Basics:
PeerStorage is a marketplace where people who have unused space can rent it to people who need to store things
Expected pay: You set it
Husl$core: $$$
Commissions & fees: 3% paid by hosts; 10% paid by renters
Where: Nationwide
Requirements: 18 or older; ownership of property to be rented; property must be clean, and when covered, free of leaks and damage. Host need to verify their identity and their ownership of the space
What is PeerStorage?
PeerStorage is a peer-to-peer marketplace where people who have unused space can list it for rent. And, naturally, people who need to store things can search the site for amenable space.
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How it works
Hosts register and create a profile, specifying the space they have to rent. Hosts also set the rates and terms, such as what’s allowed and not allowed in your storage space, and the frequency and times that people can get access to their stuff.
However, the site gives suggested rental ranges that are meant to price your space at a significant discount to commercial storage rates. To give an idea, suggested rates to rent out a garage are $201 a month; a shed, $104 per month; RV Parking, $507 a month; etc.
Risks
The site has no liability nor property insurance for hosts nor renters and suggests that both parties get their own coverage.
Renters, however, agree (by accepting the site’s terms) that hosts will not be held liable for injury on the host’s property, unless the host is deemed to be “grossly negligent.”
PeerStorage does provide a “secondary guarantee” for up to $1,000 in damage that’s not covered by other insurance. Reimbursement is at the discretion of the site.
Payment
Renters pay for the space upfront. However, hosts are paid only after a 30-day delay. They also need to request payment from the site and set up a Stripe account to access their funds.
Once a rate is set, the landlord is barred from changing the rate during the rental period.
The rental period is defined as from move-in to move-out. And this prohibition on rental rate increases appears to apply even to month-to-month rentals, where the renter can use the space indefinitely — as well as to re-bookings. So, landlords beware. If you list space too cheaply, you might be stuck with that rate for the long haul.
Other fees
The site can impose cancellation fees on hosts, if they need to terminate a rental early. The site’s terms state that hosts must give renters “sufficient notice” if they need renters goods removed before the end of the rental term. Sufficient notice is defined as half of the rental term. In the case of a one-month rental, that would be 15 days.
If sufficient notice is not given, the site can impose a $100 termination fee and force the host to pay the cost of removing the tenant’s goods.
Access
Like other storage marketplaces, PeerStorage bars hazardous items like guns, fireworks and poisons.
However, it’s up to the landlord to make sure that the stored goods don’t violate the terms. While landlords are able to set hours for when tenants can get access to their stuff, they’re supposed to let tenants know if they go on vacation or are otherwise not available during those hours.
Recommendations:
PeerStorage is a relative newcomer to the peer-to-peer storage market. So, it’s less likely that you’ll find a renter here than with some of the site’s competitors.
We are also bothered by the host restrictions on raising rates.
Overall, we think Neighbor and Stache are better choices for listing your available storage space. But there’s no downside to listing storage space on all three sites. They’re not mutually exclusive. You can list with PeerStorage here.
You can read our review on Stache here.
Or read our Neighbor review here. (You can also sign up for Neighbor here.)
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