There’s never, ever enough storage space in a house. No matter how seriously we pledge to adopt a “minimalist” approach, we always end up buying more things that we know what to do with.
The result: a mad scramble to find a nook for all that exercise equipment you’re not using. (That treadmill will start to depreciate, you know.)
If, by virtue of your impressive willpower, you have managed to create extra space in your residence, kudos to you! This isn’t just a moral victory; you actually stand to profit from those vacant spots on your property.
How? By giving Neighbor.com a try.
What the site does
Neighbor.com provides a platform for homeowners to rent out their extra space. Think Airbnb but with the space occupied by a bunch of material possessions instead of buddies on vacation.
What space can be rented out by homeowners on Neighbor.com? It can be any of the following:
- Parking lot
As you can see, the size of the space isn’t all that significant. Homeowners can rent something as small as a closet or as massive as an unpaved lot. Heck, if you own a shipping container, you can rent that out, too!
How to rent out your space
Homeowners who officially rent out their space on Neighbor.com are called hosts. If you’re interested in becoming one, all you have to do is to follow these three simple steps:
- List your space on the site. In doing so, you’ll be telling Neighbor.com the type of space you’re renting out, its exact dimensions, and—this is the exciting part—how much you intend to earn.
- Interact with the renters. Somewhere out there, folks in need of space are looking to get in touch with you. Through Neighbor.com’s platform, you can see the items they wish to store and when they’ll start using your space. Which of these space-seekers will get to rent out your vacant spot? That’s up to you.
- Agree on the move-in schedule. The last step is for you and your chosen renter to get on the same page as far as the timeframe goes.
Shaking up the industry
In the self-storage industry, Neighbor.com is one of the newer kids on the block. How, then, can it thrive in the presence of established names like Public Storage and CubeSmart?
Simple: Neighbor.com makes itself way more accessible by being a cheap alternative. On this platform, you can rent space for half (or even less than half) of what it would cost you with those big brands.
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When Colton Gardner, Joseph Woodbury, and Preston Alder launched the company in 2017, this is exactly the vision they had in mind. As a result of its customer-friendly pricing, Neighbor.com has seen remarkable growth in its relatively short existence.
In 2019, Woodbury announced that the company was enjoying 500% growth—an impressive feat for a two-year-old startup. In 2021, he touted another impressive number: At that point, Neighbor.com already had “active renters in more states than Public Storage, which is a $43 billion publicly traded company.”
Here’s some great news for all aspiring hosts out there: According to Woodbury, some hosts are making over $50,000 a year from rent.
A five-digit passive income? Money made without moving a muscle? Go find that extra space in your home and become a host on Neighbor.com today!