Rent Your Storage Space - Side Hustle Review
Do you have extra space in your home, attic, garage, storage unit, or anywhere else that you are not using? Do you know that you can rent it out to earn extra money? Renting your extra space with Neighbor storage is an easy side hustle where you do not have to do any physical work or trade time for money.
So, what is Neighbor?
Neighbor is a website that serves as a marketplace for people specifically looking for storage options. This website is solely for storage space, you can offer any spaces available by you as storage space on the Neighbor platform.
To start your journey to earn money by renting your extra space you will need to sign up and register your space for rental opportunities. Neighbor website offers a guarantee to both renters and hosts, ensuring that there is a safe relationship on both ends. With Neighbor’s Host Guarantee, you have a claim amount of $1 Million USD at no additional cost. Whenever a renter makes a reservation and stores their items in your listing, you’re automatically protected by the Host Guarantee.
How much can you make by Renting out your space with Neighbor?
Depending on how much space you have, and for what purposes it can be used, you can make anywhere from a few bucks a month to a substantial amount of money. Suppose you have listed your unused parking space for $165 per month, you will earn rent minus the processing fee and transaction fee ($165 minus 4.9% processing fee of $8.08 - $ 0.30 as transaction fee). For this example, you would profit $156.62.
You will have to do see how much space you have and how much rent you can ask for such space to earn the money as per the market price. You can so the following to make sure that you get renters for your space:
You can share your listing on your social channels
Asking friends and family, if they know anyone seeking storage space
Hanging flyers of your listing on bulletin boards at local stores and colleges
Things to consider before renting out your space!
Renting out your space sounds very simple, but remember that there are some risks involved. It may seem that you are not required to be involved all the time to earn money but there some risks in renting out spaces to strangers that you will have to consider:
Insurance and Security – You will have to ensure that the things stored in your space are stored safely and you will have to take insurance for fire, flood, or theft.
Illegal or dangerous items – There is always some risk that the person storing can store any illegal items or dangerous items in your space.
Difficult renters – When you are renting your space then you are also opening up your home or your property to strangers. The renters may be difficult people or may cause different problems.
Renting out your extra space can be very lucrative side hustle; you are not required to spend a lot of money to make it ready for the renters unlike renting space in Airbnb and have a compete with local hotels. You are not required to gain any new skills and trade your time to earn such amount. All you have to do is have some extra space and you can easily concentrate on your day job. When you are using Neighbor storage to rent out your space, you do not have to find extra time to earn some money for this side hustle and you get to earn money at your own convenience and schedule.