Peer to Peer Storage: Make Money Renting Out Your Extra Space

By: Alex Dabek

Last Updated: Mar 23, 2021

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People love buying stuff. So much so, that they are are running out of space to store it.

As a result, self-storage is a $39-billion industry that continues to grow each year.

To put it in perspective, there are more self-storage facilities in the USA then McDonald's, Starbucks, Dunkin Donuts, Wendy's and Pizza Hut's... combined!

Peer to Peer Storage Market

Photo: Neighbor.com

What Is Peer to Peer Storage?

Peer to peer storage or P2P storage, is the idea to let someone use your empty storage space in exchange for money.

Apps like Neighbor (and others), let you list your storage space and make money from this giant market.

If you have some storage space in your home or can clean out clutter to create space, you could turn P2P storage into passive income that pays you every month.

How Much Can You Earn with P2P Storage?

Renting out storage space in your house can make $40-$250 month. This is an average so it can be more or less depending on your space. Generally, the more square feet you have available, the more you will you earn.

And remember, this is passive income that requires $0 to start and not much time to maintain.

If you have a spare room that is rarely used, why not turn it into a private storage room by installing a secure lock on the door? Cleaning out even a small corner of your garage could make enough room for someone who wants to store a few boxes while moving to a new home.

Pros of P2P Storage:

  • Earn extra money to put towards your bills, mortgage, or for fun
  • Costs $0 to start and 10 minutes to make a listing 
  • Passive income: the average rental duration is 14 months according to Neighbor.com
  • Takes very little time to manage
  • You set the rules for your listing
  • Most P2P apps like Neighbor.com have insurance

Cons of P2P Storage:

  • Your income is capped based on how much space you have
  • Neighbor takes a fee of 4.9% (it's probably worth it though for the insurance and convenience)
  • You can make more money with Airbnb if you're willing to accommodate guests and put in more work

Types of Storage Space

Consumers are renting storage space for many reasons. Here is a list of the types of storage spaces that are in demand:

  • RV space
  • Garage storage
  • Locked, secured private storage rooms
  • Boat storage
  • Attic storage
  • Basement or extra bedroom storage
  • Tool or garden shed storage

If it's possible to store it in a storage unit, it's possible to store it in someone's home. 

P2P Storage vs. Airbnb Hosting

P2P storage and Airbnb hosting are similar. In both cases, the goal is to make money renting out your extra space. However, they are very different for income and workload. Let's look at how they compare:

Control - Both allow you to have control over your price, availability, and the rules for your space.

Income - If money is your only goal, then Airbnb is more lucrative. On Airbnb, you can potentially make $1000's every month. P2P storage can make roughly $40-$250 per month. However, not everyone has space to accommodate travellers but they might have space for storage.

Workload - Airbnb pays more, but requires a lot more work. You have to clean when guests leave, respond to issues, keep supplies stocked, and more. P2P storage is much more passive. Usually, you'll have one long term tenant opposed to many guests coming and going through Airbnb. Airbnb can be automated, but it takes much more skill and effort to set that up.

Which One Is Better?

If you're willing to invest more time and deal with guests coming and going, Airbnb is much more lucrative. If you just want as little work as possible and passive income, P2P storage wins. 

Final Thoughts

If you want some extra pocket money that's easy, passive, and requires no financial investment then peer to peer storage might be right for you.

Of course, not everyone has extra space to offer, but if you do have a spare bedroom, closet, garage, attic or something similar, that's all you need to make an extra $40-$250 month!

To get started, simply create a listing on Neighbor.com if you're in the USA or google "Peer to Peer storage apps" in your country.