Neighbor & Airbnb – The Ultimate Home Sharing Duo

Welcome to the 21st century, where earbuds can translate foreign languages, pens can draw in thin air, and you can make money off an empty closet with the click of a button. (Ok, maybe a few buttons.)

How is this possible? Let me introduce you to home sharing, arguably the most cost-effective innovation of our time. It works by allowing homeowners to rent out their unused storage space (garage, spare bedroom, etc.) over the internet.

You could rent your space out as living space for a long-term roommate or short-term travelers with Airbnb. If you don’t have suitable living space available, you can rent out storage space instead with Neighbor. If you’re looking for other creative ways to monetize your home, check out Silvernest’s list of unique ways to monetize your unused space. Either way, anyone can participate in home sharing economy.

I get it. Letting some random person you’ve never met into your home doesn’t seem very safe, and you’re right, it’s not. That’s why companies like Airbnb and Neighbor do all the hard work of security, background checks, and host insurance policies. You can kick back worry-free and enjoy the extra padding in your checking account every month from passive income.

Why Airbnb and Neighbor are the Perfect Pair

Join the sharing economy already! You can choose to use Neighbor or Airbnb to rent out space in your home, but why not try both? Home sharing, it’s easy! Each company caters to a different kind of space, so you can get the most money out of your house.

Let me paint a picture for you. You just moved into your new home and find you have an extra bedroom and unfinished basement you aren’t using. You could rent the bedroom out on Airbnb, sure, but what about the basement? I guarantee your dust-coated cement bunker isn’t going to entice any weary travelers.

That’s where Neighbor comes in. You can rent out space on Neighbor that isn’t suitable for Airbnb, like that basement cavern. Since Neighbor specializes in storage space, renters will be more than happy to pile their boxes in those unlivable spaces. Using both companies together means you can make every square inch of your home work for you. Now that is home sharing to the max!

So what can I rent out on Neighbor?

Peanut Butter and Jelly, Calvin and Hobbes, Netflix and Nutella, Airbnb and Neighbor — some things are just simply better together.

What should I rent out on Airbnb?

Not all spaces are good candidates for Airbnb. Like I mentioned before, your dank unfinished basement definitely falls into that category. Here are some questions to ask yourself about your space before listing it on Airbnb.

• Will guests have access to a bathroom?
• If guests routinely stay in this space, will it interfere with my daily life?
• How difficult will it be to clean this space?
• If I were a guest, would I choose to stay at this space?

These questions will help you determine if the unused space you’re thinking of is suitable for Airbnb. Going through this list will knock out obviously unsuitable areas like an RV pad along with less obvious areas like a spare bedroom too close to your own room.

Here is a list of types of spaces you should rent out on Airbnb:

• Bedrooms
• Bonus rooms
• Mother-in-law apartments
• Unattached studios (so long as they have electricity and water)
• Beach vacation homes
• Totally awesome treehouses

How much can I make on Airbnb?

Your potential income from Airbnb depends entirely on three things: the type of space, how much you charge and location. For example, a swanky vacation home in the Bahamas priced cheaper than nearby hotels will likely bring in a couple thousand a month. On the other hand, renting out one bedroom in Parowan, Utah will land you less than $500. Location, location, location. 

Here’s an Airbnb rental price comparison chart.

*All prices are based on the average national home sharing rental market.

What should I rent out Neighbor?

Don’t have an extra apartment lying around to rent out on Airbnb? No problem! Neighbor is the catch-all for almost every other kind of space. Storage space requires very few amenities compared to living space, so chances are your space will be perfect. Before you decide to host, go over this checklist to ensure your renting out the right space in the right place.

• If this space was full of boxes, would I be inconvenienced?
• Will I need this space in the near future?
• Am I capable of maintaining the security and cleanliness of this space?
• Could this space be better used as living space?

The best part about Neighbor is you have a broad set of suitable rental spaces. Even space that could be used on Airbnb will still pull a pretty penny if you list it on Neighbor instead. The same can’t be said for the other way around.

This list isn’t definitive, but here are some ideas of spaces you might want to rent out on Neighbor:

• Closet
• Unfinished basement
• RV pad
• Garage
• Attic
• Spare bedroom
• Backyard shed
• Open land

I’m guessing you have at least one or two things on this list. Interested in making money off of them? Find out how to host with Neighbor and make your space work for you!

How much can I make on Neighbor?

Just like Airbnb, the amount of passive income you can generate through Neighbor is completely dependent on the space, price and location. Different amenities like climate control, security cameras and electrical outlets will add tons of extra value to your space.

Check out this Neighbor rental price comparison chart for specifics. Now, you probably have multiple closets, bedrooms, RV pads, or even garages. So just take those monthly income estimates and multiply by 3 or 4. Not bad for space that would otherwise go underutilized!

*All prices are based on the average national home sharing rental market.

10 Things to do with all the extra cash

The amount of money you could be making from your extra space starts at 50 bucks a month and goes all the way to a few thousand a month. Let’s say you’re the average homeowner with one spare bedroom and a two-car garage. You list the bedroom on Airbnb and half of the garage on Neighbor, landing you about $750 a month.

That’s a lot of money. Especially considering it’s money that finds its way to your bank account regularly with minimal effort on your part. Here are 10 things you could do with that extra cash.

1. Buy a 2018 Lexus RX 350 and pay it off in 60 months.
2. Help 15 animals every month at Best Friends.
3. Order 12 burgers at In-N-Out every day.
4. Go on a four-day cruise to the Bahamas every month.
5. Buy an iPhone XR for yourself, your significant other, your parents, your in-laws, your two best buddies, your boss and your dog over the course of one year.
6. Give 4,500 sandwiches to homeless people every year.
7. Purchase four Amazon stocks a year (as of September 2018).
8. Acquire 1.5 acres of land in Hawkins, Indiana to start an alpaca farm.
9. Order a new Gucci handbag every four months.
10. Collect stamps–more than 5,000 of them every year.

Conclusion

Massive homes are the current trend, and home sharing is even trendier. This means all that extra space translates directly to passive income. Wouldn’t it be nice to let someone else’s money help pay your mortgage? You may have heard of Airbnb before but didn’t feel comfortable renting out your home to strangers. Or maybe you just didn’t have the right type of space.

Good news!

Neighbor makes up where Airbnb falls short. You can still make money off your unused space without washing 20 towels every week. Learn how to host with Neighbor and start making money now!

If you have all kinds of empty rooms sitting around, use both Neighbor and Airbnb. This home sharing dynamic duo will make sure those rooms earn their keep. What are you waiting for? You could be seeing that extra cash in as little as a few weeks. Think of all those burgers and iPhones you could buy. Or your malnourished savings account that could use a little love. Just list your space and watch the magic happen!

Have you ever used a home sharing website like Airbnb and Neighbor? Do you think it was worth it? Let us know by commenting below!