Neighbor Storage Review 2023: Good-Bye Storage Units!

You can rent a closet, garage, or whatever you need on Neighbor so you can hold on to the things you care about without cluttering up your house.

Are you facing a sudden need for some extra space to store your excess belongings?

If you’re nodding to any of those questions, then Neighbor is for you! It’s one of the best income streams that can make you money passively!

Neighbor connects people who have space with those who need it by allowing users to list their extra space on the website and app.

So let’s dive into our Neighbor Review to learn more about how it revolutionizes the traditional way we rent storage space.

In-Depth Neighbor Storage Review

Neighbor Storage has completely changed the game for renting out your space!

Unlike other rental apps like Airbnb, this one is tailored towards helping users find storage places available right now in their area.

Neighbor Storage was started to give people a different way to store their stuff or make easy money on the extra space in their house. 

Cheap Alternative For Storage Units

Neighbor is the perfect alternative to pricey storage units by utilizing peer-to-peer transactions: users lease out their extra space at a low price to make money and their peers can save money.

It is the best cheap alternative for storage units that not only saves you money but saves you time and energy.

Many storage companies will lease out a small unit for $50 to $100 per month and larger units can be as much as $150 to $200 per month or more. 

The cost of renting storage really adds up and might not be an option for some people.  According to Neighbor, it can cost up to 50% less than what you would pay for traditional storage!

How It Works

Hosts can easily make money and have passive income each month. They manage their accounts from their phones or from a computer, and hosts always have full control over who leases their storage space out.

People are able to rent space on a monthly basis, so hosts have to guarantee them space for storage one month at a time. You can request another month of storage, but hosts can approve or disapprove the reservation (within 48 hours).

Hosts have no charges or fees to list their available spaces on Neighbor and get paid once per month via direct deposit.

For renters, you can search using filters to find a storage unit that meets your needs in your location. Available units and their prices are shown on the map of your area within the website or app.

You have the option to make online payments using your credit card plus the ability to keep track of all your transactions online or on your mobile device.

Neighbor offers both renters and hosts insurance coverage through a Host Guarantee and a Renter Guarantee.

• Host Guarantee-  $1,000,000 liability coverage
• Renter Insurance – $25,000 insurance coverage

Fees

There are no fees charged to sign up for an account with Neighbor Storage, but there is a fee charged as a processing fee and other services they offer.

For the Neighbor Host:  It is completely free to sign up and list with Neighbor, but the processing fee of each rental is 4.9% + $0.30.

This fee pays for the Host Guarantee, which provides personal liability coverage, a secure platform, responsive customer care, and other Neighbor Storage services. 

For the Renter:  This is the confusing bit because it isn’t clear in most areas. A small fee of 10% – 15% is charged on each monthly contract to pay for the $25,000 Renters Guarantee and other Neighbor services. 

What You Can Rent   

From small spaces to entire warehouses, you can find just about anything to rent on Neighbor Storage. 

You can rent the following:

• Self Storage Units such as storage sheds
• Storage Lockers such as closets, garages, basements, etc.
• Parking Spaces such as driveways, carports, and lots
• You can even rent warehouses

Availability

Storage space availability can vary in different regions, but according to Neighbor, most people find an available unit within five minutes of their location.

If you find a unit that you like but it’s not available on the needed dates, change up the filters and another space may be available in a different location close to you.

Storage Protection

As mentioned before, Neighbor has $1,000,000 in liability coverage for hosts and $25,000 insurance coverage for renters. But they also set limits on what renters can store to protect hosts.

The company restricts several dangerous items, including flammable or hazardous materials, stolen property, drugs, weapons and ammunition, and waste products. 

A Neighbor host can also place restrictions on what you can store in their space, which is made clear in the listings details.

Cancellations & Refunds  

Neighbor Storage has Cancellation and Refund policies for both renters and hosts that use their platform.

Renters: There are several conditions for renters to receive a refund when canceling. Per Neighbor:

• If Renters cancel a reservation less than 24 hours after approval was given, they are eligible to receive a full refund of the listing price and the service fee.
• If they cancel a reservation 3 or more days before the start date and more than 24 hrs after approval, they are eligible for a 100% refund of the listing price and the service fee. 
• If a renter cancels a reservation less than 3 days before the start date, they are eligible for an 80% refund of the listing price and will be refunded 0% of the service fee.
• Reservations canceled after the start date are not eligible for any refund of their money.
• Renters also do not get money back if they move their belongings out prior to the end date of their reservation.

Hosts: If the Neighbor Host needs to cancel a reservation before the Renter moves his belongings in, the Renter is eligible to receive a full refund.

If the host cancels a reservation after the renter has moved his belongings to the rental property, the Host must give the Renter a 30-day notice to move their belongings. If they fail to do so, they could be charged a $60 termination fee and not receive the most recent months storage payment.

Getting Paid 

Neighbor Hosts get paid rental fees monthly, which are directly deposited into their bank account.

The information about bank accounts is entered by visiting Neighbor and selecting the “Payment Method” in the profile.

Accessing Your Stuff

Unlike 24-hour public self-storage spaces, the Neighbor host specifies when and how often stored belongings may be accessed. 

Hosts and Renters communicate via the Neighbor website. The Renter then contacts the Host to make an appointment to access their belongings.

How Much Will You Make?  

Based on the prices listed on the Neighbor platform:

• a Host in Los Angeles, California listed an extra bedroom at $151 per month
• a Host in Nashville, TN, rented their driveway for $30 to $65 and space in a carport/garage starting at $110 a month

You have the potential to make $30+ on your driveway space and it goes upwards from there the larger the space you rent!

Based on those findings for this review, you can make a pretty good passive income renting out an extra room, such as a garage or lot that otherwise might not be used with Neighbor. 

Renting Space On Neighbor

To lease a space, create a free account. After filling out a profile, begin browsing listings.   

You can filter by the closest unit to you, price, size, etc. Pictures are definitely a must, it gives you a better feel of where your stuff will be and how much you’ll be able to fit in their storage space.

If you find a space that interests you, click on it for more details or to set up a showing. If interested in the spot, be sure to read over all of the terms and conditions carefully before reserving your rental space. 

This will be important for you since Hosts can set restrictions on what you store in their storage space.

Renting Out Space on Neighbor 

Renting out space as a host on Neighbor is easy, you simply need to create an account and list your space.

Visit Neighbor to get your account up and running; then set up your listing with photos of the area you want to lease out.

Choose your price per month, how many months it will be available to lease, the access times, and a description of the rental space. Don’t forget to include any restrictions on items you have in addition to the ones set by Neighbor.

Also, go into the “Payment Methods” and connect your bank account so that you can be paid each month.

once approved, your listing is ready for viewing and can be booked at any time!

Host Experience

The process of being a Host on Neighbor is relatively easy and straightforward.

You list your space with photos and details, and Renters contact you to learn more or rent it right away.

Communication between the renter and host is easy as well, most of it is done via the website or app.

Neighbor recommends sticking with it rather than giving out your personal number or email. If anything happens, they also handle the liability insurance for you, so it’s a no-brainer to us!

Renters Experience

Renters love the convenience of using Neighbor to store their extra stuff without having inflated costs!

They love the fact that they are able to search online, see how much each listing costs, and then lease the space that is available within minutes. 

It’s easy for them to make rent payments through the Neighbor website or app. The $25,000 Renter Guarantee is also a big plus.

Neighbor Storage Pros & Cons: Hosts

Pros

• Start a side hustle with extra area in the garage or house
• Make money and earn passive income through unused space
• Flexible and fairly hands-off
• Limited Liability- $1,000,000
• You decide when renters can access their stuff

Cons

• Not risk-free, though you decide when renters come and go
• Neighbor is not available everywhere
• Competitive pricing may be in your area
• Fees charged for processing or termination

Neighbor Storage Pros & Cons: Renters

Pros

• Flexible
• Cheaper storage option
• Limited Personal Liability- $25,000
• Easy to pay on the website

Cons

• Not Risk-free: just like a storage unit, no place is fault-proof or perfct
• Limited availability in some areas

Open A Neighbor Account

Neighbor has made it easy to open an account on their site or Neighbor app.

Neighbor Vs. Airbnb

Even though the two companies give people a way to make a good passive income by offering similar services and benefits, their business model caters to different markets.

The Neighbor platform isn’t for lodging guests like hosts on Airbnb. Instead, users are renting storage space which can include things like a garage, a spare room, or an entire storage shed.

Neighbor Vs. Storage Units

Storage units may be located farther away from you and traveling to them may take more time.

When you rent through Neighbor, you can pick available rental space close to your location. 

Storage units are widespread in some areas and give you mostly 24/7 access to your stuff, while hosts can limit access to renters.

But the monthly rates of storage space are much higher, and the leases can put a large dent in your wallet, so that extra time flexibility comes at a bigger cost.

FAQS

How Does Neighbor Make Money?

Neighbor makes money by charging hosts a 4.9% plus a $0.30 fee for each reservation. 

They also charge renters a 10% – 15% fee that is added to each month’s payment. 

According to their “Terms and Conditions,” renters are told the amount of the service fee at the time they receive a confirmed Booking. 

From what our Review research, the Service Fee may also change from time to time after notice is given to renters.   

How Much Money Can I Make?

The amount of money you make on the Neighbor platform depends upon your location, how much you charge, and how often you rent out your extra space.

You’re limited by competition prices, and by how many storage spaces you list as available.

In some locations, people are making as much as $100 a month for a shed while in another location some are making as much as $2,500 for a warehouse. 

Is Neighbor Better Or Safer Than A Storage Unit?

It depends on the storage unit and what safety measures they take. Each storage unit may have different requirements for safety or they may have none at all. 

Neighbor makes safety a priority. Hosts must provide a photo ID and a Social Security Number or Tax Id Number when listing a storage space. 

Payments are processed through an encrypted system and payments to hosts are made via direct deposit to the host’s bank. 

Hosts can also require a photo id from renters so they know who they are dealing with.

Why Use Neighbor Instead of Craigslist?

Using Neighbor is safer than Craigslist which has no verification system in place. Most Craigslist users only use email to communicate and you cannot know who the person really is.  

Plus Neighbor has the insurance for Hosts and Renters, which keeps everyone secured on both ends.

Key Takeaways

Neighbor is a peer-to-peer storage rental service that connects people with available space with people who need it!

Whether you’re looking for storage or just want to make money on your extra storage space, Neighbor can help. 

It is a great option for those who are looking for a side hustle to make some money. It is also great for those that are looking to rent space that is cheaper and closer to their home location.

It is a win-win situation for both, and we’re happy to share such a beneficial app!

Visit Neighbor.com or download the Neighbor app to get started today!