Homeowners can now access steady stream of income by renting available storage space in attic, garage or driveway to their neighbors at half the price of a traditional storage unit
SAN FRANCISCO, Aug. 11, 2020 — Neighbor.com, the self-storage marketplace disruptor, launched today across the San Francisco/Oakland/San Jose metro area, creating a sustainable alternative to traditional self-storage. The platform enables local residents to rent out extra space in and around their homes to their neighbors. Neighbor’s shared storage marketplace brings inexpensive, safe and accessible storage options to the Bay Area while empowering homeowners to make thousands of dollars in passive income.
“Neighbor is the easiest way for homeowners to generate some much-needed money during these challenging times to help cover a mortgage or other essential expenses,” said Joseph Woodbury, CEO of Neighbor. “Our San Francisco launch couldn’t be more timely. The need for convenient and affordable self-storage has never been higher in the San Francisco Bay Area. The COVID-19 pandemic has led to extremely low availability at traditional self-storage units throughout the region.”
Neighbor introduced the peer-to-peer shared marketplace concept to the under-innovated $40 billion self-storage industry. As the “Airbnb of Storage,” Neighbor allows homeowners to rent unused space – such as garages, attics, driveways and sheds – to a neighbor who has storage needs. Some homeowners make up to $28,000 a year using Neighbor which – unlike other gig economy offerings — is truly passive income.
Beyond offering storage space within homes, Neighbor is also partnering with San Francisco-based Stuuf to repurpose unused commercial office space in SoMa and throughout downtown San Francisco. Stuuf’s team quickly and efficiently converts unused office space into storage space that can then be listed on Neighbor’s platform. This additional unique storage solution will maximize supply in some of the highest demand areas, relieving pressure on storage renters adapting to COVID-19 life transitions.
For renters, the Neighbor value proposition is clear: it’s cheaper, safer and more convenient. Renters can save up to 50 percent on what they would pay at a traditional self-storage unit without the hassle of deposits or long-term contracts. Unlike traditional self-storage operators, Neighbor also automatically provides renters with a $25,000 insurance policy for their stored items and all of these benefits are available much closer to their homes — often in their own neighborhoods.
“One in 10 Americans are locked into a self-storage contract, making it their most expensive monthly subscription. Storage renters can easily save $1,000 to $2,000 a year using Neighbor vs. traditional self-storage units,” said Woodbury. “Additionally, renters who use Neighbor also promote sustainability as it reduces the need to build more eye-sore, environment-damaging self-storage units.”
As part of the market launch, Neighbor has set up a team of local photographers who will visit interested homeowners and photograph their rental space to help enhance their profile on the platform. They can also help identify other spaces at the house that may be rentable.
Founded in 2017, Neighbor is a peer-to-peer self-storage company based in the Silicon Slopes of Lehi, Utah. The company connects people who have unused space in their garages, attics, basements and driveways to renters who are looking for affordable storage. Neighbor benefits renters by providing safer, more accessible storage for half the price of a traditional self-storage unit, while giving hosts the opportunity to earn thousands of dollars per year from their unused space. Neighbor’s team helps keep the connection safe, easy and friendly and provides an unprecedented $25,000 renter guarantee for items stored and a $1 million host liability guarantee so that good neighbors everywhere can help each other out. In January 2020, Neighbor closed a $10 million Series A funding round led by Silicon Valley venture capital firm Andreessen Horowitz.