Feeling a cash crunch? Between the high cost of living and inflation, we could all use a little extra income these days. And what better way to keep the cash flowing than by utilizing your existing assets? That's exactly what I did.
I had this piece of land that I was planning to develop into long-term rental properties. But this was taking longer than I anticipated, and I was looking at a lot of upfront costs. While I was saving for the development of the land, it was just sitting idle and overgrown.
On my way to the airport in an Uber, I told my friend all about this. They immediately suggested I list the space on Neighbor, an app that allows you to make money by renting out your unused spaces like a parking lot or a driveway. Much like Airbnb connects travelers with hosts offering spare rooms, Neighbor pairs property owners with neighbors looking for vehicle and self-storage.
The idea immediately struck me as the perfect solution, so I signed up and listed my space right away. By the time I landed at my destination, I had already received my first reservation - I couldn’t believe it!!
Fast forward a couple of weeks, and I'm on track to earn over $4,000 a month just by storing a few cars and a boat in the space I wasn’t using.
I’ve used Airbnb in the past to turn extra rooms into a source of income, so I was curious about tapping into the potential of Neighbor. Here’s how my experiences compare:
If you’re looking to spend less time and money managing your space… Neighbor wins
Hosting on Airbnb includes a lot of upfront costs and ongoing maintenance. From furnishing the space, cleaning and preparing the property, and managing guests as they come and go, Airbnb can be really demanding, especially if you have multiple rentals.
With Neighbor, there are zero upfront costs. My open land was ready to list as-is, and required minimal additional maintenance outside of the work I was already doing to keep it up. Plus, renters on Neighbor are looking for properties that are available for months, not days, so I don't have to worry about constantly finding new renters. In fact, hosts rarely hear from their renter during their reservation. I can’t remember the last time I did.
If you’d like to maximize the use of your space… Use both
Neighbor isn't only for the owners of undeveloped land, but those with existing Airbnb properties, too. Neighbor empowers Airbnb owners to monetize every part of their property like driveways, sheds, or even an unfurnished basement. Both Neighbor and Airbnb can help you maximize your space (and profits!), but Neighbor gives you a few more options—especially outside.
If you're juggling multiple side hustles like I am, Neighbor can seamlessly fit into your schedule. I’ve been renting my driveway for a month, and I’ve spent less than 30 minutes in total using Neighbor. In contrast, Airbnb demands more daily effort and time.
If the space you have isn’t a traditional living space… Neighbor wins
While Airbnb requires furnished rooms, Neighbor allows me to rent out all types of spaces in my home like my driveway, garage, shed, unfinished basement, and of course, my open land.
This open land, which is conveniently close to the airport, has been perfect for storing cars, boats, and RVs. Who would have thought!? And if you get confused or need help listing a non-traditional living space (or any other space for that matter), a Neighbor representative is just a quick click away.
If you’d like to help out those in your local community… Neighbor wins
Traditional self-storage units are expensive, and not everyone can afford them, but Neighbor helps renters save an average of $1,200/year and won’t surprise them with increased fees.
Another plus is that I get to build connections with real people in my own backyard, which is an experience I don't often get using Airbnb. After all, hosts rarely interact with their guests before and after their stay on Airbnb.
Storage is a long-term investment, and I love the idea of building a relationship with my neighbors for as long as they need my space.
And the winner is… Neighbor!
At the end of the day, the decision is yours. While Airbnb can be a profitable option for those with ample time and initial investment, Neighbor offers a more convenient way for me to monetize my extra space with no upfront costs.
Neighbor is truly a no-hustle side hustle, ideal for people like me who don’t have the time or resources for a more demanding commitment. If you’re looking to rent out some unused space on your property, take a look at Neighbor!
