The concept of P2P storage fundamentally altered how people rent and use storage space, much as how Airbnb rocked the hospitality sector. You might want to look at Neighbor.com if you’re searching for a quick approach to earning passive income without investing start-up money.
Neighbor.com calls itself the “Airbnb of storage” and offers a simple option for you to rent out extra space inside and around your property to residents in need of storage space. Your storage space’s price is up to you, and you’ll receive monthly rental payments.
Let’s look into Neighbor.com a little more to see how it functions, how you can sign up to be a host, how much money you can make, and if it’s the right fit.
What Is Neighbor.com?
Neighbor is a P2P storage marketplace that connects people looking for space with property owners or hosts. It was started in 2017 by co-founders Joseph Woodbury, Colton Gardner, and Preston Alder and is based in Salt Lake City.
Since its founding, the company’s mission has been to link community members to satisfy each other’s storage needs, hence the name “Neighbor.” You can keep your belongings in a neighbor’s home, which resides a few houses down from you, rather than traveling across towns to a storage facility.
They have some interesting industry statistics:
- They have more storage facilities than McDonald’s, Costco, Starbucks, Walmart, Home Depot, Domino’s Pizza, Wendy’s, and Dunkin’ Donuts COMBINED.
- Storage units have an average occupancy rate of 96% nationwide.
- 1/10 conventional storage unit facilities are robbed every year.
- Storage facilities make up 1.9Billion square feet in the U.S.
Neighbor.com has spread to 50 states and Washington, D.C., in just two short years. Neighbor has grown to offer boats, automobiles, and R.V. storage in numerous cities for customers who need to keep things other than boxes and clothes.
Neighbor.com: How Does It Operate?
Neighbor helps people with extra space to store things and rent out their home, garage, or other property to customers needing storage.
Neighbor strives to be more adaptable, economical, and practical with month-to-month contracts and your choice of local sites. You can locate the nearest storage options on their renter’s page.
As a Neighbor.com “host,” you can advertise your space (garage, basement, closets, sheds, etc.), determine your rates, and make passive income by storing other people’s possessions.
Linking your bank account lets you receive payments when registering as a host on Neighbor. You don’t have to worry about making any more payments because Neighbor will take care of collecting the rent and putting the funds into your account each month.
Neighbor could be the solution if you’re wondering how to generate some passive income. Neighbor charges host a 4.9% processing fee and 30 cents for every reservation.
How To Become A Neighbor.com Host?
As a Neighbor Host, you get exclusive access to a secure online database of renters looking for space in your neighborhood. You can rent out your place quickly if you take clear images, choose a competitive price, post your listing, and promote it on social media.
To get started, visit the Host page, and it’s effortless to get started; after that, we have listed the steps below:
- Create a free account on Neighbor.com
- Once logged in, select “Create a Listing.”
- Complete the property information questionnaire, letting us know about the space. You’ll get questions such as “Is this space Indoor or Outdoor?” and you’ll be able to select the applicable features and specs of your available space.
- Customize your listing. Set the price of your listing & how often the renter can have access to their items.
- Take photos. This step is critical; show your potential renter the space where you’ll store their valuables. The better quality of your pictures, the better chance you will attract renters. *Listings with four photos are 74% more likely to get rented!*
- Complete your profile. Add a profile image and write a quick bio to let your potential renter get to know you!
- You’re all set! Now that your listing is public, renters can start requesting your space. You can accept or reject the offer and message them safely & securely within the app.
When a renter requests a booking, you can communicate with them via message to find out more about their belongings and schedule a pickup time. Within 24 hours, if you don’t approve the reservation, it will be immediately rejected.
Neighbor.com Hosting Advantages
An excellent approach to making money seems to be by renting a private storage facility or by listing your own unused space on Neighbor.com. The benefits of hosting on Neighbor.com are listed below.
1. Hosts have full control
There is no need to provide tenants a key or access code (unless you want to); you decide when and how they use your space.
2. Neighbor’s Host Guarantee
They have $1,000,000 in free coverage for you and property protection plans for your renters.
3. Automatic Deposit
Neighbor.com will handle the payments and automatically deposit them into your account each month. They’ll cover the cost if your renter doesn’t pay.
4. As simple as sweeping
All you need to do is clear space — no need to run a bed and breakfast out of your house.
5. Helping neighbors in need
The renters need storage for everything from building a new home to escaping natural disasters.
6. No paperwork, no hassle
Their terms of service have you covered. No additional contracts are required.
How Much Can You Earn Hosting on Neighbor.com?
You decide the rental price for your space and how much you want to make. But you must be cautious about what you want for your property if you want to attract tenants and make money. The amount you eventually ask tenants to pay will vary depending on several factors.
How much square footage do you have to rent? You can charge more money for a larger place.
You can typically charge a little extra for your storage space in parts of the country with a greater cost of living. Neighbor also offers a price range for storage spaces, and they consider your location when determining that range.
What is the pricing of traditional storage where you live? The usual rule is that the cost of renting storage space should be roughly 50% of what it would be to use traditional storage.
What do other people in your area charge? You want to set your rent at a rate comparable to what other landlords in your neighborhood are charging for similar spaces to give yourself the best chance of finding a tenant soon.
If you’re looking for specific figures for different sorts of renting spaces, we took the following data from the Neighbor.com website:
Garage: Make $100 to $600 a month.
Driveway: Make $50 to $150 a month.
Shed: Make $50 to $200 monthly.
Car Parking: Get paid $50 to $300 per month.
Overcharging could prevent you from finding a tenant. Underpricing your place prevents you from making a profit.
It’s a great idea to start earning passive income by renting out additional space near your home on Neighbor.com. Like Airbnb, Neighbor provides powerful features and safeguards and streamlines the reservation process for both parties.
This is a fantastic option if you’re interested in flexible rental terms on private storage. However, it’s an excellent approach to begin generating passive money as well.