When Ivan and Kaya Yiu went looking for storage, they never imagined they’d end up reinventing an industry where little has changed since the 1950s.

After overpaying $300 a month to store a single couch, the couple realized how broken the self-storage model was, especially in Vancouver. For decades, the city has followed a system that sets the highest prices in Canada with hidden fees and builds on land that could otherwise be used for housing or employment. It had become such a problem that the City of Vancouver amended its zoning bylaws. But new reports show that the regulations didn’t curb development in Vancouver. It pushed it into the city’s southern neighbourhoods—where many facilities already existed—adding to B.C.’s supply far exceeding demand.

So Ivan and Kaya tested an idea: what if people only paid for the space their belon ...