Rent Out Your Garage, Basement or Attic for Passive Income

Updated: Mar 10, 2021


We’re entering an era in which more and more people are moving out of cramped up, city neighborhoods and into the open spaces of the suburbs. They may not realize it yet, but an opportunity has just presented itself. They suddenly have extra space they can rent out for money. Think about it. Gone is the 400 square foot Brooklyn apartment. Instead, for the same money, they have access to garages, basements and attics they may not actually need. This article will dig into an exciting platform that aims to disrupt the self storage industry by letting you house other people's stuff in your available space.




How to Use the Neighbor Platform


Neighbor, a platform for renting out your extra storage space, aims to disrupt the traditional storage industry. Neighbor makes storage spaces more readily available at far cheaper prices (50% off) than what typical self-storage companies offer. The idea behind the platform is that you can simply post your extra space for rent, and potential renters can easily access your listing. This can be done by listing your space on the platform.


The Neighbor platform connects renters and hosts, helps set up terms, handles payments, and keep things "neighborly". No one has to worry about trust issues much since Neighbor features transparent pricing and policies.


Steps to List on Neighbor


It's actually very simple to set up your space on Neighbor.


1) List for free. Use the site or the app to list your space. Whether it's a spare bedroom or a dusty attic, it takes about five minutes to set up.


2) Respond to Customers. Interested renters will message you if your space is potentially what they're looking for. Before signing any contracts, you are free to meet them in person to observe what they'd like to store.


3) Make money. Payments are guaranteed while the storage space is occupied, even if the renter stops paying. In addition, the payments are automatically deposited at the end of every month.



Safety and Security


The main reason you'd use Neighbor is for the security the platform offers. Also, keep in mind, you can always talk and meet potential customers before letting them use their space. Afterwards, Neighbor offers a $1M Host Guarantee to protect you from personal liability. Plus nationwide support is available during and after this process.


Hosts are paid out through the platform's secure payment processor, which is trusted by juggernaut companies like Spotify, Google, Target, Amazon and much more.


How Much Can You Earn?


It depends a lot on your location. If you’re in an area where the self storage supply is low, you can easily earn more than $100 per month. Neighbors can rent small spaces for a few dollars per month, whereas much larger spaces can be rented out for hundreds of dollars per month, resulting in thousands of dollars in annual income.


The best news is that Neighbor allows you to set your own rates for listings. However, it's good practice to offer competitive prices compared to typical self storage services in order to keep your spaces always booked. Lastly, a service fee is added for every booking which contributes to the $25,000 Renter Guarantee, customer care, and other things that keep the platform functioning.



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