Want to earn €14k tax free? Rent a spare room

Empty nesters urged to open homes for student accommodation

IF your children have left home and you have a room or rooms to spare, then why not earn €14,000 tax free by taking in student lodgers.

That’s the message to empty nesters who are being urged to take advantage of tax breaks by offering digs to students as part of a nationwide campaign.

For most students, securing a college place is a rite of passage that also includes moving away from home.

However, the harsh reality for many is that rising rents make it harder for young people to find somewhere affordable to stay when they leave home.

Now student leaders are encouraging homeowners to rent out their spare rooms to students who are struggling to find somewhere to live next term.

In a series of specially designed internet adverts – which have been placed on property letting sites such as Daft.ie – householders are being reminded that they can pocket up to €14,000 tax free by letting out an empty room in their main residence.

UCD Students’ Union president Katie Ascough said: ‘If we can widely relay information on the associated tax breaks that come with digs, we should be able to put hundreds of new beds on a starved market in time for September.’

Homeowner Carol Frey has been renting rooms in her house to students for more than 30 years.

She said: ‘I’ve two lovely, lovely guys staying with me at the moment, one from Donegal and the other Cork.

‘They are the nicest, loveliest, most respectful two people you could meet. I’ve never had girls – but speaking for the fellas, they’re so easygoing.

‘I find I treat the situation as a job. My husband is great, he does all the cooking, and he’s a great cook.

‘We kind of want people to feel our place is a home from home. It’s not about the money and I’ve had nothing but good experiences. The only advice I’d have for other homeowners is to treat the students like you’d like one of your kids to be treated. Have an open attitude and be honest.’

Another homeowner, Clare Gleeson, told how she would share dinner with her student tenants every night.

She said: ‘You really do form a bond with some of them. My last students were three girls. We all had dinner together every night. It’s great to have different people around and to learn a little about them – whether they’re from Cork or places like France or Italy.

‘If it were my children away from home, I would hope that someone would take them in and take care of them.’

Trinity College law student Jeff Ward said he moved into digs when he left home as a 17-year-old to begin his studies.

He said: ‘It was the perfect option for me because it allowed me my first taste of freedom by living away from home in Dublin, but just with all the benefits of living at home.

‘Coming back to a freshly made home-cooked meal everyday was a dream compared to the student food that my friends survived on and it was great not having to worry about paying a whole load of household bills after paying rent.

‘I had a great experience staying in digs and ended up staying there for two years, and my brother stayed there for four years. I would highly recommend it to any student, in particular those who are moving to Dublin for the first time.’

Ms Ascough added: ‘Digs are a student-specific solution to the current housing crisis. There’s over 120,000 empty nesters in Ireland and there are even more people who simply have an empty room in their property. That’s a lot of vacant beds in an overcrowded housing market.

‘Of course, it’s also about getting a positive message out there. Some homeowners might be reprehensive at the thought of letting to students, but the type of people who go for digs beds are inclined to be good tenants.

‘They’re happier in a home setting than they would be in the typical student bedsit.’

‘Treat the situation as a job’ ‘I had a great experience’