How to let your property for the Olympics

Many people are planning to rent out their property in London during the Olympic Games. A survey by FindaProperty.com suggests that rental prices in various Olympic boroughs have risen 35 times higher their usual price during the Games – Greenwich, host of the equestrian events and Windsor, close to the Olympic rowing competitions are two particularly popular areas.

Gary Clark, head of operations at London2012Rentals.com says homeowners should demand a ‘realistic price’. “Although there is clearly a large sum to be made, homeowners must be realistic and not demand excessive rates. Visitors understand there is a premium to be paid for Olympic accommodation, however they still want value for money and marketing your property right will enable you to secure tenancy throughout the Olympic period.”

Lettings agency Upad have a useful checklist of considerations if you’re wondering whether to let your property

1. If you are currently letting it to tenants, don’t terminate your existing rental agreement for two weeks of higher rent – good quality long-term tenants are worth their weight in gold

2. Centrally located properties, waking distance from public transport will do well – remember too that guests will be expecting hotel standard accommodation

3. As a rule of thumb, look at 2-3 times the standard rental value of the house: a typical three bedroom property in Shoreditch which is convenient for the Olympic Park would let for £600-£800 per week so during the Olympics this would go up to around £2,000, maybe even £3,000.

4. Some councils – Southwark, Tower Hamlets, Islington, Kensington and Chelsea, Westminster and Camden – require you to apply for planning permission for lets under 90 days.

5. By law, you must have a Gas Safety Certificate for the property and your electrical appliances tested. Also inform your insurance and mortgage companies

Zoopla.co.uk has registered an increase of 161% for the term ‘Olympics’ on its website over the last month. “International demand for short-term property lets in London over the summer is set to be fiercem,” says Nick Leeming, Business Development Director, Zoopla.co.uk. “With hotel rooms having been booked out months, and in some cases years, in advance short-term property rentals are a great alternative. And many London homeowners looking to escape the capital during the Games are offering up their homes as a way to cash in.”

But it’s not just London properties which are in demand of course since there are many Olympic venues around the country. With many more tickets to be released next month, Olympic organisers LOCOG believe there will be a sudden rise in demand for accommodation as many people who have not yet bought tickets for events will then be making plans…

Useful web sites for more information

• Independent Property Search Engine
• Independent House & Home section

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• http://twitter.com/JerryOsl OlympicShortLet

   In the checklist of consideration, no mention of; carrying out an inventory and ensuring your renter signs a tenancy agreement?

• http://twitter.com/shedworking shedworking

  Yes, good point – it’s by no means an exhaustive checklist, just something to encourage people to think carefully before diving in

• http://twitter.com/OlympicsRental Olympics Rental

  Yes, a good point. Also, what about the price of finding alternative accommodation if needed, and marketing your accommodation? Surely those are also crucial. A list of available options for the latter would have been really useful!

• http://www.facebook.com/profile.php?id=683559144 Rob Rent

  rentduringthegames.com currently has over 1800 rentals listed on our website, 750 of them are houses. –

  The average house is listed at £3100.00 or £850.00 per bedroom….. hope that helps

• http://twitter.com/RentalsFor2012 London2012Rentals

  London2012Rentals.com – the web’s most powerful search for olympic rentals accommodation this summer.

• http://www.facebook.com/profile.php?id=683559144 Rob Rent

   London2012rental website CLOSED DOWN by the Olympics for trademark violation for having “london2012″ as part of their domain name. (For full story Google —>> BBC News matt parker olympic row)

• http://twitter.com/RentalsFor2012 London2012Rentals

  Good one bitter rival Mr Robert Mearns, its clear we are fully operational and here to stay. Consider this formal notice that you and your associates are prohibited from accessing our website and contacting our customers with libelous claims. A writ will follow for your libelous claims in this thread too.

• http://www.facebook.com/profile.php?id=683559144 Rob Rent

   Direct from london 2012 website, on domain name use and why they get CLOSED DOWN.
  london2012.com/about-us/our-brand/frequently-asked-questions.php#domainname

• http://www.palmerparker.com/ Algrave Villa Holidays

  Very well written article and very useful advice. The most prestigious event of the world is the olympics and the best thing to consider first is renting a place to stay for the whole season considering that you will feel like its your own home.