For years Airbnb gained popularity and prominence by allowing people to rent empty rooms to anyone around the world. The concept is amazing, but many are understandably wary of letting strangers in their homes during a global pandemic.
Airbnb rentals are on the rise again after a very slow spring, but many hosts have lost a major source of income.
For those with free space at home but few other options on how to utilize it, Neighbor can be your next source of cash.
What is Neighbor?
Much like how Airbnb allows “hosts” to make money by renting their free rooms to guests, Neighbor allows hosts to earn profits by renting out storage space within their homes. Hosts post listings on their own and set their own prices, and posting listings are completely free.
Whether you have an empty closet, guest room, space in your garage, or a basement with room for storage, you can make some money by renting the space on Neighbor.
The benefit for renters is that the average listing on Neighbor is about half the price of renting traditional storage space.
How Does Neighbor Work?
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. Part of the point of Neighbor is not just to earn cash for hosts, but also to bring people closer together as neighbors help neighbors.
To cover processing costs, Neighbor takes 4.9 percent of the reservation cost plus 30 cents on every payment you receive. 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.
The Bottom Line
Overall, Neighbor offers a simple, community-based way for people to earn some cash by using up the empty 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.
Renting storage space isn’t a high-risk activity during the pandemic, but the company still has guidelines on safely hosting amid COVID-19.
One of the coolest aspects of the platform is that by introducing it into your community, you give it a chance to continue growing. There are no restrictions on where in the U.S. Neighbor can operate, so if it’s not in your town yet you can introduce it! Maybe you’ll start as a host, but in a few years, you may need to rent space. By that time, others in your neighborhood might be hosts too, and then can help you like you helped others!