At the end of every university semester, as students’ dorm contracts come to an end, students need to find storage space for their belongings until they find their next dorm.
Currently, with storage companies such as Storage King it cost around 300 bucks a month to store an equivalent of a small office number of items. It is expensive.
Introducing SpareSpace, a marketplace app that matches students looking for storage space with students that have spare space to store the items in return for a fee.
The idea is to flood the market with the supply that charges a much lower fee for storage compared to current storage companies.
Lowering the cost of storage for students during the school holiday, while on the other hand providing extra income for students who have and willing to provide their spare space.
Spare Space is a platform utilising a two-way community network for posting and booking storage spaces within the vendor’s home. It allows the vendor to earn money by posting their free space. On the other side, it provides consumers with a less expensive alternative to storing their belongings when going overseas. Specifically, to international students who will be either paying rent for their accommodation while it is not being occupied, when they go overseas or with no space to store their goods.
Spare Space currently earns its revenue through two streams. Firstly by commissioning a 7% fee when the guests book a posting. Secondly, by commissioning a 3% fee from the vendor for each transaction that has been satisfied.