Olympic boroughs to see short-term rental boom

by Sarah Ashcroft

A surge in visitors looking to rent a room over the Olympic period is going to spark a short-term rental boom in London boroughs close to the sporting action.

The number of properties and bedrooms being offered as short-term lets in London’s Olympic boroughs has risen 16 percentage points higher than the average for the capital as a whole over the last quarter, according to new figures.

Research by Easyroommate.co.uk reveals that the growth in the number of short-term lets over the first quarter was greater in Olympic boroughs than those with no Olympic connection.

The number of short-term lets available in Barking and Dagenham, Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest –all Olympic boroughs - rose 35 per cent over Q1. Non-Olympic boroughs only saw a 19 per cent rise in the number of property and bedrooms available to let over the same period, according to the study.

Average weekly rents in Olympic boroughs now stand at £143, 14 per cent higher than at the end of 2011. Conversely, average weekly rents in non-Olympic boroughs fell four per cent over the same period.

Jonathan Moore, director of Easyroommate.co.uk says: "As the finishing touches are put on the Olympic venues and London begins the countdown proper to the opening ceremony, it seems the capital’s homeowners are making their own preparations.

"Demand for rooms and properties in Olympic boroughs is already beginning to push up average rents and the closer we get to the Olympic flame being lit the more demand we expect to see and the higher we anticipate rents to rise."

Landlords and homeowners have been given lots of advice recently on how to approach a short-term holiday let. It is particularly important for people who have never let their home to make sure they tread carefully.

For example, a property inventory is important, to avoid disputes later on, while it is also vital to inform insurance and mortgage providers of the change of use of the property.

  • 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: April 12, 2012

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