DollarBreak is reader-supported, when you sign up through links on this post, we may receive compensation. Disclosure.
Neighbor is an US-based platform that offers storage services. The platform offers both traditional self-storage services, and modern peer-to-peer storage services. The peer-to-peer storage services enable people who have unused space to rent this space out to people who need a place to store their stuff in exchange for cash. You can rent out your attic, shed, or any other extra space on Neigbor.
Pros
- High earnings potential – the amount you can earn depends on demand and supply. You can earn $100 to $600 per month for renting out your garage.
- Screen potential renters – when someone requests to rent your property, you have 48 hours to screen them and you can reject unsavory characters.
- Get 1 payment at the end of each month – get paid either via bank account or debit card. If the renter does not pay, Neighbor will cover the cost.
- $1 million free coverage for hosts – hosts are insured against any personal liability and other issues that arise from renting out their property.
Cons
- High processing fee – hosts will have to pay a 4.9% plus 30 cent processing fee on every rental reservation that is carried out on the platform.
- Must provide 30 day notice if you want to end the rental – if you fail to provide a 30 day notice to the renter, you will be charged a $60 fee.
Jump to: Full Review
Compare to Other Sites to Rent Stuff
Neighbor
Rent garage, driveway, parking lot, basement, bedroom, shed or carport
No listing fees + guaranteed payment monthly even if a renter doesn’t pay
Free coverage for everyone— $1,000,000 for host and $25,000 for renters
FriendWithA
Earn money by renting out your gear with relatively low rental fees – 10%
Average monthly pay – $95 for bike, $145 for camera, $150 for guitar
Personal liability guarantee up to $100,000 and $125,000 property coverage
How Does Neighbor Work?
Once you secure a renter and agree to the rental terms, you can give the renter access to the space.
How Much Can You Earn With Neighbor?
| Type of Rental Listing | Potential Earnings |
|---|---|
| Garage | Between $100 to $600 per month or more |
| Spare Room | Between $100 to $200 per month or more |
| Basement | Between $60 to $200 per month or more |
Other factors might affect your earnings on Neighbor, such as the demand and supply in your area.
Who is Neighbor Best for?
What Can You Rent With Neighbor?
Neighbor Benefits: What Does Neighbor Offer?
Host Guarantee
Safety
Payout Protection
Cancellation Policy
If your rental agreement has already started, you must provide a 30-day notice to end the agreement. If you do not, you will need to pay a fee.
| Time of Cancelation | Reservation Price Refunded To You |
|---|---|
| 0-24 hours after reservation approval | 100% |
| 4+ days before the start date | 100% |
| 0-3 days before the start date | 80% |
| After the start date | 0% |
Neighbor Fees: How Much Does It Cost to Use Neighbor?
To start renting out your space on Neighbor, you will need to go through photo ID verification. This verification helps the platform ensure that you are a legitimate host.
The different types of photo ID you can use include:
- Driver’s license
- Passport
- State or country identification cards
You will also need to provide your tax information and have a valid US bank account to receive payments.
The platform collects rental payments directly from renters on your behalf, saving you time and effort. The company charges your renter at the beginning of the rental period and sends you a payout at the end of the period.
You need to connect a US bank account to your Neighbor account to receive your payouts. At the end of the rental period, it can take between three to five days for you to receive the payout.
What Are the Neighbor Pros & Cons?
Neighbor Pros
Neighbor Cons
Neighbor has a comprehensive help center and FAQ section on its website. You can visit the help center to find answers to any questions you may face when using Neighbor.
If you still encounter issues, you can contact Neighbor customer support directly using the contact form on the website. The company’s regular support hours are between 9 am and 5 pm MST on Mondays to Fridays.
If you have extra space on your property that you are not actively using, Neighbor is one of the most worthwhile platforms you can join. You can rent out your space on Neighbor to earn up to $600 or more per month in passive income.
It is free to list your storage space on the website, and you will only need to pay a 4.9% + $0.30 fee when you successfully rent out your space. The platform helps you find renters and collects payments directly from them, saving you time and effort.
Moreover, all hosts get to enjoy the $1 million host guarantee, which functions as personal liability insurance against claims from renters. You can also enjoy payment protection, and you will receive up to two months of payouts if a renter stops paying.
Step 1: Provide Information about Your Storage Space
You can start renting out your space on Neighbor by visiting the Neighbor website and providing information about your storage space. You will need to include the location and type of space that you have.
Once you do so, Neighbor will calculate your potential earnings and display them. If you are satisfied with this amount, you can click on the List Your Space button and you will be prompted to complete the registration process.
Step 2: Complete the Registration Process
To register for an account on Neighbor, you need to provide background information about yourself. After providing your background information, you will need to provide a photo ID for verification purposes.
After your identity has been verified, you can start listing your space on Neighbor.
Step 3: Rent Out Your Space and Get Paid
When you receive a rental request, you can choose whether you want to accept it. If you accept it, you can work out the rental details directly with the renter on Neighbor. You will then get paid at the end of the rental period.
Other Sites Like Neighbor
Neighbor vs. Craigslist
Craigslist Summary
- Posts are anonymous
- Quick and easy listing in a matter of minutes
- Little to no seller fees, most auctions are free
- Sell within your local area
Craigslist is a go-to marketplace for many people when it comes to finding rental spaces. However, unlike Craigslist, Neighbor protects you as a host and screens renters for you so you don’t encounter scammers. Neighbor also ensures safe payment processing and protects you if your renters do not pay.
On the other hand, if you rent out your property via Craigslist, you will be responsible for screening your renters, creating agreements, and getting paid fairly.
Neighbor vs. Rapid Stor
Rapid Stor is an alternative to Neighbor, providing a peer-to-peer storage space rental platform for people located in Toronto, Canada. Thus, if you live in Toronto, you can join Rapid Stor instead.
Neighbor vs. iStoreIt
iStoreIt is a peer-to-peer self-storage platform and an alternative to Neighbor for Texas residents. However, compared to Neighbor, iStoreIt platform is newer and does not have as many users. Thus, it may be harder for you to find renters for your space.
However, while Neighbor is free to use and list, iStoreIt has a monthly fee of $5 or an annual fee of $50 for hosts.
Neighbor FAQs
What is Neighbor?
Who started Neighbor?
Neighbor was founded by Colton Gardner, Joseph Woodbury, and Preston Alder.
How long has Neighbor been in business?
Neighbor has been around since 2017.
Where is Neighbor based?
Neighbor is based in Utah.
How do you make money renting space?
You can make money renting out your space for storage purposes on Neighbor.
Do people make money on Neighbor?
People make money on Neighbor, with storage spaces in high-demand locations allowing people to earn up to $600 per month.
Source link
#Neighbor #Review #Legit #App #Storage #Space