LEHI, Utah—The real estate industry continues its struggle with high-interest rates and low office occupancy, from the largest REITs to individual investors. But a new shift has emerged that’s allowing investors to boost profitability by unlocking cash flow from previously idle spaces. Neighbor.com, the leading storage marketplace, has seen a 31x growth of listings in office, retail, and their surrounding parking lots since the vacancy trend began in 2020.
Many investors are realizing 3x improvements in cash-on-cash returns simply by listing their unused space on Neighbor. To meet the demand of these partners, the company is introducing “Blueprint,” an innovative feature created to revolutionize how hosts design and monetize their unused space for vehicles, RV, trailers, and boat storage. This mapping solution leverages satellite imaging, allowing hosts to effortlessly layout storage opportunities and estimate their earnings.
Joseph Woodbury, CEO of Neighbor.com, voiced his enthusiasm about the industry: “There’s a seismic shift happening within the real estate industry. Historically, investors have focused on monetization through core rents. In this changing economy, there’s a huge move towards ancillary revenue streams and “full-property” maximization. We’re modernizing the industry by bringing the demand, tools, and software so any property owner can easily launch their own ancillary-storage business. Neighbor is enabling these investors to monetize any extra space they have, be it a parking lot, empty retail space, vacant floor of an office building, or even a garage.”
“I initially viewed Neighbor as a means to earn some extra income. However, I quickly realized its immense potential to generate revenue and be the basis for a viable business, simply by renting out my extra space as parking. This new feature surprised me with how quickly and efficiently it helped me map out my available space and accurately quantify the additional money I could be making,” shared Omar, a real estate investor, and a Neighbor Host.
To learn more about Neighbor and to see how much you can earn from your unused space, visit Neighbor.com/Host.
About Neighbor
Founded in 2017, Neighbor is a storage-sharing marketplace based in Lehi, Utah. The company connects people who have unused space in their house or on their property to renters looking for closer and more affordable storage solutions. Renters save money, while Hosts earn thousands of dollars per year from their unused space. Neighbor is available in all 50 states, across cities, suburbs, and rural areas. Investors include Andreessen Horowitz, Fifth Wall, and the CEOs of marketplace businesses DoorDash, Uber, Overstock, and StockX.
