection that allows different software systems to share data automatically. In self-storage, API integrations help operators connect their facility management system with tools for accounting, websites, payments, marketing, and more. Instead of re-entering data into multiple systems, APIs keep information synced and accurate. Storable’s ecosystem offers dozens of software integrations, making it simple to connect your management software with the other tools you rely on, saving time and reducing errors.

B

Business storage refers to self-storage units rented by companies rather than individuals. Businesses often use storage facilities to hold inventory, equipment, documents, or seasonal items. For storage operators, business tenants can provide stable, long-term revenue since they often need more space and keep units longer than residential renters. With Storable’s facility management software, operators can easily manage larger or multiple-unit rentals, automate billing, and provide easy access to make business storage more convenient for both tenants and staff.

C

Call routing is a phone system feature that directs incoming calls to the right person or department, based on rules such as time of day or caller input. For self-storage operators, effective call routing ensures prospects and tenants reach the right staff quickly, improving customer experience and reducing lost leads. Storable’s integrated facility management solutions make it easy to manage communication workflows and ensure operators never miss an opportunity to serve tenants or close a new rental. Explore Storable’s Customer Relationship Management software for more information.

Cap rate, or capitalization rate, is a real estate metric used to measure the expected return on investment for a property. It’s calculated by dividing a property’s net operating income (NOI) by its purchase price or market value. In self-storage, understanding cap rates helps owners and investors evaluate profitability and compare properties. Storable management software and reporting tools help operators track revenue and expenses accurately, giving you the data you need to better understand your facility’s financial performance.

Climate control refers to temperature and humidity regulation in storage units. Climate-controlled facilities maintain consistent conditions to protect sensitive items like electronics, furniture, or documents from damage caused by extreme heat, cold, or moisture. For operators, offering climate control can attract higher-paying tenants and differentiate a facility in competitive markets. Storable’s facility management platforms allow you to track unit types, pricing, and occupancy so you can manage climate-controlled inventory and maximize revenue from premium offerings.

Collections is the process of recovering overdue rent from tenants. This can include sending reminders, applying late fees, and, if necessary, starting lien and auction procedures. For operators, the collections process is both time-consuming and critical to maintaining cash flow. Storable offers tools for self-storage rent collections and other integrated software features that automate payment reminders via text, email, or phone, automatically sync to facility access, and more. By streamlining collections, Storable helps operators reduce delinquencies and keep revenue flowing.

Controlled access refers to security systems that limit entry to a self-storage facility or specific areas within it. This often involves electronic gates, keypads, or smart locks that require a code or credential. For operators, controlled access helps ensure only authorized tenants and staff can enter, improving security and reducing liability. Storable’s facility management software includes access control systems, allowing operators to monitor activity and manage tenant permissions with ease.

Conversion rate is the percentage of potential tenants who complete a desired action (such as renting a unit) after making an inquiry or visiting your website. For self-storage operators, a higher conversion rate means more move-ins from the same number of leads, which means increased revenue. Storable supports operators with tools like self-storage websites and built-in lead management features that improve responsiveness, track prospects, and make it easy to convert inquiries into rentals.

Customer Relationship Management (CRM) software helps businesses track, communicate with, and manage interactions with current and prospective tenants. In self-storage, CRM tools are used to organize leads, follow up with prospects, and nurture long-term tenant relationships. For operators, a CRM ensures that no lead slips through the cracks and that communication stays consistent. Storable’s facility management solutions include CRM capabilities that integrate with marketing and rental workflows, helping operators boost occupancy and improve tenant satisfaction.

D

A delinquent account is a tenant account with overdue rent or unpaid fees. Delinquencies can lead to financial losses if not managed quickly and consistently. For operators, managing delinquent accounts involves sending payment reminders, applying late fees, or beginning lien procedures. Storable’s facility management platforms streamline delinquency management with automated payment reminders, real-time account tracking, and integration with collections tools, helping operators recover revenue faster while reducing manual effort.

Homeowners insurance sometimes covers items stored in self-storage units, but coverage is typically limited and may exclude certain risks like flooding or pest damage. Because of these gaps, many tenants purchase separate tenant insurance for better protection. For operators, offering insurance not only gives tenants peace of mind but also creates an additional revenue opportunity. Storable offers multiple storage insurance plans to protect your property and tenants.

F

Facility Management Software (FMS) refers to a digital platform used to run day-to-day operations at a self-storage facility. It typically handles tasks like move-ins, billing, reporting, and tenant communication. For operators, an FMS saves time, reduces errors, and improves efficiency by keeping all key functions in one system. Storable offers two leading FMS options—Storable Edge for an intuitive all-in-one solution, and Sitelink for operators who need customizable, advanced features.

Footage occupancy rate measures the percentage of total rentable square footage that is currently occupied by tenants. Unlike unit occupancy, which only counts rented units, this metric accounts for the size of rented units, providing a more accurate view of revenue potential. For operators, tracking footage occupancy helps optimize pricing, unit mix, and marketing strategies. Storable’s reporting tools make it simple to monitor occupancy trends in real time, so operators can adjust strategies to maximize revenue.

G

A gate access code is a unique PIN or password assigned to tenants that allows them entry into a secured self-storage facility. Each tenant’s code can be tracked, providing operators with visibility into who enters and when. For operators, gate access codes improve security, reduce unauthorized entry, and enhance tenant convenience. Storable’s facility management software integrates with access control systems, making it easy to issue, track, and manage tenant codes directly from the Property Management System (PMS).

H

The cost of building a self-storage facility varies widely depending on location, size, land costs, and amenities like climate control or security systems. On average, construction costs can range from $25 to $75 per square foot, with total project budgets often reaching into the millions. For operators, understanding costs is key to planning a profitable investment.

For tenants, getting a storage unit typically involves choosing a facility, selecting the right unit size, and signing a rental agreement. Many facilities now allow tenants to reserve, sign leases, and pay online, making the process fast and convenient.

For operators, getting a storage unit means acquiring an existing facility, developing a new property, or converting an existing building into rentable storage space. The process often involves evaluating market demand, securing financing, understanding zoning requirements, and budgeting for construction or acquisition costs. Once a facility is established, owners need reliable systems to manage rentals, billing, and tenant communication. Storable’s facility management software and integrated tools make it easier for new and experienced operators to run storage units profitably by streamlining operations and maximizing revenue potential.

Starting a self-storage business requires a lot of planning- including researching local demand, securing financing, and either building a new facility or purchasing an existing one. Storage operators must also handle site selection, zoning approvals, unit mix planning, and security features like access control. Once a facility is ready, success depends on attracting tenants and running operations efficiently. That’s where Storable comes in: our facility management software, websites, and integrated solutions help operators automate move-ins, simplify payments, and manage marketing so they can focus on growing occupancy and revenue from day one.

Hybrid self-storage means combining automated, remote technology with human-based, on-site management to create more efficient and customer-friendly facilities. This blended approach uses technology for routine tasks like rentals and payments while utilizing on-site personnel or remote staff to handle complex issues, customer interactions, and physical maintenance. The goal is to offer the flexibility and cost savings of automation alongside the personalized service and on-site presence of traditional management.

I

Inside Self-Storage (ISS) is the industry’s leading trade publication and event organizer. ISS provides educational resources, news, and conferences that help operators stay up to date on trends and best practices. Storable has been voted Best of Business by ISS Since 2011 for our comprehensive, end-to-end solutions for storage operators, including the best marketplace, software, call center, and payments platform.

L

A lease is the legal contract between a self-storage operator and a tenant, outlining the terms of a storage unit rental. Typically month-to-month, a lease usually covers rent amount, payment schedule, facility rules, and procedures for delinquency or lien sales. For operators, a well-structured lease protects their business legally and ensures consistent tenant relationships. Storable’s facility management software makes it easy to generate, store, and track digital leases, reducing paperwork while ensuring every rental is compliant and secure.

Lease-up refers to the period when a newly built or acquired self-storage facility is filling units with tenants. This phase typically takes 12-24 months, depending on market demand. For operators, managing lease-up successfully is key to reaching profitability as quickly as possible. Storable’s marketing services, websites, and Property Management Software (PMS) platforms help attract leads, convert them into rentals, and track performance during the lease-up period.

A lien is the legal right an operator has to a tenant’s stored property if rent goes unpaid. In self-storage, lien laws govern when and how an operator can deny access, overlock a unit, or eventually auction its contents. For owners, understanding lien laws is critical to protecting revenue and complying with state regulations. Storable’s collections tools and Property Management Software (PMS) platforms help operators manage delinquent accounts, automate notices, and stay on top of lien timelines with less manual effort.

M

A self-storage marketplace is an online platform where customers can search, compare, and reserve units from multiple facilities in one place. For operators, listing on marketplaces can drive more leads and improve occupancy. With Storable’s marketplace, self-storage websites, and digital marketing solutions, operators can capture more leads, boosting conversions and revenue.

Mini storage is another term for self-storage, commonly used to describe small, rentable units where individuals or businesses can keep their belongings. The term dates back to the early days of the industry but is still widely recognized today. For operators, mini storage is simply another way customers may search for storage services online.

O

Occupancy rate is the percentage of rented storage units compared to the total available units at a facility. It’s a key metric that shows how full a property is at any given time. For operators, tracking occupancy rate helps measure performance, set rental rates, and plan marketing. Storable’s reporting tools make it easy to monitor occupancy trends in real time so operators can make smarter business decisions.

Overlocking is the practice of placing an additional lock on a tenant’s storage unit when rent is past due. This prevents the tenant from accessing the unit until the account is brought current. For operators, overlocking helps enforce payment policies while protecting their property. Storable’s facility management software integrates with access control systems, allowing operators to order overlocks and unlocks based on tenant payment status.

P

Payroll costs are the expenses associated with paying staff, including wages, benefits, and taxes. In self-storage, payroll is often one of the largest operating costs, especially for facilities that require full-time managers. Tracking payroll carefully helps operators manage budgets and maintain profitability. With Storable’s facility management platforms, operators can streamline operations and reduce manual tasks, helping staff stay efficient and lowering overall payroll needs.

Property Management System (PMS) is software that helps operators manage rentals, billing, tenant communication, and reporting. In self-storage, PMS solutions are essential for running a facility efficiently and keeping records organized. Storable offers two leading PMS platforms: Storable Edge, an intuitive all-in-one system, and Sitelink, a customizable platform for operators with more complex needs.

In self-storage, Point of Sale (POS), refers to the system used to process payments for retail items like boxes, locks, or packing supplies sold at a facility. A POS system records sales, manages inventory, and tracks transactions. For operators, having POS capabilities provides an extra revenue stream and improves tenant convenience. Storable’s integrated software includes POS features, making it easy to manage both rentals and retail sales from the same platform.

Property and casualty insurance is a type of coverage that protects businesses against losses to property (like buildings or equipment) and liability claims (like accidents or injuries). For self-storage operators, this type of insurance helps protect their facility from risks such as fire, theft, or damage. Storable partners with tenant insurance providers and integrates with facility management software to help operators offer coverage options and safeguard their business.

A property management system (PMS) is software that helps operators run day-to-day facility operations. It typically includes features for handling move-ins, rent collection, tenant communication, and reporting. For self-storage, a PMS is essential for staying organized and efficient. Storable offers two leading PMS platforms: Storable Edge and Sitelink. Discover Storable PMS platforms.

Prorated rent is the partial rent charged when a tenant moves in or out mid-month. Instead of paying for a full month, tenants only pay for the days they actually use the unit. For operators, prorating rent makes pricing fair and transparent, which can improve customer satisfaction. With Storable’s facility management software, rent is automatically calculated and prorated, saving time and avoiding errors during move-ins and move-outs.

R

A Real Estate Investment Trust (REIT), is a company that owns and operates income-producing real estate, including self-storage facilities. REITs allow investors to buy shares in storage properties without owning the facilities directly. For operators, competing with REIT-owned storage facilities can be challenging due to their size and resources. Storable’s integrated technology solutions help independent operators stay competitive by improving efficiency and tenant experiences.

Remote property management refers to operating a self-storage facility without having staff physically on-site at all times. Technology like remote access control, online rentals, and automated communication makes this possible. For operators, remote management can reduce payroll costs and allow one manager to oversee multiple properties. Storable’s facility management platforms support remote operations by integrating online move-ins, digital payments, and access management into a single system.

Rent in self-storage refers to the monthly fee tenants pay to use a storage unit. Rates vary by unit size, location, and features like climate control or security. For operators, rent is the primary source of revenue and must be set carefully to stay competitive while covering operating costs. Storable’s facility management software includes tools for setting and adjusting rental rates, helping operators maximize occupancy and profitability.

A rental agreement is the contract between a tenant and a self-storage operator that outlines the terms of renting a unit. It usually includes the rental rate, payment schedule, facility rules, and policies for late payments or lien procedures. For operators, a clear rental agreement protects the business legally and sets expectations with tenants. Storable’s platforms allow operators to manage digital rental agreements, making them easy to sign, store, and track.

A resident manager is an employee who lives on-site at a self-storage facility and oversees daily operations. Duties often include handling move-ins, answering tenant questions, maintaining the property, and managing security. For operators, having a resident manager can improve customer service and provide peace of mind. Storable’s facility management solutions help resident managers work more efficiently by automating tasks like billing, communications, and reporting.

Revenue management is the practice of adjusting rental rates and fees to maximize income. This may include raising rates on occupied units, offering move-in specials, or changing prices based on demand. For operators, effective revenue management ensures facilities stay competitive while increasing profitability. Storable’s platforms include revenue management tools that automate pricing strategies, saving time and helping operators earn more from each unit.

Return on Investment (ROI), measures the profitability of a self-storage facility compared to the money invested. It’s calculated by dividing net profit by total investment costs. For operators, ROI helps evaluate performance and make decisions about expanding or improving facilities. Storable’s reporting and analytics tools give operators real-time visibility into revenue and expenses, making it easier to track ROI and plan for growth.

S

Self-storage is a service where individuals or businesses rent space to store their belongings, inventory, or equipment. Units can vary in size and often come with security features like gated access or climate control. For operators, self-storage is a profitable business model that generates revenue through monthly rent. Storable’s facility management software helps operators streamline rentals, automate billing, and provide better tenant experiences.

Self-storage GBP refers to a self-storage Google Business Profile (formerly Google My Business) listing for a storage facility. It allows operators to appear in local search results with key information like address, hours, reviews, and photos. A well-optimized GBP listing improves visibility and attracts new tenants. Storable’s digital marketing services help operators optimize their online presence, ensuring their facilities are easy to find and appealing to prospective renters.

Self-storage websites are online sites that allow tenants to find, learn about, and rent units directly from a facility. A strong website includes features like online reservations, unit availability, pricing, and contact information. For operators, a website is often the first impression for potential tenants and a critical tool for generating leads. Storable provides custom self-storage websites integrated with PMS platforms, making online rentals simple for both operators and tenants.

The Self-Storage Association (SSA) is a national trade organization that supports operators, owners, and vendors in the industry. The SSA provides education, advocacy, and networking opportunities for self-storage professionals. For operators, the SSA is a valuable resource for learning best practices and staying updated on industry trends. Storable partners with organizations like SSA to share expertise and provide technology that helps operators run more efficient, profitable businesses.

Storage units are the rentable spaces within a self-storage facility where tenants keep their belongings. Units come in various sizes, with options like climate control, drive-up access, or indoor security. For operators, storage units are the core product, and maximizing their occupancy drives revenue.

T

Temperature control refers to maintaining consistent temperatures in storage units, usually within a safe range to protect items from extreme heat or cold. While not as advanced as full climate control (which also regulates humidity), temperature control still helps safeguard sensitive belongings. For operators, offering temperature-controlled units allows facilities to charge premium rates and attract more tenants. Storable’s facility management software makes it easy to track and price unit types, including temperature-controlled spaces.

Tenant insurance is a policy that protects renters’ belongings stored in a unit against risks like fire, theft, or water damage. Many facilities require tenants to carry insurance for added protection. For operators, offering tenant insurance provides peace of mind for customers and creates an additional revenue stream. Storable integrates tenant insurance providers directly into the rental process, making it simple for operators to offer coverage at move-in.

Tenants are the individuals or businesses who rent storage units at a facility. They pay rent in exchange for secure space to store their belongings, inventory, or equipment. For operators, tenants are the source of revenue, so building strong tenant relationships is critical. Storable’s facility management solutions help operators improve tenant experiences with automated billing, online rentals, and convenient communication tools.