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London Olympics 2012 - Its Income Time For Landlords

Author : Pamela Alden

Despite the Olympics preparation much in advance of the event, the accommodation requirement in London is still going beyond the actual supply of short- lets and serviced apartments. There is quite a noticeable inflation in rents corresponding to the dearth of short let accommodation available during Olympics.

Making use of this opportunity, many home owners and landlords have planned to utilise the Olympics period for making quick money by letting their homes. Most of them are planning a vacation during this period so that they can gain from the shortage in the rental market and use their house as a short let accommodation.

There has been a significant rise in the short term lets, especially in and around the Olympic village and East London boroughs that surround it, probably a wee bit more than other major events such as Wimbledon. This is mainly because people are coming to stay in London for a short period, but long enough to pay for the heavy hotel bills. So, more and more people are looking for short stay serviced apartments.

Increase in the demand for serviced apartments has been seen more in the boroughs that surround the Olympics such as Waltham Forest and Dagenham. The reason for landlords to rejoice is that the income that they can achieve from weekly or short term rents has also risen brusquely mirroring the demand. It is interesting to notice as the Olympics’ opening approached nearer, the weekly rental prices stepped up. For instance, weekly rent in one of the Olympic boroughs now stands at around £143, which is steeply up by approx. 14 per cent from the same period last year.

Short term lets have also gained fame in West London at almost 37 per cent of all the Olympic rentals with visitors looking to stay at a place which is more tourist oriented. This is so that they can travel each day to and fro to attend the events and also visit all the city’s attractions and nightlife without wasting a day!! Areas hosting specific events like Greenwich (equestrian events) and Windsor (close to rowing events) have also witnessed an increase in short term serviced apartments this summer.

Landlords who have a property in London to be let and are finding a short term tenant during the games, should get in touch with their local lettings agents. It is a wise idea to capitalise on the agents’ skills and experience to improve their chances of earning good rental income. Speculation suggests that rents can go as high as twenty times the usual rent on a particular short let property. However, the property should be presented in good rental condition, maybe including extra stuff such as toiletries and tea or coffee as some visitors might expect a hotel-like service during their short stay.

Author's Resource Box

Pamela Alden writes for Short Let Apartments. A Leading Provider of Short Term Let and specialising in short term accommodation to corporate executives and travel companies.

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Tags:   Short Term lettings, Short term let, short term let London

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Submitted : 2012-07-21    Word Count : 476    Times Viewed: 767