Earn Passive Income By Renting Out Your Empty Space With Neighbor

3 minutes

There is a clever way to earn some passive income! A lot of people have a lot of stuff! And what some of them don’t have is space. That’s precisely where Neighbor comes in. If you have space available that you do not have any use for, you can turn that into a real passive income. Not only does this help you save more money, but you are also helping fellow neighbors of your community in need. Take a look around your house. The space you rent out can be big or small, such as parking spaces, rooms, sheds, closets, attics, and more.

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Got an empty Garage or Parking available?

If you have a garage, carport, or parking space you don’t use (even street parking), this is a perfect opportunity! You can rent that out to someone in need and earn a lot of passive income. The amount, of course, depends on your location. Use their website to check availability and prices for the kind of garage or parking you can provide.

Here are some examples:

  • 20′ x 10′ open parking lot
    • Venice, Los Angeles, CA: $150-250$ per month
    • Phoenix, AZ: $60-150 per month
    • Chicago, IL: $100-225 per month
    • Denver, CO: $50-150

These are just some examples to get you a feeling for what you could earn. The more features your parking space provides, the more you can make. If you have a closed garage, that would earn you more in passive income. The same is valid for climate-controlled rooms or places that are private.

Have a spare shed, room, basement or closet?

Of course, people need more than just garages or parking. Sometimes, they need a way to store some boxes, equipment, or smaller items. If you have a spare shed in your garden that you don’t need, you can rent it out! Empty/unused rooms, attics, or a basement can provide much passive income. But also, smaller spaces can generate passive income for you!

You are in control

Since you are renting out your space, you are making the rules. You can specify the rental terms for the property type you want to rent out. Any space you list also comes with a $1,000,000 liability guarantee. On top of that, you are also in control of when and how your neighbors use your space. Neighbor even covers the two-month cost if a renter fails to pay! The process is simple, and no paperwork is required. Neighbor provides all the terms of service.

Spaces are rented out on a month-to-month basis. If your circumstances change and you need the space you rented back, Neighbor has you covered.

Final Words about Neighbor

Renting out space you don’t have any use for is a great way to earn some passive income and save more money. It can help you reach your financial goals. Even if it is only a tiny closet, every dollar can help you. If you want more ways to save money, check out our guide, “10 Money Tips I wish I knew in my 20s”.

We think it is fair to point out that we personally have not used Neighbor’s service so far as we don’t have any space to rent out.

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