According to UCAS, the number of students accepted into university has risen back to the levels seen before the rise in tuition fees. According to the admissions service 433,220[1] students left home to attend their university or college of choice. With this growth in the number of students more and more families are undoubtedly finding themselves with vacant rooms as their children fly the nest.
For those individuals who are searching for ways to make extra money, or even for those who miss the companionship of sharing their home with another, taking in a lodger is a fantastic alternative.
Since 2012 the number of rooms available to rent throughout October and September has fallen significantly, a total decline of 14% across both months. This can partly be attributed to the influx of students entering the rental market, however despite the number of undergraduates looking for accommodation easing off, demand continues to remain high and this is due to the continued popularity of flatsharing amongst young professionals.
Over the past few years the number of professions looking for accommodation far out numbers the number of rooms available.
Across the UK there are on average five individuals searching per rooms available, so despite the busy student season coming to an end, demand remains high. The highest concentration of professionals searching for accommodation can be found in London, closely followed by Manchester, Bristol, Birmingham and Edinburgh.
The number of individuals searching in those regions combined accounts for 45% of the total number of professionals searching for accommodation across the UK. With it becoming more and more difficult for young professionals to take a step onto the property ladder and rents rising across the UK more and more people are looking for ways to cut down on their expenditures and flatsharing has become a far more attractive option.
With demand remaining high, homeowners who are open to taking in a lodger could potentially earn up to £4,680 a year before tax. As tuition fees continue to increase, the additional income that can be created by renting out the spare room can be put towards helping with your child's tuition fees, books or even their accommodation costs.
If you are looking to take in a lodger for the first time Rishi Patel, Business Manager of Easyroommate.co.uk advises:
Taking in a lodger for the first time can be a daunting experience, however you have nothing to worry about. It is essential to take into account the following:
1.
Be sure to do relevant sense and document checks and get your new tenant to sign an agreement. Set out all your terms and conditions in writing and get all parties to sign it. Although it does not form a private tenancy agreement, it does give you some protection and will help prevent future rows. Legal agreements can be sourced online relatively cheaply.
2.
Advertise the room online. There are a number of sites online, like www.easyroommate.co.uk. It's relatively cheap to become a member and listing is free. It allows you to proactively contact people rather than having to wait for the phone to ring in the case of standard advertising. Like online dating, it allows you to vet any potential tenant by viewing their profiles and details of themselves.
3.
Always include high quality pictures of the room and the property itself. Try to include a detailed description of the property. If you don't make the effort nor will the person looking.
4.
Tell the potential tenant about the property and the area. Potential lodgers want to know about the transport links, local facilities and amenities.
5.
Be specific about the type of tenant you are looking for. Tell the potential tenant about you and your lifestyle. It will help them decide if you're a good match and you'll tend to get a more suitable person contacting you.
6.
The room itself should be neutrally decorated and may need to include a bed / wardrobe depending on the tenants needs.
7.
Make any house rules and living boundaries clear from the outset. These should be included in the letting contract.
8.
Assess the rent to charge by benchmarking online against other properties with rooms to let in your area.
9.
Make it clear what is included in the rent. Are bills inclusive? Making bills inclusive can save future difficulties and hassle. It is also a good idea to ensure that new tenants set up regular monthly credit card payments.
10.
Always ensure that you meet all potential lodgers, if possible, ensure that the rest of your family who are living with you also meet the potential lodger. It is essential that if you are living with this person that you all get along.
