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A storage rental agreement is a document where two parties, the tenant and the landlord, agree on the terms of renting a storage space. It is typically used by businesses renting warehouses for their storage needs. The agreement can have a fixed term or be month-to-month. It is necessary to create a storage rental agreement to legally use the landlord's storage space for storing property. The document outlines key aspects of the agreement and protects the rights of both parties in case of any breaches.