STOW IT and Neighbor are both great resources when it comes to renting spaces like driveways, garages, barns, and commercial spaces for vehicle storage. If you have multiple spaces such as a yard, parking lot, or warehouse you will probably want to list on both. You can consider them similar to Airbnb and VRBO, where a property owner can use both simultaneously.
The Difference Between Neighbor and STOW IT
The main difference is that Neighbor allows stuff storage such as furniture and boxes of items to be stored through their site, whereas STOW IT requires that items have wheels. If you have something like a closet or spare bedroom to rent, you won’t be able to list it on STOW IT. This also means that if you prefer vehicles to be stored on your property you may have a better chance of renting your space on STOW IT since they focus on vehicle storage.
Here are each of their pages that explain how to get started:
If you are interested in listing your space and making passive income, here are 5 tips to ensure that your listings get noticed by potential renters.
Photos of your Property to Rent
Each site allows for multiple photos. These photos are the first thing that potential renters see when looking at spaces to rent. Be sure to take clear photos and at least 3 photos of the space.
We recommend the following photos:
- One of the entrances of the property
- Two of the inside of the building or the outside area where they will park
Other tips:
- Use horizontal photos to show more of the space
- Ensure the photos are large enough so they do not become pixelated on your listing
- Clean the area before photos
Photos are the #1 factor for success when it comes to renting out your space on STOW IT or Neighbor, so it is important to get this step right.
How to Price your Storage Space
Once a renter is interested in seeing the photos, the next consideration is the price. When pricing your spot, you usually need to be cheaper than traditional storage options nearby. Often this is the biggest mistake that property owners make. You need to charge less because you probably will not offer things like 24/7 access, security cameras, and paid staff on-site like a facility would.
Because of these factors, you should try to be 10 to 15% lower than traditional storage facilities nearby.
Another way to price your space is to look at other listings on these sites that have many reviews and successful rentals. Both Neighbor and STOW IT show how many rentals a location has previously had. This will show you who has had success and you can then base your pricing off of their location. A price too high will result in no requests or messages on either website.
Description of Storage and Space Details
If a renter likes the photos and the price, the next thing they look at is the space description. You want to be thorough but keep the description short. People do not like to read a long blurb of text on a rental listing. The best advice we have is to keep your description between 4 to 7 sentences and use bullet points when possible to describe space features.
When looking to rent your space you want to mention the following:
- Security features - living on-site, gates, cameras, and anything else that may make a renter feel safe
- Access – How often can the renter access items and do they have to contact you first?
- Specific Features – If it is outdoors is the parking on concrete, grass, or dirt. If it is indoor how big is the door and what type of floor does the space have?
Both Neighbor and STOW IT let you check multiple boxes of additional features so that renters can see basic details without a text description, but it is recommended that you write something friendly and informative to convince renters to rent your space.
Communication with Renters
If a renter is interested, they may choose to request a space or message you. Both STOW IT and Neighbor allow users to message through their systems. It is very important to respond in a timely manner. Neighbor and STOW IT send these messages to you via text, so you can quickly reply from your mobile device.
Most people need storage within 72 hours of their message, so if you delay responding, you will miss many renters that are in a hurry to find a storage space.
Location of Property
This last one is hard to change but matters a lot to potential renters. If your location is far from any cities or suburbs, you may just not be able to have success on STOW IT or Neighbor. You can try to lower the price and offer more access, but there are certain areas where storage is not needed. If you live in an area whereby everyone has acres of land and outbuildings, then there just may not be demand in the area. You can still list your space on STOW IT and Neighbor and listing your space is always free. Therefore, it will not cost you anything to try but you may not have success because of the location even if your price, photos, and description are great.
We hope this helps you create the perfect listing. We have properties throughout the United States that have made thousands of dollars with us at STOW IT and we look forward to working with you!