Olympic rentals will prove lucrative

by Daniel Jones

Homeowners could earn large sums by renting out their property to visitors during the London 2012 Olympic Games. The spectacle will see 500,000 visitors pouring into the capital this summer, providing plenty of opportunities for homeowners and landlords.

James Davis, chief executive officer at Upad, says the lettings market for the Games will be "huge", claiming London will be "awash" with people needing accommodation from July 27th to August 12th.

"Whilst hotels are expecting a boom in occupancy levels, more and more visitors have expressed interest in staying in private accommodation," he explains.

"Homeowners with centrally located London homes suitable for Olympic VIPs as well those seeking accommodation close to the Olympic Park will see demand for short-term rentals sky rocket allowing homeowners the perfect opportunity to reel in excellent financial rewards."

But before signing a holiday letting agreement with sporting fans, it is important for would-be Olympic landlords to consider a few things first. The Association of Residential Letting Agents (Arla) has some useful tips on short-term lets that are applicable whether renting out a room or an entire property.

It suggests pre-agreeing bills, as getting a tenant to cover these when they only staying for a few weeks can be problematic. Arla also recommends making sure the property or room is ready for rent by cleaning it thoroughly and replacing light bulbs.

Landlords also need to very careful about payment. Offering a variety of payment options can encourage prospective tenants, but taking cards can often represent an "unacceptable degree of risk for the short term landlord", says Arla.

Ian Potter, operations manager for Arla, said: "Short term lets, if managed correctly, can be a great opportunity for both tenant and landlord to benefit from a let that is simple to set up, and is suited to short periods of increased demand."

He stressed that as the holiday letting agreement is not an AST, tenants will not benefit from Tenancy Deposit Protection.

  • Landlord and Tenancy News from Lawpack: Use our solicitor-approved holiday let agreement to get your Olympic let in writing

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Published on: February 8, 2012

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