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Everybody’s trying to be more efficient these days, and companies are taking advantage by matching up people with things they need on a peer-to-peer basis. There’s Getaround and Turo if you want to rent out your car, and Airbnb if you want to rent out your house. But what if you have extra storage space in your house? There’s a sharing app for that too. Neighbor Storage lets you rent out your attic, garage or basement to someone with more stuff than space.
Like all sharing apps, there are pros and cons to Neighbor Storage. Here’s what you need to know.
Neighbor Storage is a good way to earn some passive income if you have extra space in your home, garage or even your driveway. By matching those with extra space with those with extra stuff, renters can bypass long contracts with storage facilities and save some money. The platform is available nationwide but depending on where you live and what your requirements are, it may be challenging to find exactly what you’re looking for.
If you have extra space in your home or at another location, you can earn money by renting it out on Neighbor Storage. When you sign up to be a host, you are asked to list your space, and then you are asked how much you want to earn. So, you can set your own price for your space, but with supply and demand being what it is, if your asking price is way out of line, you likely won’t get any renters.
As a host, you can name your terms. You may offer a corner of your garage, where a college student can store a few boxes over the summer, so they don’t have to bring everything home between sophomore and junior year. You can rent out an extra garage bay for someone to store their boat for the off-season. Or you can rent out your attic for long-term storage.
Renters can easily find a storage space near them that suits their needs. You can search for location, size and price. Then you enter your payment details and Neighbor Storage bills you each month. If you need to cancel your rental, you can get a full refund if it is at least three days before the reservation begins or within 24 hours of making it. Otherwise, you get an 80% refund.
Renters pay the cost of the storage plus a service fee, which varies. When you make your reservation, you’ll see what the service fee is for that location.
The host decides when and how you can access your belongings. If you’re renting a standalone space, like a detached garage, you may be able to have access 24/7. If you’re renting an attic in someone’s home, your access may be limited and you may need to make arrangements in advance to get to your stuff.
Neighbor Storage includes $25,000 in insurance coverage for your property. There’s no charge for this coverage, but you’ll need to provide an estimate of the value of your belongings.
The host experience on Neighbor Storage is easy and flexible. You sign up, describe your space, and name your price and requirements — duration of storage, access, etc. There’s an estimator to help with pricing, but you can name any price you want. Neighbor Storage takes a fee of about 5% to process automatic payments, so be sure to factor that in when you set your price.
When someone wants your space, you’ll get notified and you can either accept or cancel their reservation. If a host cancels, the renter gets a 100% refund and assistance with finding another rental. Hosts who cancel repeatedly can get suspended or removed.
Hosts can rent out as much or as little space as they want, and renters can find the right space for their stuff. Time frames are flexible too.
Hosts can earn money renting out what was once unused space.
Neighbor Storage provides insurance coverage for both hosts and renters.
Neighbor Storage isn’t the only player in the peer-to-peer storage game. If you want to shop around, you can also look at these options.
IStoreit charges hosts a monthly $5 or annual $50 fee to use the platform. Hosts work directly with renters to discuss terms, and payment is handled through PayPal.
Store At My House connects hosts and renters. There’s no fee for hosts to use the platform, but they will charge you 15% of the storage fee to use their automated billing system. This fee includes support and limited mediation if there’s an issue.
Anyone who has extra space in their home, and who doesn’t mind giving access to that space to strangers, can earn some passive income with Neighbor Storage. And those looking for storage may find better terms than with a commercial storage facility.
Neighbor Storage is a good way for those with extra space to match up with those with extra stuff. The platform is easy to use and flexible. Hosts earn passive income and renters get flexible storage.
As peer-to-peer storage becomes more popular, there will be more options for renters to choose from which should increase the earning potential for hosts. But it’s not too early to jump on this bandwagon and start earning passive income from your empty space.
Information is accurate as of Aug. 27, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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