Do you have some unused space in your home or property, say a spare bedroom closet, an empty shed, an extra slot in your garage, or a giant warehouse you somehow have but can’t find a purpose for? Instead of letting it gather dust, why not make money off it by renting it out for storage? There’s this app/platform called Neighbor that lets you list your extra space for extra cash. It’s free to sign up, the entire process is easy and hassle-free, and it’s good way to earn some passive income.
Interested? Then here’s a little review of Neighbor to help you understand what it’s all about, why it’s worth giving a try, and how it can help you turn your extra space into extra money and earn anywhere from a couple of hundred dollars a month to thousands every year just by storing stuff.
What is Neighbor?
Neighbor is a US-based platform and online community that connects people who need storage space, with people who offer them. Think of it as an Airbnb, except that instead of accommodation, it’s for storing stuff. In fact, Neighbor is the largest marketplace for a variety of storage space and solutions.
For people who need a place to store their belongings or park their vehicles, Neighbor makes it easier for them to find affordable, accessible, and secure storage solutions in just a few clicks. Whether you’re looking for a closet or an attic for some personal belongings, a warehouse for your business inventory, a garage to park your car, or even storage for your RV or boat, Neighbor will help you find a home for your stuff.
And for people who have some spare room or unused space at their disposal, Neighbor makes it possible for them to convert their extra space into extra cash. Whether you have a vacant shed, an extra room, a spare slot in your garage, or even a giant warehouse, Neighbor will help you turn whatever space you have into a money-making opportunity. You know your garage could be earning you $600 monthly, or that empty shed you have in your backyard could be worth at least 50 bucks a month.
Is Neighbor legit?
Yes, Neighbor is an absolutely legitimate platform. It’s created and owned by Neighbor Storage, Inc., a company founded in 2017 and based in Utah, USA. Since its inception, it has already secured several rounds of funding from investors, won multiple awards and accolades, and has been featured in such publications as Forbes, Today, Wall Street Journal, Bloomberg, U.S. News, TechCrunch, Business Insider, Axios, and The Penny Hoarder, among others.
Plus, Neighbor is completely legit for its users. It guarantees optimum safety and security for both its renters and its hosts through legal identity verification, a secure and automatic payment system, a safe messaging platform, a property protection plan for renters, and a host liability protection worth up to $1 million.
The Neighbor app currently has a 4.6-star rating based on nearly two thousand reviews on the App Store, and a 4.5-star rating based on 1.5 thousand reviews and over a hundred thousand downloads on Google Play. On its website, Neighbor has a 5-star rating based on almost three thousand reviews.
Who can host on Neighbor?
Currently, Neighbor only operates in the United States, in all of its fifty states, particularly in dozens of cities including Los Angeles, San Francisco, San Diego, Las Vegas, Salt Lake City, Denver, Dallas, San Antonio, Houston, Miami, Orlando, Chicago, Atlanta, and New York.
So if you live in the US, then you can host on Neighbor, and list your extra space for extra cash. You just need a space to rent out in the first place. But whatever space you have, no matter what size, be it a closet, bedroom, attic, basement, shed, garage, carport, driveway, shipping container, warehouse, or an unpaved lot, you can list it on Neighbor. And you also need a bank account, because that’s where you’ll be getting paid.
How do you host on Neighbor?
Hosting on Neighbor is simple and straightforward, and from setting up your account to earning what could possibly be your easiest passive income, takes only a few steps:
- Create an account. Sign up on Neighbor as a host. To register a new account, fill in the required info (name, email, password, and phone number) and agree to the Terms of Service. You can also sign up with your Google or Facebook account. Confirm your email, and log-in to your new account with your credentials.
- List your space. On your Neighbor account, you can immediately list the spaces you want to rent out. For every listing you create, you have to provide the following info like storage space type (bedroom, attic, garage, etc.), dimensions, condition (climate controlled, smoke-free, pet-free, security camera, etc.), access, and monthly price, among other things. You also want to add an engaging description and a plenty of beautiful photos. Note that Neighbor will suggest an optimal monthly fee for your storage space based on market factors (among others), although the final decision is up to you. You can also choose to give a first-month discount on your storage space. It’s free to list a space. Also, Neighbor offers $1,000,000 in free coverage for you and property protection plans are available for your renters.
- Complete and verify your profile. Once you have your listing, you need to complete your account details and verify some information. Give your profile a helpful bio description, and upload a profile photo to make yourself appear more trustworthy. You also need to verify your email (if you haven’t done so yet) and your phone number.
- Respond to renters. You’ll soon start receiving booking requests on your live listing/s. As a host on Neighbor, you get to decide who stores on your space. You can accept or deny rental requests for whatever reason. With every request, you can see what your potential renter wants to store and when. They can also ask you questions. Review the requests you get and approve the one/s you like. Remember, consistent with the app’s name, you’ll most likely be receiving requests from people near you or who live in the same city/state, etc.
- Schedule move-in. After approving a renter request, schedule the time the date and time they can start using your storage space. It’s up to you how you want to arrange this – you can meet the renter in person, have them drop off their stuff, or just leave them a storage code, etc.
- Get Paid. You’ll be paid your first payment a full 30 days or an entire month after your renter moves in their stuff, and every end of the month thereafter (depending on how long they use your storage). Neighbor will handle all the payments, and you won’t be securing them from the renter yourself. In fact, Neighbor will even cover the cost if your renter doesn’t pay. Your earnings will be deposited directly to your bank account. Note that Neighbor takes a small fee out of each deposit: the current rate is 4.9% plus 30 cents per payout (it’s how the platform makes money).
How much can I earn hosting on Neighbor?
As a host on Neighbor, your earnings will depend on a variety of factors, including what type of storage space you’re offering, how large or small is it, what condition is it in, does it have features or amenities like security cameras, smoke detectors, or drive-up access, what city or location you’re in, how safe is your neighborhood, how often you get renters, how long they rent, etc.
For instance, you can list your:
- 20×20 garage in Los Angeles for $500 a month
- 20×20 bedroom in Jersey City for $400/mo
- 37×16 basement in New York for $350/mo
- 18×10 parking lot in Dallas for $74/mo
- 30×15 unpaved lot in Riverton, Utah for $105/mo
- 8×4 warehouse in Miami for $80/mo
Of course, these are just examples. Again, your earnings will really depend on a lot of factors. Some hosts on Neighbor earn less than a hundred dollars per month, some earn thousands of dollars a year.
Is Neighbor worth it?
Of course. Renting out on Neighbor is a good way to make easy money. It’s free and easy to sign-up, and you can start listing your storage spaces in a matter of minutes! There’s no paperwork involved and there’s little hassle.
Obviously, renting out on Neighbor comes with its own risks, but the app offers plenty of safety and security guarantees to allay your fears and protect you and your property. So really, the benefits outweigh the costs.
But seriously, earning a hundred to couple of hundred dollars a month just for renting our space you don’t use anyway, like a vacant shed or an empty room? It’s probably the truest definition of passive income. So if you have some extra space, why not turn it into extra cash?