There are so many side hustles, and many of them are passive ones like renting your free space, your car or home. All you do with these side gigs is rent out your space/car renting and earn money. Many companies give you a chance to earn money by renting your stuff and space, and one of these companies is Neighbor Storage.
Today we will find out more about how to earn extra money in this Neighbor storage review and what are its pros and cons.
Neighbor Storage review
What is Neighbor?
Neighbor is an online marketplace that connects hosts and renters for storage. If you have a garage or a free room in your house, or an empty parking space, you can rent it out for storage. Think of it like an Airbnb for storage.
Founded in 2017, this peer-to-peer storage app is helping people to earn passive income by renting out the free space they already have. There are so many options to host like driveway, carport, shed, basement, attic, closet, and many more.
Is Neighbor a safe app?
Yes, Neighbor is a safe app with a host guarantee of $1 million of free coverage when you are renting your space. The website has strict verification methods for renters and hosts like photo ID, and phone and email verification.
It has a Trustpilot rating of 3.6.
How does the Neighbor app work?
The Neighbor app works in a very simple way.
- As a host, you sign up and give a description of your space and add photos. You can set your price when you create your listing.
- Once your listing is chosen and requested by a renter, you can discuss the requirements via the app or website.
- After this, the renter pays the price and moves the stuff into your space.
The whole process is made very easy via the app, and you can share your listing on social media to get more exposure.
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How to sign up for Neighbor?
You can sign up here on the website or download the app. Just give your details and start publishing your listing. Here are some key points to keep in mind when listing your space:
- The address of the listing must be a privately-owned location.
- The space type and features must match the other information provided in the photos, description, and other details.
- Living or working in the reserved space is not allowed.
- The description needs to be relevant to the listing and at least one sentence long.
- The monthly price of the listing must be under $1,500.
- At least one relevant photo of your listing is required.
- Photo must be right side up.
- No contact information is included in the photo.
How much can you make on the Neighbor app?
How much you earn with Neighbor depends on the size and place you offer along with your pricing. The pay can vary depending on the city you live in. For example, you can earn more if you live in California when compared to Minnesota as the demand for renting is higher in the former city.
How and when will I be paid?
After approving a reservation, you’ll be automatically paid via direct deposit by the Neighbor app at the end of each rental month. Neighbor’s Payout Protection makes sure you get your pay, even if your renter is late or stops paying.
What is the mode of payment?
You get your pay via direct deposit into your bank via Stripe. You need to connect your bank account when you are filling out your profile.
Is it safe to give my bank information?
As per the website, Neighbor does not store your bank account details or other sensitive information. Instead, it is stored off-site by Stripe, on its encrypted and PCI-compliant servers.
Are there any fees?
Neighbor takes 4.9% + $0.30 processing fee out of each of your monthly rental payouts for maintenance and the security features it provides.
Is there any insurance?
As a host on Neighbor, you get $1 million host liability protection.
Pros and cons of Neighbor Storage
Pros
- Easy to sign up
- No listing fees
- Liability protection
- Can list anything from a driveway to an attic.
Cons
- Payment processing fees for reservations.
Other Neighbor Storage reviews
- Many of the reviews of Neighbor Storage talk about good customer service and different options to rent.
- Negative reviews include delayed payments and a slow signing up process.
Final thoughts
Whether it is renting your garage or attic, earning money passively is great, and Neighbor lets you do that without much effort. If you have a free space and want to earn money without doing anything, sign up for Neighbor.
