Indoor Storage Units in a Converted Building

Households moving or renovating, students, small online sellers, tradespeople and local businesses that need dry, secure space for belongings or stock.

Monthly rent per unit, higher for smaller or climate-controlled units. Revenue builds as units fill, with extra income from lock and box sales and tenant insurance (if you are allowed to offer it).

• Pricing and bookkeeping
• Customer service
• Local marketing
• Managing contractors and property upkeep

• Zoning, change-of-use permits and fire code requirements, which differ by municipality and province
• Commercial property and liability insurance, plus the terms of any lease if you are renting the building
• Your province's rules on overdue accounts and selling or disposing of stored goods
• Whether GST/HST applies to your rentals and when you need to register
• Rules on hazardous or illegal items, and whether you need staff or WCB/WSIB cover if you hire
• Heating, damp and security costs in cold winters, and the risk of units staying empty while you build up

Startup costs are typically estimated at around $30,000 to $150,000, depending on the building, whether you lease or buy, and how much work the conversion needs. Treat this as a guide and get your own quotes.

Monthly revenue is typically estimated at around $3,000 to $14,000, depending on how many units you build, the rents you charge and how quickly units fill. Treat this as an estimate rather than a promise.

Check zoning, change-of-use permits and fire code requirements, which differ by municipality and province. Also check commercial property and liability insurance, the terms of any lease, your province's rules on overdue accounts, and whether GST/HST applies.