Empty nesters cash in as kids go to university

Parents are making the most of their spare rooms by renting them out to lodgers once their children have left home to go to university.

According to Matt Hutchinson, a spokesman for advertisement website spareroom.com, this is a growing trend among empty nesters who see it as a way to boost their income.

"We've seen a huge increase in the over-50s taking in lodgers as they face the growing cost of putting their children through university," he told the Daily Mail.

It may be necessary for lodgers to move out when students come home for holidays, but lets can be arranged on a short-term basis.

For example, rooms can be rented out to tourists or to other students at university in the area who will be going home at the same time.

Stephen Rapoport, founder of crashpadder.com, which matches spare rooms with lodgers for short-term lets, said it is important that those who decide to rent out spare rooms are of a sociable disposition.

It is also important to draw up a lodger agreement to set out the rights and responsibilities on both sides. Insurance should be considered, as should the tax implications of taking in a lodger.

Posted by Gemma Roskell

  • Landlord and Tenancy News from Lawpack: Solicitor-approved lodger agreement template for getting it in writing when you're renting a room

Published on: September 28, 2010

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