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28 Jun 2019

Bold Mortgage Relief for One Customer Per Month Under Neighbor


Neighbor.com, the leading peer-to-peer self-storage company, yesterday announced it will pay a different Neighbor customer's monthly mortgage payment each month in perpetuity. Part of the startup's referral program, these "Neighbors" will be determined on the final day of each month, starting in July.

"Homeownership continues to be the largest financial burden for Americans, with the national average mortgage debt surpassing $200,000," said Joseph Woodbury, Neighbor co-founder and CEO. "Neighbor.com's mission is to help alleviate that burden with our easy-to-use web marketplace that enables people to rent out storage space in their homes and use their home to pay for itself as a passive income stream. To expand that contribution in passive income, we are proud to announce that for a new Neighbor customer each month, the mortgage bill is on us. It's the neighborly thing to do in return for the goodwill our users have shown us."

To participate in the Neighbor referral program, customers invite their friends to the marketplace to become a Neighbor "host" or "renter." Hosts provide extra space for rent in their home, garage or property. A "renter" simply pays for the space that fits their belongings and budget. As customers refer new friends to Neighbor and those friends take specific actions on the platform, the customer's position on the referral leaderboard will adjust accordingly. The customer atop the leaderboard at the end of each month will be rewarded by having Neighbor.com make their mortgage payment for the following month (up to $5,000).

Recent Gallup research shows that more than one-third of Americans are working some kind of gig economy job to make ends meet. Meanwhile the $38 billion self-storage industry has gone without innovation for decades, and a 93% average storage occupancy rate means supply is lagging behind demand. Neighbor has begun reshaping the storage business model to meet the gig economy, offering individuals an outlet to make passive income from extra space in their homes, all with some of the strongest insurance protections in the storage industry. At the high end, a Neighbor user is earning $18,000 in annual passive income by hosting storage, while renters can save an average of 50% on storage.

"We are continually inspired by our customers using Neighbor to pay off their mortgage and other financial burdens," said Preston Alder, Neighbor CMO and co-founder. "We have customers covering their entire monthly mortgage payments by hosting space on Neighbor, including single parents who needed to creatively find additional income. Others are using the platform to pay off student debt. Since our referral program will bring this passive income opportunity to more people, we couldn't think of a better way to reward our customers than by further helping them offset their mortgage costs."

Neighbor will continue to offer its customary $50 referral credit as part of its existing referral program. For complete program details please visit the website: https://www.neighbor.com/invite.

About Neighbor Storage, Inc.

Founded in 2017, Neighbor is a peer-to-peer self-storage company based in Silicon Slopes, Utah. The company connects people who have unused space in their homes, garages or apartments to renters who are looking for affordable storage. Neighbor benefits renters by providing safer, more accessible storage for half the price of a traditional self-storage unit, while giving hosts the opportunity to earn thousands of dollars per year from their empty space. Neighbor's team helps keep the connection safe, easy and friendly, so that good neighbors everywhere can help each other out. Learn more about Neighbor at neighbor.com.

View the original press release here: https://www.prnewswire.com/news-releases/neighborcom-pledges-mortgage-relief-for-one-customer-each-month-300875843.html

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