If you want to rent storage space and parking from your neighbours, now you can through Wahi, a South African startup that connects the owners of spare space to the people who need space.
Wahi provides access to hundreds of short or long-term self-storage solutions near you at a click of a button.
The start-up operates a competitive marketplace that enables you to compare and access the best rates.
You can earn money by renting out your garage or parking space for free on “a safe and convenient” peer-to-peer marketplace, where hosts offer space and renters find space – both commercial and residential.
According to the start-up, Wahi means “get” in Swahili and “space” in Maori – two concepts that underpin the basis of our business.
Wahi plans to change the accepted status quo of South Africa’s self-storage industry, giving every South African the opportunity to become an earner/entrepreneur.
— Wahi (@wahi_spaceshare) 12 June 2017
“We give property owners the opportunity to generate bonus annuity income from their spare space and also allow renters to achieve cost efficiency and convenience by converging online,” says Michael Hodgson, co-founder of Wahi.
“Our main objective is to utilise technology to vastly improve the industry, where we believe it is currently inconvenient and too expensive. You could see it as the Airbnb of spare space, where the commodity is something many of us own (without even knowing it) and many others (often our neighbours) also need.”
Wahi was founded by entrepreneurs Hodgson and Daniel Bailey, both who are based in Cape Town.
Together they have a wealth of experience in private equity, tech, and software development.
Founded in 2016, Wahi aims to help people to find and offer storage space.
By using technology to connect the owners of space to the people who need space, Wahi aims to transform the traditional self-storage industry.
Compared to traditional storage facilities, how much money can you save on storage costs by using Wahi?
The company says it depends on the space rented, you can potentially save half of what you may pay elsewhere. It added that rates will vary and are set by hosts (based on its recommend benchmarks), which are typically set at up to 50% discount to traditional storage rates.
“That means that you could save thousands of rands over the course of your storage period, and store your items in a more convenient location in your local neighbourhood,” said the company.
Wahi makes money through charging a service fee to renters.
The effective 17.5% service fee (15% payable by renters and 2.5% payable by hosts) is how Wahi makes money, and covers its costs.
Wahi is a great way for hosts to monetise their extra space and renters to save money.