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Making Ends Meet: Earn money by renting out your unused storage space

Posted at 8:50 PM, Mar 10, 2024
and last updated 2024-03-10 23:50:51-04

PHOENIX — How would you like to make money off of something you are literally not using? The Neighbor app helps people earn some extra cash by renting out their extra storage space.

Brian Stahovich has been a 'host' on the app for about a year. His backyard in Mesa has something that many others need: space. The land behind his home is now filled with cars, boats, trailers and even old military equipment.

"Between the boat and where the fifth wheel is, that one's already reserved for someone coming in like two weeks," said Stahovich.

He gets his bookings through the peer-to-peer storage app. He posts pictures, and descriptions of his space and then sets his pricing.

"It can also give you like a guide of like, hey here's generally what it is and then you basically make like a profile for each spot," added Stahovich.

When asked if he makes decent money, Stahovich replied, "Yeah, you can make pretty good money and it's really not much of a headache. And a lot of times the people are easy enough to coordinate with."

He says the app is simple to use and convenient.

"There's no overhead. That's the thing, and you just, they collect the money upfront. You get paid a month later," Stahovich explained.

Users don't have to have a massive plot of land. You can rent out a shed, space in your garage or even an area as small as a closet.

"This is the easiest money I've ever made," Neighbor CEO and founder Joseph Woodbury says that's the comment he hears the most from people who list on the app. He tells us his goal is to provide a platform for making extra income and peace of mind.

"We provide up to $50,000 in protection for renters. We have a $1 million host guarantee because as a host you're effectively operating a business and so you want to have that peace of mind," said Woodbury.

He says it's not just homeowners but businesses also that list extra space. He also believes utilizing this unused space is better for the environment.

"Why are we building all these new buildings with all this concrete and steel when we've got all this space sitting there? It's already built and we can just recycle it and someone will want to use it.

Back at Brian's house, he doesn't have any plans to rent out more of his space but he does know what he plans to do with the extra money he's earned off of it.

ABC15 asked if Stahovich has the cash earmarked for anything right now. He responded, "Yes, we want to actually redo the backyard. We're looking at doing some turf and a few other things around to just make it better for the whole family."

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