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Check storage neighbor

There are a number of apps that help you rent your stuff while you’re not using it, such as Airbnb for homes and Turo for cars. There is now a Neighbor app, which allows you to rent out your unused space for storage.

This neighbor review explains how the app works, the types of spaces you can offer on the app, and some important things to keep in mind if you’re considering enrolling.

Nearby storage app summary

Neighbor connects people who have free space with people who need storage. Almost any space on the platform can be rented, including garages, lockers, backyard awnings, and even driveways (for things like storing cars and boats).

Neighbor Pros

  • Lets you monetize what you already have. There is no need to buy anything new or spend money on upgrades to make the space “easy to store”. You already pay for your driveway, cottage, or garage through mortgage or rent payments, so why not make money off your unused space?
  • Generates passive income. There is no cash investment required to get started and it only takes a few minutes to list your space on the platform. Once your tenant has moved their items, if no further action is required on your part. This makes it one of our best passive income ideas.
  • Provides great flexibility. As the owner of the space, you determine the terms of the storage contract. This includes the minimum or maximum length, as well as the times and frequency the tenant can reach.

neighbor Negatives

  • There are liability concerns. The biggest drawback to using a neighbor is that it opens you up to the responsibility of having someone else’s stuff (and sometimes the owner of the stuff) in your personal space. Although Neighbor offers $1 million liability insurance, there is always the possibility that your space (or renter’s things) could be damaged.
  • You will get lower than average prices. While you control pricing, don’t expect to charge the same amount as professional storage facilities. Low costs are the main reason why customers choose neighbors.
  • Dealing with tenants can be tough. If you’re not renting a space with a private entrance and closed access, you may have to deal with your tenant wanting to get to their unit at odd hours, or just the hassle of having someone walk into your house to get to the basement storage area.

Basic Facts About Neighbor

Here are some important things to know before listing your space in the Neighbor app.

  1. You can choose your renter. While you must follow all anti-discrimination laws, you can choose your tenant from your pool of applicants.
  2. Not just for garages. Do you have a parking space? on him? shed? Closet? Cellar? storage container? You can rent any of these spaces to the neighbor.
  3. You can’t be stressed by your tenant. Neighbor offers a rental guarantee to its hosts for up to two months in case the tenant fails to pay.
  4. Neighbor prohibits storage of dangerous or illegal goods. Concerned about whether your tenant will keep medications, toxins, or other problematic items in your home? do not be. These items are expressly prohibited in the Terms of Service.
  5. You can choose Smart Pricing if you don’t know what to charge. This feature updates your price based on supply and demand for neighbor volumes in your area.

How does the neighbor work?

Listing your space on Neighbor app does not require much time or effort. All you need to get started is your driver’s license, the dimensions of the area you’d like to rent, and some photos of the cleaned up space.

When you create your list, you will notice all the details about where a potential tenant would like to know, such as the type of space (garage, basement, etc.), how large it is, whether there is private access, whether the place comes with a lock, etc. that. You’ll also provide the address of your storage space, as well as the hours (and how often) the tenant will be able to access it.

You will need to upload a photo of your driver’s license to verify your identity. For safety purposes, tenants must also verify their identities. The neighbor makes payments via Stripe, so you’ll also have to enter your Social Security number for taxes.

To complete your listing, you’ll enter the price you want to charge for your space (including any discounts for the first month), as well as the terms you want in your contract. Upload some photos and write a compelling description, and your list is ready to go!

Once your listing is published, tenants can search for it on the app and make an inquiry if they are interested in renting your space. You and the tenant message each other through the app. Once you find a tenant that suits you, approve them through the app and make arrangements to move their items to them.

How much money can you make on the neighbor?

Of course, this depends on the size of your space, where you live, and what you can store. Here are some examples of monthly rent amounts for different spaces in different markets, so you’ll have an idea of ​​what to expect:

Salt Lake City Oklahoma City Boston
Garage (10 x 20) $100 – $150 $83 – $200 $150 – $275
trail (uncovered) $73 – $136 $50 – $100 $129 – $277
Internal Storage (8 x 10) $30 – $60 $25 – $84 $60 – $100

You will earn more money per square foot if you are able to rent a large designated space such as a garage. Tenants pay a premium for covered, climate-controlled spaces because they can store sensitive items there.

While the Neighbor app is still fairly new (it was only launched five years ago), many users have reported a successful experience of renting out their unused space for passive income.

Users report earning anywhere from $28 to $1,000 per month, depending on the type of space.

expenses

There is no fee to create a listing in Neighbor, but hosts pay a 4.9% fee, plus a $0.30 processing fee. The neighbor also charges a service fee from the tenant, which they can see before they book a place. The renters fee is around 10% to 15% of the rent charged by the host.

Neighbor FAQ

Since neighbor is a new way to rent property, you are bound to have some questions. We’ve covered some of the most popular ones below.

Why would someone use a private storage space instead of a commercial self-storage facility?

In 2020, the average cost for a storage unit in the United States was $1.16 per square foot, which is about $92 for an 8 x 10 unit. When you compare this number to the prices listed in the table above, it’s easy to see how much renters can save in most markets by By renting a space with a Neighbor, rather than going to a traditional storage facility.

Are you required to give the tenant access to the storage space?

As the host, you can set the type of access your tenant has to the space on your list. You can ask them to give you a notification every time they need access to their stored items, or give them 24/7 private access with a key code or lock. It’s up to you.

Do you have any control over the types of items people store in your private space?

Neighbors are prohibited from storing certain items, such as firearms, ammunition, explosives, and perishable food, in any available space on the platform. But you can also disallow any type of item that you don’t want to store by mentioning it in your list.

What protection does a neighbor provide regarding potential damage from items stored in your private space?

The neighbor prohibits the storage of many items that can cause harm (poisons, animals, drugs, etc.) to your property in their terms of service, but if you suspect that your tenant is storing these items, you are allowed to investigate the contents of the stored items without a warrant . However, the neighbor is merely an intermediary in this arrangement, reconciling the hosts and the tenants; They take no responsibility for damages to renters’ property, so plan to get your own insurance until you are covered.

What happens if you need to vacate a site or free up space with items stored in it?

Contracts on a tenant are month to month, so you should give your tenant 30 days’ notice before asking them to remove their items from your space. If you do not or cannot provide 30 days’ notice, you may be charged $60 in eviction fees and required to issue a refund to the tenant. The Neighbors Customer Support team is available to assist hosts who have unresponsive tenants or who need to evict a tenant for any other reason.

Neighbor Application Review: Final Verdict

Neighbor app has very positive reviews and is a legitimate way to make passive income. Unless you have a lot of extra space or space, the income you make with the neighbor is likely to be limited to income from a side business rather than a full-time robotic business, but the initial input and ongoing work required are both very minimal.

This may not work for people who are not allowed to sublease, or who may have problems with HOA having additional vehicles on their property. You will also need to make sure that you have proper insurance coverage in case anything goes wrong.

However, for many people, renting extra space to a neighbor is investing a portion of their home or property that would otherwise remain empty.

Jenny Sison

Jenny Sisson is a freelance writer and editor focusing on personal finance, technology, and entrepreneurship. Sisson, a serial side hustler, started a business selling maple syrup, teaching piano lessons, transcribing medical records, selling on eBay, mystery shopping and more. You can read more of her work on her blog, Family Size Finance.