How These Neighbor.com Hosts Earn Thousands of Dollars a Year Renting Out Storage Space
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If you have any extra space, there are people with extra stuff that’ll want to store their belongings there. 38% of Americans used self-storage in 2021 storing furniture, clothing, sentimental items, sporting gear, home appliances, and more.*
Known as the “Airbnb for your stuff” Neighbor.com is making passive income extremely easy for property owners and people who simply have extra space to spare.
What is Neighbor?
Similar to how Airbnb allows “hosts” to make money by renting their free rooms to guests, Neighbor allows hosts to earn profits by renting out empty spaces within their homes and property. Hosts post listings for free on their own and set their own prices to be competitive within the area.
Whether you have an empty closet, guest room, space in your garage, a shed, a driveway, or a basement with room for storage, you can make passive income by renting the space to your neighbors.
The benefit for renters is that the average listing on Neighbor is much cheaper than traditional public storage places and hosts get to earn extra money with no overhead.
How Much Money Can You Make on Neighbor?
It depends on the spaces you have and the demand in your area but on average, you could make up to $300 a month or more.
However, let’s take a look at several real hosts and see how much they’re currently making as there is a wide range.
Becca, from VA, makes an extra $10,000 a year just by being a host. That’s over $800 a month! “It makes a big difference. I’m a middle school teacher, it’s not like our income is humongous. It’s a big chunk of money that goes directly to pay my mortgage and it’s awesome.”
Joshua Nelson, a 33-year-old gig worker from Southern CA, makes $1,700/month renting out his family’s 2-acre backyard and 40-foot storage container. That’s over $20,000 a year! He’s been a host for about 18-months now and will gladly continue to use the platform to earn passive income.
TIP #1: Before you set a price for your space, be sure to see what Neighbor recommends. They will recommend a price range based on your area and space compared to similar listings.
Melissa from Southwest FL rents out several storage options on her property and makes several hundred dollars a month. She started using Neighbor during COVID when she got laid off so the money earned was a lifesaver. She now uses the money to fix her house. She has cameras rolling 24/7 to protect her renters’ items safe, but Neighbor also provides a $1M liability guarantee for hosts.
Zee had moved from Hawaii to San Diego, CA, and purchased a home. It was a “nerve-wracking” financial decision, so she looked for ways to help supplement her mortgage. She also started using Neighbor in early 2020 when her hospitality job furloughed her for 10 months.
She moved her car to the street and listed her 2-car garage as rental space, which is now being rented by an entrepreneurial neighbor to store her custom-made bicycles. Zee charges $200 a month which makes her roughly over $2,280 a year.
TIP #2: Ask renters to rate you because the higher your rating is, the more visible your listing will be for other potential renters to see
TJ, a real estate investor, says he makes the same amount of money on Neighbor as he would if he purchased an investment property. But the good part is that he didn’t need to buy a property in the first place. Within one week of listing his space, it was rented out.
How to Get Started On Neighbor?
Posting a listing on Neighbor is quick and easy to do. As soon as your listing goes live, you can field requests from potential renters, discuss what they plan to store and choose the best client for you.
It’s simple to start:
- List your space for free (describe the space you have available, upload photos, and how much you’d like to earn)
- Review renter requests (what they want to store/when) and approve
- Schedule a move-in time with your new renter for their belongings
There’s no extra paperwork and Neighbor automatically deposits money into your account each month, even if the renter doesn’t pay.
What Are Neighbor’s Fees?
Neighbor takes 4.9% of the reservation cost plus 30 cents on every payment you receive to cover processing costs. In addition, Neighbor takes a small fee from renters. These costs help keep the platform running and back up Neighbor’s $1 million host guarantee against personal liability. If something you’re storing is damaged by no fault of your own, Neighbor will cover the costs for the renter and protect you.
Is Neighbor Safe to Use?
In addition to the host guarantee mentioned above, Neighbor has a number of ways to ensure that payments are secured and protected. While renting out your space, Neighbor guarantees you’ll get paid even if the renter stops paying for whatever reason. Payments are made through Neighbor’s secure processor, so you’ll 100% get what you earn.
Start Making Passive Income Today
Overall, Neighbor offers a simple, community-based way for people to earn some cash by using up the empty, unused space in their homes. You’ll only be renting to people who live nearby, of course, since they need to actually bring their stuff to your home, so you get the chance to help your neighbors and boost your income.
Read More: 50 Legit Ways to Make Extra Money Online This Month for Beginners
*38% of Americans used self-storage: StorageCafe
