Do you have extra space you would like to rent out? Or do you have too much stuff for your home and need an alternative to storage units?
A new site called Neighbor Storage may be able to help.
This Neighbor.com review will go over how the platform works, payment details and what you need to know before using the site as a renter or a host.
Neighbor Storage is a service that connects hosts who have extra storage space with renters looking for temporary storage options. It bills itself as the Airbnb of storage without the overhead of hosting guests. Neighbor offers flexible storage options for renters and a good way to make passive income for hosts.
Ease of use
- Flexible storage arrangements
- Lower price for renters
- Passive income for hosts
- Free protection for renters and hosts
- Availability can be spotty
- Inherent risk
- Fees for using the platform
What is Neighbor Storage?
Neighbor is a site that connects people who have extra storage space with those who need somewhere to put their stuff. It’s a great side hustle since it doesn’t require maintenance or startup costs.
Neighbor.com acts as an Airbnb for storage, helping you find renters or storage space while handling all transactions.
Rental space can include garages, an extra bedroom, your attic, your driveway or even an empty lot you own. Unlike Airbnb, the space doesn’t have to be furnished. In fact, the emptier it is, the more you can store.
What Does Neighbor Storage Offer?
For renters, Neighbor offers a place to stash your belongings that may better fit what you need to store.
For hosts, Neighbor is a good way to make extra money from an otherwise empty space in your home without the headache of being an Airbnb host.
Let’s look at what you can expect as a renter or a host when using the Neighbor.
How Does Neighbor Work For Renters?
If you’re looking for a short-term option to store your stuff, Neighbor.com renter program may be a cheaper solution that offers more convenience than traditional storage units.
Unlike regular storage options that fit a certain type of client, Neighbor offers different size storage options. These include a place to stash a few boxes, a garage for your boat or RV and more.
You can get started by figuring out if the service is available in your area. While Neighbor has host spaces from coast to coast, it’s not available in every state.
Enter your zip code on the site or in the app to figure out if there is availability in your city.
If the service is available, you’ll find several options that you can further refine based on your needs. Filters such as the size of the storage space, distance and cost can help you narrow down your search results.
Unlike typical storage units, there are no long-term contracts. This is great if you need the space temporarily. You can rent month-to-month with prices that won’t go up.
Getting access to your items while in storage will depend on the policy of the host. Some hosts offer 24/7 access, while others limit access to business hours or require that you make an appointment.
Luckily, appointments are easy to set up through the Neighbor app.
Payments and Refunds
When you sign up for Neighbor and reserve a storage space, you will be asked to enter your payment information.
You will be billed automatically each month on the same day the rental started (for example, Aug. 15, Sept. 15 and so on) until you cancel your reservation.
Besides the cost of the storage space, you will be charged a variable service fee when you make your reservation. You’ll be able to see the fee before checking out through the Neighbor app or website.
If you need to cancel, your refund amount will depend on when you submit your request.
Here’s a breakdown of the refund policy based on when you cancel:
- 0-24 hours after approval – Full refund of service fee and listing price
- 4+ days before start – Full refund of service fee and listing price
- 0-3 days before start – 80% of listing fee refunded, no service fee refund
- After start date – No refund
Hosts can also cancel your reservation, but they are required to provide 30 days’ advance notice. If that happens, Neighbor will work with you to find a suitable substitute space to house your stuff.
It may sound risky to rent space from a person rather than a storage company. This is why Neighbor offers renters protection of up to $25,000 in case of damage or theft of items you have in storage.
The coverage is free when you rent a space through the app or website. However, you will need to disclose information about your items when making a reservation.
In addition, Neighbor requires hosts to verify their identity, including their email and phone number.
Furthermore, the site also motivates hosts through ratings and reviews. This makes it easier for renters to narrow down options and only rent from hosts that have great ratings.
How Does Neighbor Work For Hosts?
If you’d like to make money on the side from your unused space, Neighbor host program offers a great alternative to Airbnb.
The peer-to-peer storage model allows hosts to rent any space. These can include attics, closets, extra bedrooms or a garage.
This flexibility means you can make money from even small spaces and for short periods of time. How much you make will depend on the type of space you offer.
The Neighbor website offers a rent estimator that can help you determine the best price to rent out your space based on the going rates in your area.
Hosts can set their own prices. However, if you want to be competitive and get renters, try to set your fees at roughly half the cost of traditional self-storage units.
Getting started is easy. Simply enter the location, information about the available space and then add pictures as well as a price.
Neighbor requires hosts to verify their identity as well as provide an email address and a phone number.
Once you list your space, you can start getting requests. Hosts may review their pending reservations, including how long and what the renter would like to store.
You will have 48 hours to approve or decline a pending reservation. Otherwise, it will be automatically declined.
Listing your space on Neighbor is free, but you will need to pay a processing fee of 4.9% of the total reservation plus $0.30 per payout.
Hosts can be paid via direct deposit to their bank account or via a debit card. If you would like to be paid automatically through your bank account, you will need to provide your account information.
Once your space is rented, Neighbor will deposit the rent payment into your bank account or onto a debit card minus processing fees. Payouts are made at the end of each rental month.
Protection and Safety
Getting to know renters before agreeing to rent out a space can help hosts feel more comfortable.
Hosts can review the renter’s profile, what they want to store and why they need a storage area before approving a request. They can also message renters through Neighbor’s messaging system to learn more about them.
Neighbor even places restrictions on the types of items that can be stored.
Renters cannot store the following items:
- Hazardous or flammable materials
- Controlled substances
- Stolen goods
- Perishable food items
And more. Hosts may also place additional restrictions on the types of items that can be stored in their space.
The platform offers protection to renters for the items they place in your storage area. This is free and only requires they provide some information about the items they plan to store.
In addition, Neighbor offers hosts personal liability protection for up to $1 million at no additional cost.
Does Neighbor Storage Charge Fees?
Yes, Neighbor charges fees for both renters and hosts to use their platform.
Host fees are 4.9 percent from monthly rent payouts plus a $0.30 processing fee. While there is a service fee for renters, it will vary depending on the space you rent.
Hosts who need to use the space they are currently renting out must give renters 30 days’ advance notice. If they don’t, they will be charged a $60 eviction fee.
Here are some frequently asked questions about Neighbor to help you decide if it’s the right option for you.
Neighbor can be a safe way to make money or find a storage space provided you follow precautions.
As a renter, look for hosts who provide detailed information about their space and have existing reviews. Fully disclose what you will be storing when filling out your application to ensure you are covered under Neighbor’s $25,000 renter policy.
As a host, review the information that every potential renter provides when requesting to rent your space. Ask questions and ensure you have all information on what will be stored in your space and for how long.
Getting started is easy. Go to Neighbor.com and choose whether you want to find a storage space or become a host.
Renters will need to create an account and register by filling out a form that asks for standard information such as your name and email address. You will also need to describe the stuff you want to store.
Hosts can get started by entering details about the space they would like to rent out. They will also need to provide personal details such as name, email address and phone number.
The platform also requires that hosts verify their identity before listing their space.
Neighbor can be a good option for making money on the side without having to worry about having people on your property. This means lower overhead but also smaller earnings.
For renters, Neighbor can offer a cheaper solution for short-term storage. It can even help you find a better fit for the items you want to store.
Before you sign up for Neighbor, make sure you know what current users are saying about the Neighbor.com to determine if it can meet your needs.
With a rating of 3.2 out of 5 stars on Trustpilot, some Neighbor users reported issues with hosts canceling and customer service assistance problems.
Neighbor has responded to 95% of the negative reviews on Trustpilot to try to fix issues people have encountered.
Apple App Store
Neighbor scored 4.6 out of 5 stars with 1.6K ratings on the Apple App Store.
While most reviews were positive and said the platform was easy to use, a few users reported concerns with billing and customer service.
Google Play Store
Receiving over 400 ratings on the Google Play Store, Neighbor earned 4.4 out of 5 stars.
The vast majority of the reviews had great things to say about Neighbor. However, some people said they had trouble finding storage options and encountered scammers.
If you are looking for ways to make money money, there are no shortage of options. Here are some of the most popular alternatives to Neighbor.
Rent Out Your Home
As you are likely aware, Airbnb is a way to make money by either renting out an entire house or even just a room in your personal residence.
I have a friend that actually rents out two rooms in his home separately so that they can maximize their earning.
Rent Out Your Car
Check out a service like Turo where you can rent out your car when you are not using it. If you go on vacation, why not rent out your car while you are away?
If you work at an office for 8 hours per day and you car just sits in a parking garage, consider renting it out for a few hours to make some money when it would just sit their doing nothing.
If you are single, house hacking can be a great way to make some extra money. The most common way to do this is by purchasing a 3 bedroom house, you live in one room and then rent out the other 2 bedrooms.
If you get a four bedroom house, the rent from the three other roommates might even cover your entire mortgage!
Peer-to-peer apps and services have grown during the last few years. From Airbnb to Uber and Lyft, each one aims to solve a problem by offering a cheaper or better alternative.
Neighbor is no different, providing a unique take on self-storage facilities. It can be a great alternative if you’re looking for short-term storage solutions or passive income opportunities.
Neighbor also offers protection for both renters and hosts, minimizing any risks of using the service. If you want to earn some extra money or need a place to store your items, the platform is worth considering.