The idea of renting out an extra room on Airbnb isn’t new, but did you know you can do the same thing for storage space? Instead of overnight guests, you host people’s stuff– like household storage, business inventory, or vehicles– in your spare room, garage, shed, attic, or driveway.
I’m excited to tell you about a platform I recently learned about that matches people who have extra space– even as small as a closet or as unimpressive as a parking space– with people who need extra space and are willing to pay monthly to rent that space.
Let me introduce you to Neighbor, a great, passive way to earn extra money!
What is Neighbor?
The platform Neighbor is very similar to Airbnb, but instead of hosting people you are hosting stuff. Think boxes, furniture, boats, RVs, cars, business inventory, and more. Neighbor connects people who are looking for local storage options with people who have a spare room, garage, shed, or outdoor space.
Neighbor is a great way to turn your space into extra income with much less effort (and fewer amenities) than required to set up and run an Airbnb.
How much does is cost to list your space on Neighbor?
It’s actually free to list your space on Neighbor and very quick to set up the listing. Once you have secured a renter, you will be charged a small 4.9% plus $.30 as a processing fee on each month’s rent payment.
When someone rents your space, the renter is charged a small fee. It’s very transparent and easy to see what the fee will be when you browse listings as a potential renter.
How much can I earn on Neighbor?
That depends on your area, how much/what type of space you have, and ultimately how much you want to charge. To get an idea of what the going rates are, browse your area and see what people are offering.
When you set up your listing you will have the option of setting a fixed monthly rate or using “smart pricing.” Neighbor’s smart pricing system (similar to Airbnb’s) takes into consideration your listing’s location and attributes and keeps your price competitive based on nearby prices and demand. You can set a minimum that you are willing to rent your space for and smart pricing will never go below that. You can always see what the price is before you approve a request.
The best part is that you are earning money using something (space) that you already have and it isn’t costing you anything to provide the service.
Can’t I just use Craigslist or Facebook to rent out my extra space?
Sure, you could offer your space for rent on another online buy/sell venue, but there are some major benefits of using Neighbor rather than just trying to rent it out on your own.
First of all, Neighbor takes care of all of the exchange of money. The renters pay via the Neighbor platform and as the host you will receive your monthly payment direct deposited into your bank account. If you were to rent out your space through Craigslist, Facebook, or to someone you know, you would be responsible for the hassle of collecting each month’s payment.
Another huge benefit of Neighbor is the protection offered. Neighbor has a Host Guarantee of general liability protection of up to $1,000,000 that is free for every host in every state. Renters can also purchase a Property Protection plan when they rent.
Neighbor takes care of the terms of service, so you don’t need to draft your own contract for your renter to sign.
You connect with your target audience on Neighbor. People sell and advertise lots of products and services on Craigslist and Facebook, so it’s easy for your offer to get lost in the sea of posts. On Neighbor, everyone is looking for one thing– storage!
Can people live or work in the space I rent on Neighbor?
No. The spaces you rent out on Neighbor are solely for storage of things, not people. The company is very clear that neither living or working in the spaces is allowed. It you want to rent a place for someone to live, look into listing your place on Airbnb instead.
Do I have to provide 24/7 access to my renter?
Nope. You are in control of when and how renters access your space. You can choose whether your renter needs an appointment or not to visit their stuff. Offering 24/7 access might be a special feature, but is by no means necessary.
Can I offer discounts to attract renters on Neighbor?
Neighbor allows hosts to enable a 50% discount on the first month’s rent as long as the renter stays more than one month. This is a great way to attract renters and encourages them to stick around. If the renter cancels after the first month, they will be charged the full month’s rent.
How do I get started on Neighbor?
Listing your space on Neighbor is very simple. No need for professional pictures or an extra flowery description.
Start by creating a basic profile. Then you will be asked questions all about your space. If you don’t have photos or the exact dimensions, you can set a reminder to come back and fill in those details later.
You will get to decide how often the renter will have access to their stored items and whether they need to schedule each visit with you or not.
You can set a fixed monthly rental price or choose the “smart pricing” option where you set the minimum and Neighbor raises the price for you based on the demand in your area.
When someone is interested in renting your space you will receive a message. You’ll be able to see the person’s profile, what they plan to store, and how long they plan to store it. You have 24 hours to approve to the request or it will expire.
Save money on rental space
If you aren’t in a position to use Neighbor to earn money, maybe you could use Neighbor to save money. If you currently rent a storage unit or pay to park a boat or RV, whether it’s long-term or just seasonally or during a move, you will want to check out Neighbor to see how the rates compare to what you’re currently paying. See if you can find something cheaper, closer, or more convenient than your current storage situation.
Note: This post contains affiliate links. For more information see my disclosure policy.