This application sets forth techniques for managing the allocation of storage space within a storage device that is communicably coupled to a computing device. Requests are received from a plurality of applications executing on the computing device, in which each request specifies a respective amount of storage space to be reserved within the storage device. Detection is performed for the availability of a minimum amount of free space that corresponds to an optimal amount of space for executing at least one application of the plurality of applications. A respective priority ranking for each application is identified based on historical data gathered for the applications. Based on the priority rankings, a subset of requests from the plurality of requests is established. For each request of the subset, at least a portion of the respective amount of space specified by the request is reserved while maintaining the minimum amount of free space.