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San Diegans renting out storage space for extra income

San Diegans renting out storage space for extra income
Posted at 4:30 PM, Feb 07, 2022
and last updated 2022-03-01 11:02:01-05

SAN DIEGO (KGTV) — With the cost of just about everything on the rise, some San Diegans are turning to their storage space for some extra cash.

After three decades in Hawaii, Zee moved to San Diego in 2018 and purchased a three-bedroom home in Clairemont.

“First-time homeowner … financially nerve-wracking,” said Zee.

To relieve those nerves, at the beginning of 2020, she turned to Neighbor, an app just beginning to expand into San Diego.

“I was looking for creative ways to supplement the help with my mortgage,” said Zee.

On the app, anyone 18 years of age and older can rent the space out, from a garage or driveway to a bedroom or closet.

Zee decided to move her vehicle to the street and list her two-car garage, eventually renting it out to a neighbor who builds custom-made mountain bikes.

Zee decides how and when the garage is accessed, and charges $200 per month. The app, which handles all financial transactions, claims $20 in monthly service fees. The amount varies depending on the cost of the rental.

Zee believes she could probably charge an extra few hundred dollars a month, but she wanted to cut her renter a break.

“She's a young, startup business owner, so you want to help,” said Zee.

Still, she says the extra money she does take in has come in handy. Zee, who works in hospitality management, was furloughed for 10 months during the pandemic.

“Steady income coming from a reliable source. It gives you confidence,” said Zee.

“On average. a 10-by-20 space will be about $200 a month in San Diego,” said Joseph Woodbury, co-founder of Neighbor.

Woodbury says thousands have rented out space in San Diego County, one of their top markets.

“Southern California is a perfect match for the platform. You combine people who are crammed for space and a suburban layout with homes with a lot of space. It’s a mix of people with space and without space, and what our platform does is combine those groups together to help each other,” said Woodbury.

Both the host and renter must pass ID verification checks. The space rental comes with a million-dollar insurance coverage for the host, with insurance also available for the renter.

“Until I need the space back, I think I will continue using this app and rent the space out,” said Zee.