Homstie Offers Unique, Creative Way to Make Money with Unused Space

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People are riding out the recession by renting out their garages as self storage space to generate extra income. Those people who are using these spaces as storage rentals are saving more than 50% compared to self storage facilities.

Turn your unused space into cash

Dane Selznick, U.S. Olympic beach volleyball coach of gold medalists Misty May and Kerri Walsh recently used Homstie to save $24,000 on self storage while he travels as the coach of the Russian National Team for the next four years.

Selznick found Homstie.com while searching for storage space rentals online. Homstie lets anyone with an empty garage, bedroom, parking spot or vacant lot rent it out and make extra money. People who are currently paying high prices at local storage buildings can save more than 50 percent by renting space from other people.

Selznick rented a 20-by-20 foot garage in Santa Monica for $275 per month. The largest space in a nearby commercial self storage facility is 10-by-30 feet--100 square feet less than the garage on Homstie--and costs more than $800 per month. Over the course of four years, he will save about $24,000 by renting through Homstie. At the same time, the owner of the garage is generating $3,300 per year.

"I was desperately looking for the right amount of space to store everything I own after landing the most lucrative job opportunity of my life," Selznick said. "The job is a four-year commitment, so I needed last minute storage for everything I own. The first site that offered what I needed for the right price and location was Homstie. The service was excellent and the transaction was just what I was looking for."

Recent UCLA graduates Mario Feghali, Chuck Gordon and Anna Andersen launched Homstie in December 2008 along with founding member Thor Andersen. The site was initially designed to help college students find cheap storage, but has grown to include anyone looking for storage space rentals.

Gordon calls it a "community marketplace for storage space." Homstie's person-to-person marketplace builds trust based on feedback, recommendations, identity verification and more. They also offer a customized lease agreement to protect both parties. In today's rough economy, Homstie offers an easy way for people to make and save money.

"The self-storage industry makes a fortune by charging high prices for extremely small spaces," Gordon said.

The entrepreneurial heads of Homstie found something that really hits home during this economic recession: a creative way to make extra money.

Real estate broker Edith Abedi of Los Angeles rented her garage to Selznick. She is thrilled with the price she's receiving, saying it is higher than what she would have received renting the storage space on Craigslist.

She's also rented a second storage space through Homstie.

"I really like the website," she said. "I've listed three storage spaces and rented two. It's a centralized place for people looking for local storage. You get the people who really need it. The renters I have are reliable and have paid me up front. I think it's a phenomenal thing they have going."

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Chuck Gordon
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