No there isn’t really, because it is common property and no-one other than the owners collectively can decide how it is to be used, and the conditions attached to that use. If you are granting exclusive use to one or more parties then the other owners have a say in that, as it is their property.
If you didn’t put in a by-law there would have to be a licence or lease to set out the terms and conditions, and you would also have to determine what was done with the fees, which belong to the OC.
There are a number of risks, including liability for anything that happened as a result of items stored there, which would fall to the OC in the absence of provision to the contrary. That is why you need a formal agreement.