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Being neighborly is a cornerstone of our value system. Just ask Mr. Rogers. But it’s not just the polite thing to do — it can also make you money.
Yep — just by being a helpful neighbor and opening up your garage door or spare bedroom, you could make some serious cash. Many neighbors are earning an extra $300 a month in passive income.
How? A website and App called Neighbor connects people who need storage space with people who have room to spare — whether it’s a parking space, backyard shed or unused closet.
Earn Passive Income Every Month From Your Extra Space
With Neighbor, you can list your extra space, and people in your area will pay you to use it as storage. It’s likely your own neighbors have opened up their homes, garages and unused land to other locals in need of an alternative storage solution — and made money doing it.
How much you can earn depends on your location and type of space. Garages in San Francisco are probably worth more than a parking spot in the suburbs of Cleveland. But no matter where you live, you’re still going to make more money than if your empty property stayed empty.
On average, hosts earn about $300 a month, but Neighbor’s earning calculator can help you figure out just how much you could make. For example, one middle school teacher is bringing in nearly $10,000 a year by hosting her home’s storage spaces. And the owner of a fitness business is on track to make $50,000 just by renting out parking spots while their classes are all virtual.
It’s an easy source of passive income, plus it comes with the peace of mind of a free $1 million host guarantee that protects them from personal liability. It’s free and easy to sign up — as soon as you verify yourself and your space, you’ll be ready to start earning money from your empty closet.
How to Get Started
Do you have space to spare? Here’s how to sign up to be a host on Neighbor:
- Enter your location and type of space into the earnings calculator to see how much you could make.
- Answer a few questions about your space: Is it outdoors? What are the dimensions? How often will renters be able to access it?
- Set your price. Neighbor will recommend a dollar amount based on your location and type of rental, but the price is up to you.
- Verify your identity with a government issued ID.
- Add photos of your space and some information about yourself.
The whole process takes about 10 minutes. If you need help, activation agents can help you navigate the process and improve your listing.
What to Know Before Signing Up
It’s free to publish a listing, but hosts are responsible for covering the 4.9% processing fee each month they have renters. Neighbor makes money by charging the renter an additional 5% to 20%, depending on the reservation. Because Neighbor’s prices are half the cost of traditional storage, renters save money as hosts make money.
Neighbor will also provide you with tips to make your listing stand out and make more money. For example, having good quality photos of your space can help you attract more renters. So can offering a first-month special of 50% off.
If someone is interested in your space, they’ll reach out to you. You can talk to them on the website or in the Neighbor app about what they’re storing or even meet them in person before accepting them.
Neighbor has helped hosts all over the country bring in extra money each month. So if you’re looking to make some extra money from your empty basement, click here to see how much you could make.
Kari Faber is a staff writer at The Penny Hoarder. Her neighbors are the best — literally. They were recognized as the best neighborhood in America.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.