The Olympics are well-known for attracting fans from around the globe, and the host city typically enjoys a massive influx of renters who come in and stay for the duration of the event. London realtors say there are still plenty of rooms to let for this year’s Summer Games as property owners and landlords attempt to take advantage of the influx of fans. The city is expected to house 11 million guests this year and many of them will seek alternative accommodations as conventional rental space fills up and hotels attempt to raise prices for the event. The number of rental properties advertised has jumped 6.34% in the first quarter of 2012 and is expected to grow more in the next two weeks. For more on this continue reading the following article from Property Wire.
With less than two weeks to go until the opening of the 2012 Olympic Games in London there is still for London home owners to cash in on the estimated arrival of 11 million sporting fans, athletes and sponsors over the next two months.
According to James Davis, chief executive officer of lettings specialist Upad, as hotels in London are charging such high fees and accommodation is in short supply property owners and landlords can capitalise.
‘Even though the Olympics is just around the corner, I don’t think it is too late for landlords to offer up their properties given the fact that there will always be a surge of last minute Olympic visitors looking for a place to rent,’ he said.
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‘An Olympic rental property in Covent Garden has recently become the most expensive let in the world, charging £115,000 per week and while the average person would not be able to command such a high price, there is still is huge potential in offering up your home to Olympic visitors as long as prices aren’t too crazy,’ he added.
He pointed out that UK landlords are faring pretty well right now. The market is currently booming with an increase of 6.34% in the number of rental properties advertised in the UK in the first quarter of 2012, with 35,789 new rental homes on the market in London over the same time period according to the Movers Index published by Experian a leading global information company.
However, given the general increase in demand for rental property from UK tenants who cannot afford to buy, landlords have also been benefitting from the vast opportunities for short term lets during the Olympic Games, providing a further boost to the rental market.
For home owners contemplating letting their properties during the 2012 Games, the team at Upad have a dedicated Olympic lettings service for £199 plus VAT. For this flat fee Upad will advertise your property on Rightmove, FindaProperty, Zoopla, Gumtree and many more property websites for as long as it takes to secure guests.
They help write a property description and even visit the property to take professional photos if the owners want to achieve the best price possible.
This article was republished with permission from Property Wire.