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In today’s economy, more and more people are looking for their next side hustle. Are you one of them?
Many people ask me to recommend different side hustles, and it really depends on what types you’re looking for. I often tell people to try out different things and see which one they like. I especially like side hustles that are more passive and that’s why I’m sharing this one with you today.
Do you have any extra space in your home or on your property (storage or parking)? You can actually earn extra money by renting your space to people in your area who need to store items or vehicles on Neighbor.com.
While Airbnb hosts offer their living space to others for rent, hosts use Neighbor.com to provide something we can all use: more space to keep our valuables.
The concept is the same as any other sharing platform. A host has an excess of a particular resource (in this case storage space), and the customer needs that resource. Through Neighbor.com people are turning their unused storage space into a profitable asset.
Many people have used storage units at some point in their lives. And more often than not, those experiences have probably left much to be desired. Whether the issue is an inconvenient location, the security, the cost, or just the overall condition of the units, few people walk away from a storage unit wanting to give a rave review.
Neighbor.com tackles many problems people have with larger storage units and warehouses and provides a solution that many find more suitable. With great service offerings and a ton of positive reviews, Neighbor.com seeks to give people a brand new way to store their precious belongings.
New storage units pop up seemingly every day, but those new units require a lot of space for the construction. The need for large amounts of space means storage units are either in inconvenient locations or repurposed from existing buildings or warehouses in town, which may or may not be in a safe area.
In other words, renters have two options:
Option #1 – store valuables far away or,
Option #2 – store valuables in an unsecured high-traffic location susceptible to break-ins.
One of the advantages of using Neighbor.com is a wide array of location options. Since the hosts are more than likely renting out a smaller space near their home, renters can use a provided map feature to pick and choose a storage location that is best for them.
Unfortunately, many storage facilities lack security or regular personnel, also known to thieves and vandals. Furthermore, storage unit owners commonly make it clear that they are not liable for stolen property, leaving renters out of luck if their valuables get stolen while in storage.
Even if they use a high-quality lock, that is not enough to stop a determined thief, and the retractable doors on these units do not require much force to break open.
For renters, a bonus of using Neighbor.com is the comfort of knowing that their valuables are stored close to the home of someone they know.
How Does Neighbor.com Work?
Neighbor.com started in 2017 as a peer-to-peer community to connect those with extra storage space with people who needed safe storage space for their belongings.
Hosts with Neighbor.com can list their spare garage, basement, extra room, or even just an empty lot. When you sign up to host, you can set your prices, and Neighbor.com takes a small fee from each transaction.
Renters who need your storage space can browse available storage options in your area, and if your storage space and pricing meet their criteria, they will choose your location, and you will get paid.
What Types of Space Can Someone Host on Neighbor.com?
If you have extra storage space, chances are someone in your area can use it. The listings on Neighbor.com currently include garages, bedrooms, basements, and attics; there is even a demand for closets and driveways.
Depending on your location, listings exist for practically every type of storage space you can think of, including:
- Indoor (Home) storage
- Climate Controlled storage
- Business storage
- RV storage
- Car/Truck storage
- Boat/Trailer storage
- Empty Lots
Renters can browse local listings for any space from an extra bedroom, unpaved lot, or empty garage; if there is an available space, they can request to rent it.
How are Payments Handled?
Neighbor.com handles the payments, making it easier for hosts and renters. Before renters can make a reservation, they must enter payment information. Unless they cancel their reservation, the card will automatically get charged at the start of every 30-day pay period.
Renters can rest assured because Neighbor.com does not store their payment information on its website. Stripe, an encrypted payment gateway provider, securely holds the credit and debit card information of Neighbor.com users. The company is a trusted, secure payment system serving Neighbor.com and hundreds of thousands of other vendors worldwide.
Neighbor.com charges hosts a small fee for every transaction. Each transaction fee allows Neighbor.com to provide protection and services which make the rental process secure and as pain-free as possible.
Renters with an active reservation face a $25 service charge after their monthly payment is late for seven days. Failure to pay the monthly reservation fee and service charge can result in eviction.
Is Insurance Available for Hosts?
One of the best features of Neighbor.com for hosts and renters is safety and security.
For you, the host, Neighbor.com provides a $1 million host guarantee that protects you from personal liability in the case of injury to the renter on your property. Neighbor.com understands that allowing someone to store their belongings on your property is a risk for both parties, so they provide this feature to give hosts peace of mind. Neighbor.com wants hosts to list storage space with the understanding that they will not be held personally responsible in case of an accident.
Neighbor.com offers renters a Property Protection Plan to cover their belongings in case of damage or theft. If renters wish to protect large, valuable items or small, inexpensive ones, a suitable protection plan is available for their belongings. Renters face a 10% deductible charge for each claim made.
What are the Requirements to Become a Host?
All you need to become a Neighbor.com host is a space where you are willing to let someone store something. Unlike a service such as Airbnb, you will not have to cater to the daily needs of your renter; the only thing you provide is your space.
All paperwork and transactions occur via Neighbor.com, including communication with your renter. Payments from Neighbor.com go directly into your bank account each month via direct deposit. In the unlikely event that your renter fails to pay, Neighbor.com will cover the rental cost.
As a host, you should know that Listing your space is free on Neighbor.com. The small service fee taken from each rental transaction is the only charge that gets deducted from your earnings once you have secured a renter.
Currently, Neighbor.com has a service fee of 4.9% + $0.30 per month, which covers:
- payment processing
- use of the website
- direct deposit processing
- provides you with a hosting guarantee
As the host, you are in control of the rental process. As the host can view the neighbor.com profile of potential renters to approve (or deny) the items they intend to store and determine for how long.
Renters cannot store the following items according to the Neighbor.com terms of service agreement, including:
- perishable food items
Is There a Neighbor.com App?
Yes, Neighbor.com created an app available on both Apple and Android devices. The app has all the same key features of the website, allowing you to run your side hustle no matter where you are. Reviews for the Neighbor app are overwhelmingly positive, with users and hosts enjoying the flexibility of the storage service.
As a host, the Neighbor app allows you to respond to reservations on the go and communicate with renters from your phone, tablet, or smartwatch. A convenience that makes staying in touch with renters easier no matter where you are.
Renters can search for available storage space in your area and make reservations with you directly from the app. Communication between both parties could not be smoother than via the Neighbor app.
Is Neighbor.com a Legit Site?
Yes, Neighbor.com is a legit site for both hosts and renters.
Whether you are the host with extra space looking to make a few bucks or a renter in search of extra space, Neighbor.com provides a safe, secure platform.
Neighbor.com aims to be a legitimate resource for hosts by providing a $1 million insurance plan that covers accidents. And renters have options to purchase the protection plans mentioned above in case of damages or stolen property.
As with any company, some complaints exist about certain aspects of the business. With peer-to-peer companies, there will always be disagreements between hosts and renters. But Neighbor.com offers enough security and protection plans that anyone considering such an arrangement can feel safe using the site.
What are the Pros and Cons of Hosting on Neighbor.com?
All businesses have pros and cons, a reality which is especially true for newer companies like Neighbor.com that wish to create innovative ways to service their clientele.
Neighbor.com is a relatively new peer-to-peer business, but they have a growing number of overwhelmingly positive reviews.
For those still on the fence about hosting on Neighbor.com, here is a list of pros and cons according to recent reviews:
- You can earn money simply by letting others use the space you are not using.
- You can screen potential renters before finalizing reservations.
- You get paid monthly. If the renter fails to pay their rental costs, Neighbor.com covers the fee.
- You get free $1 million personal liability coverage in case of an accident on your property.
- Neighbor.com provides you with all documentation needed for hosting and sends you direct payments. Just create your listing and approve renters when reservations are requested.
- Neighbor.com charges service fees for each payment.
- Hosts must provide a 30-day notice to terminate a rental agreement and face a $60 fee for early terminations.
What are the Pros and Cons of Renting on Neighbor.com?
Most of the negative reviews about Neighbor.com are from renters experiencing problems with their hosts. It is important to note that each rental experience is unique. As a host, awareness of these issues lessens the chances of having problems with your renters.
Below is a list of pros and cons for renting storage space on Neighbor.com:
- Renters say neighbor.com is typically cheaper than traditional storage facilities.
- Renters have more variety of sizes and locations of storage options.
- Renters get free $25,000 protection in case of damage or theft.
- Renters love that they are less likely to be the target of thieves than when using traditional storage facilities.
- Renters sometimes complain that accessibility to the storage space is up to the host. Some do not enjoy needing an appointment to access their belongings.
- Depending on the location, some renters have few options to choose from for storage.
Knowing the positives and negatives of the rental process gives you insight into what to expect as a host. Furthermore, it gives you an idea of ways to make your listings more attractive to potential renters.
If you can provide easily accessible storage space for renters, storage space in a convenient location, or both, you should have lots of success hosting on Neighbor.com.
Neighbor.com is a new and unique concept in the peer-to-peer rental industry. Hosts with available storage space can expect Neighbor.com to be an easy, secure way to earn extra cash. Renters looking for an alternative to traditional storage facilities can expect Neighbor.com to offer them an affordable, flexible solution to their short-term storage needs.
According to hosts and renters alike, Neighbor.com legitimately provides enough protection and security to ease any concerns regarding accidents or theft. The convenience of the Neighbor app provides both parties with a streamlined means of communication to keep them in touch no matter the time or location.
As a host, you can rely on full-service support from Neighbor.com to help you connect with the people in your area who need to rent your storage space. Take advantage of the opportunity to help others and make some extra income. Happy Hosting!
Interested in trying out Neighbor.com as a host or as a renter? Check them out here.