Parents of university students are cashing in on their empty nests

Not only will Jacqui’s home be a lot quieter with Nicole heading off to University, but with all the empty space in Nicole’s room Jacqui’s renting the space to earn extra cash.

Alternative self-storage company, Storemates, has seen a 33% increase in parents renting out their children’s bedroom, as they leave to go to university.

Parents have realised they can earn up to £1,320 from September- June, while their children are at university, by using the extra space to store the belongings of people local to them using Storemates.co.uk.

Since 2012’s controversially move towards universities raising their fees up to £9,000, more and more students are left with large debts when they finish studying. By using Storemates, parents could help claw back 15% of the university fees per year - a better alternative to students juggling late night bar work as well as their university workload.

The number of students going to university in 2013 has increased by almost 30,000 students compared to 2012*. With most students signing up for courses that last for four years, parents could earn up to £5,280 during the time their children are out of the house.

Homeowners are increasingly turning to online peer-to-peer renting, loaning and sharing services both to earn and save money. Shaff Prabatani, Co-Founder and Director of Storemates.co.uk comments:

“People have been realising the potential to earn money through renting out space in their lofts and garages, and now they can do this with spare bedrooms too.

“When students leave for university it provides the perfect opportunity to earn a regular income. University fees have been a hot topic over the last couple of years- Storemates offers a way to get some of the money spent on fees back.”

Jacqui Caldwell, mother of two in South London, will be renting out her youngest daughter’s bedroom, using Storemates. Nicole will be heading to Loughborough University at the end of the month and while she is away Jacqui will earn £25 per week, amounting to £1,075 a year for storing as local person’s belongings in her bedroom. Jacqui commented:

“The cost of sending a child to university these days is frightening. I want to reduce the amount of debt that Nicole has when she leaves university as much as I can. The space in my house will be unused while Nicole is at university and by using Storemates to rent out the space it is an easy way for me to help her pay back the student loan.”

Notes to Editor

  • Around 568,000 students are going to university this year compared to that of 540,000 from last year’s analysis- Source : UCAS
  • The figure £1,320 is based on a bedroom that is 20-24 sq feet that would be able to charge £30 per week.

 

About Storemates

  • To find out more about Storemates and their terms and conditions, visit: https://www.storemates.co.uk/
  • Storemates is the UK’s largest online search site that enables its users to find cost-effective storage options, or, if they have spare space in their homes, they can make money by listing it for others to use.
  • The Storemates team provides tips and advice on how storage owners can optimise their profiles and be found easily. The entire experience is simple and easy for both parties – within as little as 24 hours from the first contact, a storage owner could have filled their space and be making money.
  • For Storemates, safety is paramount, and therefore it provides a standard set of terms and conditions, along with a compulsory legal contract between the storage owner and seeker to agree a value and safeguard both parties.
  • Simplicity is the key to everything that Storemates does, and the service it offers. As all of its contents are user-generated – the business model is extremely low cost, which enables the Storemates team to stay small, with very little overheads to pass on to the end user.
  • Since its launch in 2011, Storemates now has 3,300 registered users and attracts 5,000 people who browse the site each month.
  • Storemates was launched in 2011 by Co-Founders Shaff Prabatani and Ben Rogers, and are based in Hammersmith, London.
  • Storemates can be found on Facebook: https://www.facebook.com/Storemates.co.uk and Twitter: https://twitter.com/StorematesUK
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