10 tips on letting your home during the Olympics

Although the Olympics opening ceremony is still more than a year away, according to letting agents, now is the time to let out your home for the Olympic period as the scramble for accommodation has already begun.

During the Olympics most athletes will be staying in the Olympic village but some will want to rent their own accommodation, particularly if their events are not in East London.

And thousands of sponsors, media and tourists will be descending on the capital creating a huge demand for rental property.

Visit London predicts that the Olympics will attract around 10million visitors across the 19-day programme.

Letting agents believe that anyone with a decently maintained property near good transport links can cash in by renting out their home.

They expect a two-bedroom property near Olympic Games venues to achieve rent of £2,000 upwards over the event period, with deluxe properties bringing in considerably more.

Barry Clayton of gamesrentals2012.com says that “Properties in the right place could generate up to £300 per night per bedroom."

With many people thinking about cashing in on the Olympics, the National Landlords Association has produced a set of top tips for those wanting to let out their home.

Homeowners should be mindful that they rent their properties out correctly and follow the regulations when renting out their home for London 2012.

NLA Chairman David Salusbury said: "It's important that homeowners wishing to rent their properties during the 2012 Olympics are aware of their responsibilities to tenants, as well as the various regulations they must comply with.

"Homeowners who fail to rent lawfully and fairly may end up falling foul of the law.

"The NLA recommends these guidelines to ensure a successful experience for both the landlord and tenant as they visit the UK to enjoy the 2012 Olympics."

Here are the NLA’s top tips when renting out a home as a short-term holiday let:

  1. Make sure that the accommodation is properly furnished and includes appliances, beds, sheets and towels. A Wi-Fi connection is advantageous.

  2. Ensure that the property is kept to a high standard.

  3. Check the terms and conditions if using a letting agency to find a tenant. Letting agents can typically charge commission of up to 25%.

  4. If using a letting agent, make sure that they are registered with a professional body such as the UK Association of Letting Agents (UKALA) or the Association of Residential Lettings Agents (ARLA).

  5. Give the tenant a contract to get the let in writing. Lawpack’s holiday let agreement template is ideal. It's solicitor-approved, includes expert guidance on how to complete it and is available to download instantly.

  6. Do note that a holiday let agreement doesn’t fall within the tenancy deposit legislation, so the deposit doesn’t have to be protected in a government-authorised tenancy deposit protection scheme.

  7. Make a property inventory listing the contents of the property.

  8. Make sure that the rent for the whole tenancy is paid upfront.

  9. Provide enough sets of keys for the number of people renting the property.

  10. Provide information about the area, such as maps, an Olympics events calendar and transport advice.

More information

Published on: July 28, 2011

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