About three years ago I came up with an idea for a new app. Inspired by Uber and Door Dash, I thought “What if I make an app where people can rent out their driveway, garage, or shed as a storage unit?” As someone who has spent way too much money on a storage unit, I knew that the storage business was a cash cow. I started to research the legalities of renting out your own property for storage. Is insurance required? How do we handle theft, water, or fire damage? Can we have 24/7 access to our stuff whenever we need it?
I spent weeks researching and developing the concept until the Neighbor app popped up out of no where. Someone beat me to the idea. I thought “Do I want to be the Lyft to this new Uber company?” With financial roadblocks and the user friendliness of the Neighbor app, I decided to “join them” rather than attempt to compete.
My First Listing As a Host
Joining Neighbor as a host was an easy process. I published my first listing in January of 2019. The listing was for my garage space. In my listing description, I told renters that they can store their tools, cars, boats, or extra stuff in my garage. I also provided my garage dimensions and listed it at the low price of $50 per month. Neighbor was very transparent in telling me what they will list my space for and how much profit they expect to make off my listing. While I told Neighbor I wanted $50 per month, they listed it for a bit more so they can profit the difference.
I quickly received 6 messages for my garage space. One of them wanted to store their boat and the others wanted to store their cars. The guy with the boat found a a storage unit closer to the river so he changed his mind at the last minute. One renter had a Dodge Challenger that I had to refuse because their car is too large. Another renter wanted to store her VW Beetle for 2 years because her work VISA expired and she wanted her car to be available when she came back to America. I had to turn her down too because I was looking for a short term renter. Overall the experience was good so I created a 2nd listing for a gated parking spot at my mom’s house and listed it for $80 per month.
An Avenue for Passive Income
Here at Finance Throttle, I publish any content that can help accelerate your net worth. Passive Income is always a popular subject. Imagine getting paid to do nothing. As I browsed through the listings on Neighbor, I found that hosts were listing their bedrooms, basements, and attics as storage rooms. You are not restricted to offering your garage or shed. Neighbor makes it easy for anyone with unused space to earn passive income. When I published my first two listings in 2019, they were cheap at $50 and $80, respectively. When I search Neighbor specifically for compact car indoor garage spaces, the listings that come up in my area are priced $90 to $350 per month.
Using Neighbor as a Renter
When you log into the Neighbor App, you can choose to be in the Renter View or the Host View. In the renter view, you start your search by selecting your location and whether or not you are looking for vehicle storage or household items. If you select the household item option, you are asked to select the storage size you are looking for. Next the search results will appear. All measurements are in units of feet. If you are searching for vehicle storage, you will be asked if you want Outdoor storage or Indoor storage. Then you are asked for the size of your vehicle whether it is a car, truck, boat, ATV, RV, or motorcycle. Finally your search results appear. The app is very intuitive and easy to use. Just make sure you know your measurements beforehand.
In Conclusion
Neighbor is a great tool for earning passive income. They offer renters insurance and they make the process simple for both renters and hosts. Publish your first listing with Neighbor or rent your first space to get up to 50% off for a limited time.
Affiliate Link Notice: This post contains affiliate links, which means I may earn a small commission, at no additional cost to you, if you decide to purchase or sign up for a product through my referral links. While you can sign up through any other means, it would help support the blog if you sign up through my links. Thanks.
