Website helps you rent out extra space at your place for cash

The website that bills itself as an Airbnb of storage.

The self-storage business is a big industry: folks spend nearly $40 billion dollars a year keeping their stuff in facilities everywhere.

Now, a website called Neighbor.com wants to disrupt the space with self-storage options a bit closer to home - like, maybe even on your street.

Here's how it works: you list your extra bedroom, garage or closet and someone else pays to store their stuff there.

How much should it go for? Neighbor.com uses a sophisticated computer learning algorithm to help you figure out how much to charge.

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We met up with Luis Chavez, of Inglewood, California, who recently listed his empty garage space.

"I saw an advertisement on Instagram about people making extra income without extra work," said Chavez.

Chavez listed his space for $132, a monthly fee the website suggested.

"You tell us your city and the dimensions of your space. We have a machine learning tool that helps us know what spaces are going to get rented and the price we’re suggesting is to give you a 90% greater chance of getting rented," explained Joseph Woodbury, founder and CEO of Neighbor.com

"We enable homeowners or renters to rent out any sort of excess space they have.  You can literally rent with a neighbor and you can go and access your items much quicker," said Woodbury.

When it comes to safety, Renters have to describe the items they’re storing, plus there’s an ID verification process. Items are insured up to $25,000. Hosts get a $2 million dollar guarantee.

Some items are prohibited, like guns, anything flammable and items that needs to be refrigerated.

But when it works out, it's like extra cash in your pocket. Chavez was able to rent out his garage for the computer suggested price after just a few days of posting his listing.

"It’s a great business. Great for the owner of the place, extra income without the work. The renter gets something that will be safe," concluded Chavez.