Neighbor Review | A Legit & Easy Way to Make Passive Income

If you’ve got some extra space in your home and want to start a passive side hustle, Neighbor is a legit solution that connects owners with renters looking for storage solutions. This quick Neighbor review is going to explain how to start renting your space on Neighbor, how much you can expect to make, and why it might be worth your time.

Let’s dive in!

What Is Neighbor?

Neighbor is a peer-to-peer storage platform where you can rent out any kind of storage space in your home or any physical building you own. For example, if you own an office building or storage unit, you can list it on Neighbor.

The concept disrupts conventional storage solutions by reducing the costs for renters and allowing owners to make extra money with any unused space.

What Kinds of Spaces Can You List on Neighbor?

Short answer: almost anything! The longer answer is that Neighbor requires that you own the space you’re renting out, which can include:

• Garage
• Basement
• Bedroom
• Shed
• Warehouse
• Closet
• Attic

Renters find your space based on their storage needs. For example, your extra bedroom would be an appealing option for a recent college graduate who is looking for a place to store their stuff while they find an apartment.

I did a quick search for storage spaces where I live in Houston, TX, and found listings for closets, bedrooms, garages, and more. 

How Much Can You Make With Neighbor?

Owners are in control of how much to charge for their extra space. It needs to be a good arrangement for it to be worthwhile. You can keep your rates competitive by browsing through local listings to see what others in your area are charging for similar spaces.

To give you an idea of the range you can earn with Neighbor, here’s what I found when looking at listings near me in Houston, TX:

• Bedroom $36 to $140/month
• Closet $13 to $153/month
• Garage $125 to $330/month
• Self-Storage Unit $21 to $80/month

The amount you can charge will vary based on where you’re located, and people living in an high cost of living area can typically charge more.

Does It Cost Anything to List Space on Neighbor?

It’s 100% free to list your space on Neighbor, but they do charge a small processing fee of 4.9% of the total reservation plus $0.30 per payout to cover the cost of automated payments and Neighbor’s Payout Protection.

Is It Safe to Rent Out Your Space on Neighbor?

Good question! Safety is imperative to Neighbor’s business model, and they want to protect both renters and owners. 

Here’s what you need to know about Neighbor’s safety policy:

• The storage space owner is allowed to inspect anything the renter plans to store and can reject any offer.
• There’s a restricted list of items, including firearms, fireworks, dangerous chemicals, waste, animals, and more.
• Neighbor protects hosts with its $1,000,000 Host Guarantee to cover any personal liability. 
• Neighbor’s customer service representatives are available for live chat or phone calls during business hours if you ever have a concern. 
• All payments are processed through the secure payment gateway Stripe.

How To Get Started With Neighbor

Here’s how you can list your space and make extra money with Neighbor:

Step 1: Go to Neighbor.com, and hit the “Become a Host” button on the top right.

Step 2: Enter your sign-in information (name, email address, password, and phone number). 

Step 3: Answer a short series of questions about your space. You’ll be asked about size, address, how often renters will be able to access their storage space, and what kinds of features your space offers.

Here’s an example of a space in my area, and you can see a nice clean space, plus information about accessibility:

Step 4: Neighbor will recommend a prize for the size, location, and type of space, and they’ll also recommend offering a discount for the first month. This is helpful for first-time renters who don’t have any reviews yet.

Step 5: Verify your identity and enter payment information. Again, it’s free to list on Neighbor, but there is a 4.9% fee plus $0.30.

Step 6: Prospective renters will respond to your listing, and you can approve or reject them at your discretion. You should ask questions about what they’ll be storing, and you can even meet up in person before agreeing. They’ll probably want to meet you just as much as you’re interested in meeting them.

All communications can happen through the Neighbor app, so there’s no concern about strangers having your personal information. 

Maximize Your Earnings With Neighbor

Neighbor recommends sharing your listing with friends and family, and social media makes that really easy to do. You can quickly get your listing out there and introduce new people to the site.

You’ll also want to take high-quality photos to clearly show what the space looks like. A clean space will almost always go for more, so it’s worth your time to clean up your space before taking pictures. And make sure it stays clean when the renter comes to drop off their stuff.

Creating a well-crafted bio that tells potential renters about who you are and about your space can help build trust. Then keep building that trust by being responsive and friendly when renters reach out to you.

Getting Paid With Neighbor

Neighbor automatically charges renters each month and deposits the rent, minus fees, into your bank account. You don’t need to worry about collecting rent.

Who Is Neighbor Best For?

Honestly, I think Neighbor could be a good passive side hustle for almost anyone who has some extra space to rent out. Because you’re just storing items, there’s very little work required on your end, making it a passive source of income. 

You do need to own the space you’re listing, so it’s not for people who are renting an apartment or home. 

Neighbor Review: The Final Word

If you’re looking for a passive source of income and you have a little extra space, Neighbor is worth your time, in my opinion at least. This is a legit, peer-to-peer storage alternative to traditional self-storage units.

It’s an ideal way to make extra money if you have a spare closet, an empty corner of your basement if you don’t use your garage, and so on.