Affordable storage is hard to come by.
For most Britons, moving to a home with extra storage space is simply not a viable choice.
And yet, people keep acquiring stuff that they need storage space for.
Enter storage space renting.
If your kids have flown the nest and you find yourself with more space than you need, or maybe you simply fancy boosting your bank account balance, then renting out storage space could be a brilliant solution.
Mostly, people need a little bit of storage space for a short period, like when camping or out on vacation.
But there are also times when people need a lot more storage for a longer time.
There are various types of storage spaces that you can rent out:
- Basements
- Storage units
- Attic space
- Garages
- RV pads
- Closet spaces
- Bedrooms
Listing Your Storage Space Online
Peer-to-peer storage rental platforms like Storemates, Stashbee and Neighbor (the Airbnb of storage space) connect people with extra space with people who need it.
You can list storage space for free, respond to rental inquiries, rent out and make money. Perks include payment guarantees and the freedom to pick renters based on your personal preferences.
Steps to renting out your storage space:
- Identify the right platform for your storage space.
- Sign up by filling in your physical address, confirming your phone number and creating a password. Your address will only be shared with renters you approve.
- Create a listing.
- Select the type of storage you want to rent out.
- Input accurate measurements of the space. If there are special features like smoke detectors, security cameras, or climate-controlled, be sure to mention them.
- Add a few well-lit photos of your space. Landscape orientation always stands out for these types of listings.
- Set your price or use the recommended list price from the site’s algorithm.
- Decide when renters can access your space (business hours, 24/7, or by appointment only).
- When you feel good about your listing, go ahead and publish it yourself.
- Potential tenants can chat with you once your listing is live.
- After reviewing their profile and reaching an agreement, the tenant can rent the space. You can make arrangements as to how they will access your space and start using it.
- The tenant’s credit card will be charged automatically and the money deposited into your account. A payment guarantee protects all bookings.
- If there’s a need to take out the belongings, you (the host) or the tenant should give at least a month’s notice.
Things to Consider Before Renting out Storage Space
Before you rent out space, it’s advisable to check with your mortgage provider and insurance company (if you have one) to ensure they are happy with this arrangement.
Tenants cannot store illegal drugs, firearms, waste, hazardous items, stolen goods or perishable foods. It’s your duty as the host to ensure that these requirements are met.
Every income-earning opportunity comes with its own unique risks. When you rent out storage space, there’s always the risk of defaulters or renters damaging your property. Luckily, storage renting apps have a renters’ guarantee that protects you from these scenarios.
Before picking one company over another, conduct your due diligence. This includes scrutinising the company’s procedures, policies and user experiences.
How much you will earn will be determined by your location and the kind of space you have.
To sustain themselves as a business, bookings have a service fee. Don’t worry; it’s totally free to list your storage space. The company includes the fee in the rental charge paid by the renter.
Conclusion
There seems to be an ever-growing need for storage space in most countries, including he UK.
If you don’t fancy letting strangers into your house, how about renting out storage space instead?
Yes, these companies take a cut in your earnings, but they also do lots of the legwork, so you don’t have to. Once the belongings are stored securely, you have nothing to worry about.
Having visitors is also a fun way of meeting new people – and even making new friends.
Happy renting!
The information provided in this article is opinion and is for informational purposes only. It is not intended to be and should not be construed as investment advice. Seek a licensed financial professional if you are in need of investment guidance.
