Self-storage gig economy startup Neighbor.com, which has been called the “Airbnb of storage” due to its similar business model, announced it’s launching across the North Texas area on March 5.

Since its 2017 launch, the company has experienced around 500 percent annual growth and steady expansion, according to a statement. Now sharing startup Neighbor.com is entering the $5 billion Texas storage market through its DFW expansion.

“Texas is the second largest self-storage market in the United States, so it’s fitting that Neighbor’s peer-to-peer storage marketplace has grown organically in Dallas, where many homeowners are looking for reliable passive income, and renters want to save an average of 50% on storage,” Joseph Woodbury, CEO and co-founder of Neighbor.com, said.

Neighbor.com features a calculator on its site.

The startup’s peer-to-peer shared marketplace platform allows “hosts” to rent out extra storage space in their homes to neighbors. Neighbor.com described the $40 billion self-storage industry as “under-innovated” and pointed out that the income to hosts is recurring and dependable with some of its hosts making as much as $25,000 a year renting out extra storage space in their homes.

“Anyone who has created an account on Neighbor can list a space,” Woodbury told Dallas Innovates. “When creating an account, you will be asked to verify your email and phone as well as submit a government ID for verification. We value high quality listings, so you should publish several high quality photos of your space or request that one of our free photographers visit your space.”

In all, the process to list your space takes about 10 minutes. The platform can be accessed via the Neighbor mobile app or via Neighbor.com, then simply click “List my space” and complete the on-boarding steps.

Your privacy is protected, though. Renters only have access to the parts of your home that you choose. A host can list a variety of spaces on the platform—sheds, basements, garages, bedrooms, attics—and select the desired access level during the on-boarding flow. Sometimes, a host will choose to give a renter a key to the space, while others allow access via appointment only.

Neighbor also provides what Woodbury calls industry leading protection for both sides of the deal.

“Neighbor.com is the only storage solution in the nation that guarantees all of your items up to $25,000 with no additional charge,” Woodbury said. “We also provide $1 million of general liability protection to each of our hosts so they can feel safe about renting out their space to others.”

The Utah-headquartered startup didn’t just open up its website to DFW users, it will also have a local presence through Shane Zamora, its new North Texas hire who will manage all of Neighbor.com’s DFW operations.

“We just hired our first employee who will serve as our Dallas-Fort Worth Community Manager,” Woodbury says. “He is a local Dallas resident and is orchestrating our launch in the DFW area, including setting up Neighbor events around the city. He will also work hand-in-hand with our marketing team to drive awareness campaigns around the city.”

Neighbor.com recently closed a $10 million Series A funding round in January led by Andreessen Horowitz. Ryan Graves, Uber’s first CEO, also invested in the funding round. Jeff Jordan, a managing partner at Andreessen Horowitz and former eBay, PayPal, and OpenTable executive who currently sits on the boards of Airbnb, Instacart, Lime, and Pinterest, joined the Neighbor board of directors. 

Quincy Preston contributed to this report.

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