The post Neighbor Storage Review appeared first on Millennial Money.
In this Neighbor Storage review, I’ll cover both sides of the platform. You’ll get an idea of how much you can make renting out your unused space as a Neighbor host, and you’ll also learn more about the benefits of using the Neighbor app to find low-cost self-storage.
Neighbor
Earning Potential
Bottom Line
Neighbor is an online peer-to-peer platform that connects renters with available storage space. It's been dubbed the "Airbnb of Storage" and allows hosts to rent out extra space to store everything from cars to boats to business inventory.
Pros
- Low-cost, local storage options
- Easy platform to rent out extra space for passive income
- In-app payment processing and messaging
- Highly rated mobile app
Cons
- Fees for both hosts and renters
- Liability limitations
- No sign-up promotions
- Doesn’t have the best customer service
or, skip straight to the section on how to sign up for Neighbor
If we’re being honest, most of us could use a little extra space at home. Whether your apartment doesn’t come with a parking space or you lack access to storage units for the stuff that doesn’t fit, it can be tough to find a home for all of your things.
Enter Neighbor, a platform that connects those in need of space with those who have some room to spare.
On average, traditional storage units cost nearly $200 per month. Neighbor offers secure rental space for a fraction of that — plus the opportunity to keep money in your community by renting from a local homeowner instead of a faceless corporation.
What Is Neighbor Storage?
Neighbor is an online peer-to-peer platform that connects renters with available storage space. It’s been dubbed the “Airbnb of Storage” and allows hosts to rent out extra space to store everything from cars to boats to business inventory.
Neighbor was founded in Utah in 2017 by Joseph Woodbury, Preston Alder, and Colton Gardner. The platform aims to challenge self-storage industry practices by providing lower-cost storage options for the long and short term.
To understand how Neighbor works, let’s get into the platform’s most exciting features.
Neighbor Storage Features
Here are the top features of the Neighborhood app.
How Neighbor Works
If you’ve used Airbnb, then you already have a pretty good idea of how Neighbor works. Hosts list their unused space on the platform along with the cost and any requirements associated with it.
Storage spaces can serve a bunch of different functions. Maybe you have an entire garage to rent out or maybe you just have some extra space in your driveway, for example.
Here’s a look at everything you can store with Neighbor:
- Self-storage items
- Cars
- RVs
- Boats
- Trailers
- Business Inventory
Once a renter finds a storage space that suits them, Neighbor connects the two parties. From there, you can determine the rental period, how the renter will access their stuff, and any other details.
Renters make monthly payments within the app, and the host collects funds through a connected bank account.
It’s a pretty straightforward and modern experience that you’d expect from most other apps.
Mobile App
Interested in using Neighbor? You can access the platform through Neighbor’s website or its free mobile app.
The app is available on iOS and Android and has a 4.6-star (out of 5) rating in both the App Store and the Google Play Store.
Payments
Rather than chasing down cash or check payments, Neighbor simplifies things by handling all payments between hosts and renters.
Hosts can set any amount of money to charge for their storage units, but Neighbor provides pricing recommendations based on the space itself and the area.
When you sign up as a host, you’ll need to link your profile to a bank account that can accept direct deposits. Once you get going, your renters’ payments are automatically charged to their debit or credit card each month, and you’ll get your payout once the transaction goes through.
Neighbor even offers a host guarantee. The app will cover the cost of your space when renters cannot make payments.
Liability Protection
Whether you’re a host or a renter, Neighbor has you covered with free host and renter guarantees.
For hosts, Neighbor offers $1 million in general liability protection to cover your storage space, though there are important caveats. The coverage serves as a secondary option to any other applicable coverage, like homeowners insurance. It also doesn’t protect against property damage.
Neighbor’s Renter Guarantee protects any qualified belongings stored in the space up to $25,000. This covers both damage and theft but, like the host policy, operates as secondary to other insurance that you might have.
Messaging
If you’re hesitant to exchange phone numbers with your host or renter, you can use Neighbor messaging through the website or app.
Once you start a renting relationship, you can easily get in touch through your Neighbor account to stay on top of payments or anything else that either party should know about.
It’s also important to note that Neighbor will only help resolve any issues based on communication through the platform, so this is your best bet for staying in touch.
Neighbor Storage Pricing & Fees
Neighbor is free to use for both hosts and renters. But it isn’t without its share of added costs. Let’s take a look at the fees you can expect to run into while using it.
Processing Fees
It’s free to list your storage space on Neighbor, but when it’s time to collect rent, you’ll pay a processing fee.
When you rent out your space, you’ll pay Neighbor 4.9% of the total reservation, plus $0.30 per monthly transaction.
Service Fees
On the other end, Neighbor charges users a service fee on top of the cost of the listing. This fee varies depending on the listing but will always be stated upfront before you book it.
Eviction Fees
If you decide that you need your rented-out space back, Neighbor’s cancellation policy requires that you give your renter at least 30 days’ notice. If you don’t, you’ll be charged a $60 eviction fee unless the renter has violated your own terms of service.
Refund Policy
If you decide to go in a different direction as a renter, you may get a portion of your funds back as a refund, depending on when you cancel. Here’s the breakdown of Neighbor’s refund policy:
- Cancellation less than 24 hours after approval: Full refund
- Cancellation more than three days before rental start date: Full refund
- Cancellation within three days of start date: 80% refund (less service fee)
- Cancellation after the start date: No refund
Signing Up & Getting Started
When you’re ready to get started, you can head to neighbor.com or download the app.
Hosts can start setting up their listings right away with pricing, renter requirements, and any restrictions that you want to add.
Renters can browse through available storage spaces to try and find the best fit. Once you find one that’ll work, you can book it and get in contact with the owner to take the next steps.
Neighbor Storage Promotions, Bonuses, & Coupons
Neighbor doesn’t have a sign-up bonus, but if you refer someone who ends up renting out space or listing space of their own, you can get a $50 Amazon gift card.
The bonus is available to both hosts and renters. To qualify, your referral will need to either secure an approved rental totaling $100 or more or rent out their own space with the same payment threshold.
It’s important that if you refer someone, you won’t earn the bonus if the space they rent is one that you’ve personally listed.
Neighbor Storage Security
I’ve already covered Neighbor’s liability coverage, which protects hosts for up to $1 million and renters for up to $25,000.
On top of that, Neighbor ensures a secure payment platform with a PCI-compliant processor. This means that it’s top of the line in terms of protecting your sensitive banking information.
Neighbor also requires photo ID, email, and phone verification to ensure that users aren’t walking into scams. Certain items are also off limits for Neighbor storage, such as drugs, firearms, explosives, and hazardous materials.
If you want to learn more about Neighbor’s security and read some helpful tips on protecting yourself, check out the online Trust & Safety center.
Customer Service & Support
If you need help as a host or renter, check out Neighbor’s online Help Center. Representatives are available via phone, email, or live chat, and you can also browse through a ton of FAQs for quick answers.
Neighbor’s regular customer service hours are Monday through Friday from 9 a.m. to 6 p.m. Mountain Time. You can reach a customer service rep at 801-653-0264.
Unfortunately, Neighbor has had its struggles when it comes to customer experience, and the app has a rating of just 2.7 stars (out of 5) on Trustpilot. Caveat emptor.
Neighbor Storage Review Pros & Cons
Here are the pros and cons of the Neighborhood app.
Pros
- Low-cost, local storage options
- Easy platform to rent out extra space for passive income
- In-app payment processing and messaging
- Highly rated mobile app
Cons
- Fees for both hosts and renters
- Liability limitations
- No sign-up promotions
- Doesn’t have the best customer service
Alternatives to Neighbor Storage
When it boils down to it, there aren’t really any other apps like Neighbor; it really is one of a kind. No other apps in the U.S. have successfully created a peer-to-peer storage platform, making Neighbor your best bet if you like the sound of it.
That said, there are some other solutions that you could look into. Let’s take a look at the most comparable options out there.
Stashbee
Think of Stashbee as the British version of Neighbor. If you live in the U.K. (or just have some stuff there), Stashbee offers basically the same services.
Stashbee is based out of London and offers easy peer-to-peer storage solutions. Hosts and users are both verified, and you can find affordable options without any hidden fees.
The biggest difference between Stashbee and Neighbor is that on top of individual storage, Stashbee also works with businesses, so you can also use it to find warehouse and commercial storage options.
CubeSmart
CubeSmart is one of the largest online storage marketplaces you’ll find. Basically, it’s a real estate investment company that buys self-storage facilities and rents them out to consumers.
You can use CubeSmart on its website or mobile app, where you can browse through more than 1,000 different facilities. So, whether you’re looking for car storage or a climate-controlled option for valuables, CubeSmart should have you covered.
CubeSmart also provides resources to help you move your stuff, with deals on rental trucks and plenty of useful moving and storage tips.
SquareFoot
SquareFoot is a storage space aggregator. The site allows you to look through different storage companies and options in one, easy-to-use place.
You can quickly find storage spaces near where you live (or wherever you’re headed), compare prices, and stock up on moving supplies if you need them.
SquareFoot covers self-storage, car and RV storage, and boat storage options. The service is available nationwide and you can book a unit entirely online.
Frequently Asked Questions
Here are the most frequently asked questions about the Neighborhood app.
Is Neighbor a scam?
No, Neighbor is not a scam. It’s a legitimate service that can connect you with affordable storage solutions for a wide variety of items.
That said, with any sort of online marketplace, there’s never a 100% guarantee that people will not try to use it in a predatory way. The good news is that Neighbor has practices in place to combat this.
On top of liability coverage, Neighbor also provides authentication services and encourages hosts to run their own background checks on potential renters.
How safe is Neighbor Storage?
Neighbor’s online platform is extremely safe. All of your information is stored responsibly and will not be shared, and its secure payment processor will ensure that your transactions go through without a hitch.
In terms of the safety of your actual extra storage space experience, Neighbor seems to do what it can to keep it as safe as possible by vetting people when they sign up.
That said, no matter where you store something, you’re always running the risk of something going wrong. Whether you’re using someone’s garage or a traditional storage unit, 100% security isn’t possible.
With this in mind, there are a couple of things to consider. In general, you’ll want to steer clear of storing highly valuable or highly sentimental items any place other than your house. Liability protection is great, but it can’t replace lost items if something happens.
You’ll also want to consider a particular host’s rating on the platform. If someone has a less than ideal rating, it’s probably safer to look elsewhere.
How much can you make on the Neighbor app?
Neighbor claims that its average host makes around $2,000 per year and that its highest earners net more than $20,000.
How much you can make will completely depend on what sort of space you have to offer and whether there are users in the area looking to rent it.
For example, you can list something as small as a spare closet on Neighbor. But it won’t earn you nearly as much as a full garage.
To max out your earnings, make sure that whatever space you have to offer is clean, as advertised, and priced fairly. This way, you’ll keep customers happy, build up your rating, and keep collecting payouts.
The Bottom Line
Neighbor is a one-of-a-kind app that helps people store extra stuff and helps hosts earn extra money.
Traditionally, the only solution was to rent out an overpriced storage unit (or ask your parents if they have room in their basement).
With Neighbor, you can find local, secure, and cost-effective spaces that fit whatever your storage needs are.
On the host side, Neighbor is a great way to churn out passive income on unused space. It takes little effort, and if you have the space to do it, you can easily turn Neighbor Storage into a side hustle that nets extra money.
That said, the platform isn’t perfect. We want our Neighbor Storage review to be fully transparent. Neighbor’s customer experience isn’t always the best, and fees for both hosts and renters drive its value down a bit.
While you shouldn’t let these factors completely deter you from signing up, you need to at least be aware of them.
Overall, whether you’re looking to host or rent, Neighbor is an effective solution that could either save you some cash or help you earn some passive income. It’s just one of a boatload of modern apps that are challenging traditional business practices, and it’s worth your while to check it out if you’re looking to make some extra cash.
Nobody ever said the journey to financial freedom would be easy. Sometimes, it requires thinking out of the box and using Neighbor to rent space to your neighbors.
Whatever you decide, here’s to making the smartest moves on your journey to financial independence!
The post Neighbor Storage Review appeared first on Millennial Money.
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November 25, 2021 at 04:48AM
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