Neighbor Storage Review: Make an Extra [$200 Per Month]

Money
June 20, 2020
Written by Drew Cheneler
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Money
June 20, 2020
Written by Drew Cheneler
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Neighbor Storage provides an attractive alternative option for the storage industry, providing mutually beneficial arrangements for both renters and hosts.

Even though the company is relatively young, they are already gaining traction across America.

Today, the opportunity to earn “passive income” and make money online is everywhere. This privilege is afforded to us because we operate in a free-market society.

But with any opportunity comes the responsibility of weighing both potential risks and rewards. And this is especially true with passive income claims. For many, the whole notion behind ‘passive income’ usually seems too good to be true.

While most are too good to be true, there are still plenty of opportunities out there that are legit.

In this article, we will take a closer look at one of the newest opportunities to generate passive income: Renting your unused space through Neighbor.com. By the end of our Neighbor Storage Review, you will know if this side hustle is for you.

Neighbor Storage Review: What is Neighbor.com?

Neighbor.com is a place where storage seekers connect with storage providers. But it is not what you might think. These are not your traditional storage facilities with long-term, overpriced contracts, and gated access codes.

How to Become a Neighbor Storage Host

Source: Neighbor.com

The storage facilities you will find on Neighbor.com are provided by average homeowners who have unused space and are willing to rent it out for low monthly fees. Who knows, you may be renting closet space from your neighbor. We are talking anything from a tiny linen closet that will hold a few boxes, up to a giant barn where you can store your car, boat, or RV.

Let me be clear. Nieghbor.com is a game-changer for the private storage industry. First, renters get access to much cheaper storage options without long-term contracts. Second, storage hosts can turn unused space in their bedrooms, closets, basements, or garages into a source of passive income.

How Does Neighbor.com Work?

When you sign up for an account with Neighbor.com, you have the option to become a renter or a host. Renters are those actively looking for a place to store their goods, while hosts are those willing to rent out their unused space.

As you can see, Neighbor.com works much like Airbnb. Hosts list their space on the website, and renters can search for the perfect space based on things like location, size, and available access.

Neighbor.com provides a robust platform with an intuitive user interface to facilitate transactions between renters and hosts. The entire payment process, from accepting money from renters to depositing cash into hosts’ accounts, it is all handled safely and securely by Neighbor storage.

Users can also enjoy the convenience of a built-in messenger feature that allows hosts and renters to quickly contact each other for setting up appointments and negotiating terms.

Neighbor Storage even provides free insurance coverage for both renters and hosts.

How Do I Become a Neighbor.com Host?

Fortunately, becoming a host is easy. Just sign up for a free account at Neighbor.com and create a new listing. Then upload pictures, write a simple description, and decide on a FAIR price.

Neighbor.com even provides suggested prices if you are not sure how much to charge for your space. Now, I am not recommending you low-ball your listing, but be reasonable. No one is going to pay you $1,000 a month to use a spare closet or your garage.

After you sign up, all you have to do is sit and wait for renters to contact you about your available space. You have the option to accept or deny any offers based on the terms you set. And if you want a little more privacy, you can sync your Neighbor.com account with your Facebook account. This will allow you only to rent out your space to mutual friends.

How Do Neighbor Storage Hosts Get Paid?

As a host, you will get paid directly from Neighbor Storage. The company automatically accepts payments from your renters, charges a small processing fee, and then deposits money directly into the bank account you specify.

With all financial transactions handled by Neighbor Storage, you earn money hassle-free, safe, and secure. And there is no need to worry about collecting any payments yourself. As you can see, Neighbor.com offers its storage hosts a hands-off experience.

How Much Money Can I Make as a Neighbor Storage Host?

Your potential earnings as a Neighbor Storage host largely depends on the space or spaces you make available for rent. A larger space will allow you to command a higher price. But there are other things like location and access terms that play a role. People want a space they can access freely, and above all, they want to make sure their goods are SAFE. So yes, this may mean you need to upgrade your home security system.

Based on your information, Neighbor Storage will suggest an average price point for the spaces you list. But keep in mind, these are just suggestions. Ultimately, you have the final say on how much you want to charge.

And of course, you will need to consider what similar spaces in your area are going for. Study your competition. Chances are you will not find any renters if your prices are higher than the market average.

Neighbor.com Hosts Liability Protection

If you are worried about renting your space out to total strangers, Neighbor.com does provide you with additional protection.

On top of your personal homeowners’ insurance, Neighbor.com offers free liability coverage of up to $1,000,000 for all its hosts. This protects you from things like personal injury claims, and property damage if a renter’s items is damaged from unforeseen circumstances, like fires, floods, earthquakes, and other natural disasters.

However, you are personally liable for any damage found to be caused by your negligence.

Neighbor Storage Review: Is My Stuff Safe?

On the other end of the contract, as a renter, you want to be sure that your stuff is safe. Neighbor.com provides their renters with free coverage as well. All renters are given a standard $25,000 policy that covers things like theft or damage.

But at the end of the day, you are keeping your items in someone else’s home or personal space. You need to make the decision on whether it is worth the risk of leaving your stuff with a total stranger.

Can I Access My Stored Items?

Access to stored items is crucial to both renters and hosts. Renters need to know that they can easily access their belongings, and hosts may not want unannounced guests dropping by at all hours of the day. This is especially true if you have kids or guests staying at your place.

Hosts have three options when it comes to providing access: (1) 24/7 access, (2) a predetermined set of hours, or (3) by appointment only.

As a renter, you need to decide how often you want access to your stuff. Once you understand your individual needs, you need to choose a space that best suits your needs.

What Items Can I Not Store?

There are several items restricted by Neighbor.com from the very start. Perishable food, weapons and ammunition, drugs, stolen goods, or any other illegal items are off-limits.

However, the host has full control over what items they will or will not allow in their spaces. Aside from the items restricted by Neighbor.com, it ultimately comes down to the agreement made between the renter and the host.

Neighbor Storage Pros:

  • Storage is usually much cheaper than traditional facilities
  • Turn your unused space into a passive income
  • Hosts can set their own terms
  • Free insurance coverage for both renters and hosts
  • Easy to use platform

Neighbor Storage Cons:

  • May be risky dealing with strangers
  • Not available in all areas

Where are Neighbor Storage Spaces Available?

Neighbor Storage is a relatively young company but is growing at an astronomical rate. Currently, this storage service is available in 48 states and Washington D.C. It is important to note that Neighbor Storage is typically only available in major cities.

But as the company grows, it will no doubt become more widely available. The team behind Neighbor.com is planning for international expansion.

So, if you are in more rural areas with a low population, then chances are the service is not available to you as a renter or a host. On the other hand, if you are located near a major U.S. city, then make sure to sign-up for Neighbor.com as both a host and renter.

Whether you are considering becoming a renter or a host, Neighbor Storage provides you with a great opportunity.

Neighbor Storage Review: Is it Legit?

Yes, Neighbor Storage LLC is a legitimate company. They consider the protection of their users, both renters and hosts, to be a top priority.

The company offers free insurance policies and safe and secure payment options. Both renters and hosts alike are provided with a mutually beneficial opportunity.

There will always be questionable decisions that come with any opportunity but doing business with a reputable company like Neighbor Storage will undoubtedly reduce your risk.

Is it Really Worth it to Become a Neighbor Storage Host?

Ultimately, you have to decide if becoming a Neighbor Storage host is right for you. As you can see, it is a legit way to make lucrative passive income. But remember, you are responsible for other people’s belongings and take on the risk of having total strangers in your house.

Fortunately, these risks are generally low with a secure platform like Neighbor.com. And, you do have full control over who you choose to rent your space to.

Neighbor Storage Review: Three Reasons Why We Like It as a Side Hustle

Low Upfront Investment

Signing up to be a host on Neighbor.com is free. Besides the time spent creating an account and listing your storage space, this is a solid side hustle that does not require capital investments on your end. If you want to make ‘passive income,’ then this opportunity warrants serious consideration.

Requires almost No Work

Again, besides the sign-up process, as a host, there is no manual labor required. This is great opportunity if you are stuck in the corporate rat race, a college student, or if you enjoy spending time with your family. Besides, we all could use a few extra hundred bucks.

You are the Boss!

Remember, as the storage host, you decide who to rent your space out to and the price. Essentially, you are a small business owner and have control over the entire situation. So, test your business acumen and become a host on Neighbor.com

Summary: Neighbor Storage Review

Neighbor.com is undoubtedly redefining the storage industry. Providing opportunities for the average homeowner to make extra income by renting out their unused space is truly remarkable. And there is tremendous room for growth and expansion around the globe.

At the same time, the service provides renters with a way to find storage locations at prices that are far below the industry standard.

All in all, signing up to be a host on Neighbor.com is a great way to make extra money, and is a great side hustle for you to start today.

 

Drew Cheneler
Drew Cheneler
Drew is a recognized Credit, Small Business, and Personal Finance Expert. He has been quoted in CNBC, The Huffington Post, Business.com, Moneyunder30, and more. He is known for breaking down complex personal finance topics into action-oriented advice, so you can make the most of your hard-earned money.