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.
- 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.
- 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.
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Compare to Other Sites to Rent Stuff
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
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?
Neighbor is a peer-to-peer rental platform that allows anyone to rent storage spaces in their neighborhood. Unlike traditional storage services that tend to be expensive and unsafe, the storage spaces on Neighbor are owned and rented out by other homeowners in your area.
If you have extra space on your property that you are not using, you can list it for rent on Neighbor as a host. In exchange for using your storage space, renters will pay you a monthly rental fee.
When you list your space for rent on the website, interested renters can indicate their interest in renting it. The platform will also screen potential renters for you. Once you find a suitable renter, the platform will help you screen them, prepare a rental agreement and collect payment.
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?
Your earnings on Neighbor can vary significantly depending on the type of space you rent out on the website. You can maximize your earnings on the platform by providing as much information as possible. It can also be good to take professional pictures so that more renters might be interested.
|Type of Rental Listing
|Between $100 to $600 per month or more
|Between $100 to $200 per month or more
|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.
Neighbor Reviews: is Neighbor Legit?
|3.5 out of 5 stars
|Apple App Store
|4.6 out of 5 stars
|Google Play Store
|4.5 out of 5 stars
Neighbor is a legitimate website you can use to earn a passive income. Although the platform has not received accreditation from the Better Business Bureau, it has received many positive reviews from its users.
Many reviewers have praised the platform for allowing them to list and rent out their extra space. Users were also pleased with the high earnings they were able to enjoy.
However, there have also been some negative reviews from users who complained that they could not find renters for their storage spaces. Some reviewers were also unhappy that they only received their earnings at the end of the rental period.
Who is Neighbor Best for?
With minimal effort, you can rent out your extra space to people in your neighborhood who need it to store things. In exchange, you can collect a monthly fee. Thus, after setting up your rental, you can earn money passively.
What Can You Rent With Neighbor?
There are relatively few restrictions on the things you can rent out on Neighbor.
Some of the most common types of property listings on Neighbor include:
- And more
Neighbor Benefits: What Does Neighbor Offer?
Neighbor offers a $1 million host guarantee for all hosts. This host guarantee functions as insurance, ensuring you get reimbursement if you encounter any personal liability claims from renters. You can enjoy the host guarantee if you have a rental arrangement on the platform.
However, note that some things are not covered by the host guarantee, such as:
- Property damage
- Insurance deductibles
- Damage or personal liability claims that are not related to rental storage activities
Neighbor also has restrictions on the things that renters can store. This limitation helps you ensure that the safety of your property is protected against damage.
Some of the things that renters cannot store in hosts’ properties include:
- Flammables, explosives, fuel
- Hazardous materials
- Stolen items
- Drugs or any illegal substances
- Weapons & ammunition
- Pesticides or other toxic chemicals
Neighbor also offers payout protection for all its hosts. If a renter stops paying the rental fees, the platform guarantees up to two months of payouts while their items are still in your storage space.
If you agree to rent out your space on the website but change your mind, you can cancel the reservation, although you will need to provide a full refund.
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
|4+ days before the start date
|0-3 days before the start date
|After the start date
Neighbor Fees: How Much Does It Cost to Use Neighbor?
It is free to list properties and rent them out on Neighbor. However, the platform charges a small processing fee of 4.9% + $0.30 on each monthly payout.
This processing fee helps the platform cover its operating costs, including:
- Payment processing fees
- $1 million host guarantee
- And other miscellaneous costs
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
- State or country identification cards
You will also need to provide your tax information and have a valid US bank account to receive payments.
Neighbor Payout Terms & Options
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?
- You can earn up to $600 per month in passive income just by renting out your unused storage space.
- Neighbor provides up to $1 million in personal liability insurance for all hosts.
- You are guaranteed up to two months of payouts if a renter stops paying their fees.
- Neighbor restricts the things renters can store on your property to protect the safety of your property.
- There is a 4.9% + $0.30 fee on all monthly payouts.
- You will only receive your earnings three to five days after the 30-day rental period.
How Good is Neighbor Support?
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.
Neighbor Review Verdict: is Neighbor Worth It?
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.
How to Sign Up With Neighbor
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 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.
What is Neighbor?
If you have extra space in your home, you can rent it out on Neighbor to earn some extra cash. The platform has been around since 2017, and its goal is to solve storage and space issues in many neighborhoods.
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.