[ad_1] 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 Overall Rating 9.2 Earning Potential $2,000/year 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 Mobile App 9.2 Payments 9.5 Liability Protection 8.5 Customer Service 6.0 Fees 8.5 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
