It could mean an extra personal income of as much as £320 a month or £3,840 a year per household! It’s time to get the junk out of the spare room to make some money, according to findings from self storage experts Big Yellow Self Storage.
More than a third (36%)** of us that have a whole room in our home filled with junk and the storage company found that nearly one in three (31%) would definitely rent out a room to make money and beat the credit crunch. With recent figures showing that the rental market is continuing to flourish with a 20% rise in tenancies, it looks like some people have already cottoned onto this lucrative scheme.
Who is guilty?
It’s no surprise that so much of our home space is filled with useless clutter after a massive three quarters (72%) of us admitted to hoarding useless items around the house. Whilst men prove to be the biggest hoarders, Northerners are more prone to hoarding than Southerners. Eighty five per cent of Northerners, compared to 61% of Southerners, admitted to literally sitting on their junk. We may not be able to build an extension onto our home or convert the loft but we can get space smart, especially as one in two of us believe quality of life would be better if there was more free space around the home.
Clutter may unnecessarily take up room but it’s also a source of contention for everybody, with almost one in three (33%) of us arguing about mess at least once a week and 2.4 million of us are arguing about it more than once a day! 18-24 year olds are quickest to lose their temper over mess and 38%**** of us claim clutter is the main source of arguments. That’s nearly five times more than rows caused by the remote control and double the number caused by housework!
Perfect housemate? Kate Winslet wins again
A new companion could be yet another advantage of clearing space. When it comes to the perfect lodger, girl next door charm comes out tops as the celebrities we would most want to live with include Kate Winslet (45%), Cheryl Cole (24%). Not surprisingly, Victoria Beckham (5%) and Amy Winehouse (2%) come towards the bottom of choices!
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Michael Holmes, one of the UK’s leading property experts and presenter from BBC1’s Trading Up, ITV’s Don’t Move Improve, UKTV Style’s decluttering programme Scrubbers and the soon to air on Channel 5’s I Own Britain’s Best Home, commented, “The survey showed some really interesting findings and there are many more options for those looking for cash savings from storage: If you’re selling your home and renting a smaller property because of the slump, you could put your stuff into storage at Big Yellow, wait until the market bottoms out and then buy back in. If you time it right, you could save tens of thousands on the cost of your next place, and have the flexibility to relocate quickly if you’re unfortunate enough to be looking for new job opportunities. If you can’t move, then why not improve and add space and value to you home? If you have bought a bargain wreck to do up or are improving your current home, you can put your stuff safely into storage until the work is complete. What’s more, through the ‘Rent a Room’ initiative you can even rent space and make up to £4,250 per year tax free.”
Rob Strachan, Head of Sales and Marketing, Big Yellow, added, “Savvy home owners really could boost their bank balances, for the long or short term, by using self storage. Renting room or garage space can bring great savings for home owners, but alternatively people who need more space and can’t afford to move right now, can go for the cheaper option of putting excess stuff into storage.”
At Big Yellow (bigyellow.co.uk) you can store things of all shapes & sizes, with room sizes from 9 sq ft up to 400 sq ft. With state of the art customer service and technology, each room is protected by its own alarm and CCTV, monitored by staff round the clock. There’s also unique PIN entry access, well lit corridors and fire detection systems in all self storage locations and have easy access 7 days a week.
• UK adult population (49m) divided by the percentage of adults who have a spare room filled with junk (36%), indicates that 17,807,760 of UK adults have a junk room;
• Monthly profit from renting out a room is an average of £411 across the UK. This multiplied by number of adults with a junk room gives the total accumulative potential monthly profit across the UK: £7,318,989,360
• To give an accurate indication of the size of the market, the figure must be representative per household, rather than per adult. Therefore the total accumulative income is divided by the average number of adults per UK household, 2.3. The average potential income per household over 12 months is therefore 12 x £7,318,989,360 divided by 2.3: £38,186,031,443, or £38 billion.
**Based on a survey of 1000 UK residents, commissioned by The ID Factor, on behalf of Big Yellow
*** From The Association of Residential Letting Agents, showing that the last 3 months of 2008 saw a 20% rise in tenancies
**** Based on a survey of 1065 people in the UK commissioned Tickbox, on behalf of Big Yellow.