Want to Make Extra Money Now?
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With so many side hustles under the sun, it’s hard to choose one that fits your schedule.
That’s why lately I’ve been testing various passive income ideas to earn money so I can make money without having to actively work.
Why would you have it any other way?
One of the top side hustle ideas that I’m researching is getting paid to store things or renting out space for additional income.
Interested in earning extra cash each month renting out the space you don’t use to neighbors who need to store items or vehicles?
Let’s learn more.
Why Would you Rent Out Your Space?
Do you have extra space in your home, attic, garage, storage unit, or anywhere else that you are not using? Have you ever considered renting out some of this unused space to make a few extra bucks?
There are many possibilities when it comes to renting out your extra space, and Neighbor storage can help.
Ready for an easy side hustle? With Neighbor, you can earn passive income by renting unused space in your home, garage, or property.
- Earn up to $600 per month renting a garage
- 48 hours to screen potential renters
- Get 1 payment at the end of each month
- $1 million free coverage for hosts
What is Neighbor.com?
This site serves as a marketplace for people specifically looking for storage options. It isn’t limited to solely storage space, you can also offer spaces for a car, boat, or RV parking, attic space, closet space, outdoor sheds, bedrooms and bicycle parking.
Sign up for an account and register your space for rental opportunities! Neighbor.com offers a guarantee to both renters and hosts, ensuring that there is a safe relationship on both ends.
How Does Neighbor Work?
Neighbor works when you become a host on the platform. You’ll start by creating an account where you will enter in your first name, last name, email address, password and phone number to create an account.
Next, you’ll share details about your spaces and how much you would like to earn. For example, I listed my parking garage since I have space for another car in there. After filling out a description, you’ll have to enter the measurements of the space so it helps renters know if their items will fit.
Next, you’ll have to create your profile and verify yourself. Then you’ll submit your space for review.
If approved, you can respond to renter requests (including what they want to store and when) and approve them. Finally, you’ll schedule a move-in time with your new renter. That’s it.
How Much Can You Make with Neighbor?
What’s a more accurate way to learn how much to earn with Neighbor than asking the CEO himself? Check out the short video below on how much you can make using Neighbor Storage to rent a space.
How Much Money Can You Make for Your Space?
Renting extra space is a great way to make some extra passive income, if you have space you are not using. Depending on how much space you have, and for what purposes it can be used, you can make anywhere from a few bucks a month to a substantial amount of money.
For example, if you have space in your garage that you rent out, you may make a couple of hundred dollars a month. If you have space that can be used for an Airbnb, then this amount can be much higher, as people may be paying nightly or weekly fees that rival those of a nice hotel.
Be sure to do your research to find out what the market rates are, this is where using a site where you register your space like Neighbor can come in handy, because they will do this part for you! Most people can earn up to $600 per month by renting a garage.
Ready for an easy side hustle? With Neighbor, you can earn passive income by renting unused space in your home, garage, or property.
- Earn up to $600 per month renting a garage
- 48 hours to screen potential renters
- Get 1 payment at the end of each month
- $1 million free coverage for hosts
Risks of Storing Other People’s Stuff
Of course renting out your space sounds very simple, but be aware that there are certain risks involved. First, you may be responsible for insuring their property from fire, flood, or theft. You must make sure to take all safety precautions seriously, as you are now taking care of another person’s belongings. There are also risks to your own property, if someone is storing illegal or dangerous items.
You are also opening up your home or your property to strangers, which comes with its own set of risks. If you are having people rent out your home, there is a risk to your belongings, as well. The bottom line is to know who you are renting to, and have a very clear agreement or contract before renting out any space.
However, if you use Neighbor, they offer General liability protection of up to $1 Million USD for every host — at no additional cost. Whenever a renter makes a reservation and stores their items in your listing, you’re automatically protected by the Host Guarantee.
You’re protected from personal liability claims from Neighbor storage renters or their authorized parties (related to a storage reservation).
What Kind of Space Can You Rent Out?
Rent out a storage space
These days, storage units can be hard to come by. With many college-aged students and young adults moving back home (hopefully temporarily) during the pandemic, parents are often looking for a place to store their kids’ apartment essentials that won’t fit in the house.
Don’t get rid of your storage space if you are not using it, but consider either sharing it with someone and splitting the costs, or renting it out entirely on Neighbor and making a few extra hundred dollars a month.
Rent out a parking space
For those living in urban areas with limited parking options, if you have any extra parking, think about renting it out on Neighbor for a weekly or monthly basis. A contract with a parking garage can be very expensive, but if you have extra room that you are not using in your driveway, then you may be sitting on some potential money.
FAQs
To rent out office space, you first have to know all of the details, including square footage, access, whether or not it will be furnished, is it ready for rent (e.g., does it need painting or repairs?), how many tenants the space can accommodate, etc. Also, know the local market rates for renting a similar space. If you are not able to manage any tenant concerns, then find a property manager who can. Also, consult with your attorney to create a binding lease for you as a landlord as well as your tenants.
To rent out office space, you first have to know all of the details, including square footage, access, whether or not it will be furnished, is it ready for rent (e.g., does it need painting or repairs?), how many tenants the space can accommodate, etc. Also, know the local market rates for renting a similar space. If you are not able to manage any tenant concerns, then find a property manager who can. Also, consult with your attorney to create a binding lease for you as a landlord as well as your tenants.
Generally, no. but make sure you know the local zoning laws and regulations. Renting a room in your house not only makes you a landlord but also a roommate. As a landlord, you are required to comply with certain safety measures, including smoke detectors, sprinkler systems, security systems, and more. You are also going to be responsible for cleaning upkeep, or for paying someone to perform these duties. As with any other type of rental, be certain to have a clear lease with your tenant.
If you have a storage unit you are not using and want to rent it to someone else, remember that you are still responsible for that unit. This means you are responsible for ensuring that nothing illegal or dangerous is stored there and that your tenant will comply with all the rules of the storage company. Check with the storage facility about whether or not they have a policy about subletting the units.
Depending on the type of space you are renting, the location, and the market need for the type of space, you can rent your space for a few bucks or a lot of money. This is where the sites mentioned above can be useful. They will help you assess the value of the space as well as the market demand and going prices in your region. You will need to find a price that is reasonable and affordable by local standards. If someone can go with a larger company for a lower price, they are unlikely to go with a private person when looking for space to rent.
The answer is yes, you will have to pay taxes on any profit. Your profit may be reduced by any commissions or listing costs when you use a service, as well as any cleaning fees or costs associated with running a rental business.
Conclusion
Renting out your extra space can be a great way to make a passive income with a side hustle. Just do your homework to avoid the potential pitfalls and headaches. When every detail is attended to, this can be a terrific addition to your income! We recommend using Neighbor storage to rent out your space if you want the process of renting out your space to be easy and seamless.
Ready for an easy side hustle? With Neighbor, you can earn passive income by renting unused space in your home, garage, or property.
- Earn up to $600 per month renting a garage
- 48 hours to screen potential renters
- Get 1 payment at the end of each month
- $1 million free coverage for hosts
