Demand for rental properties in London for the Olympic summer of 2012 has increased by 131 times as compared to the previous year, according to figures from HomeAway.co.uk, the UK arm of the a leading online holiday rentals industry.
It is expected that home owners looking to cash in on the leap of interest could generate an average of £4,500 by renting their home during the 16 day long event, an average of £2,000 per week, it says.
‘We have observed a steady increase in tourists looking for holiday rentals, with particularly high peaks in demand around major global sporting events. These latest figures confirm that London will be no exception,’ said Tim Boughton, UK general manager, HomeAway.
‘Enquiries for London properties have skyrocketed, particularly those properties in close proximity to the key Olympics sites and with good transport links to London’s top attractions. This, combined with the expected repetition of the 150% increase in rental prices seen at the 2010 World Cup, means savvy Londoners will truly be going for gold next summer,’ he added.
Meanwhile, the National Landlords Association (NLA) has issued its top ten tips for home owners wishing to rent their properties to people visiting London and other UK cities during the Olympic Games.
It is warning that those who fail to rent their properties by correctly following the relevant regulations can find themselves out of pocket and even falling foul of the law.
It advises people to ensure that the accommodation is properly furnished and includes beds, sheets, towels and appliances and says that a Wi-Fi connection will be an advantage. It also advised keeping the property to a high standard as tenants visiting during the Olympics will expect good quality accommodation.
Prospective renters should also check the terms and conditions if using a letting agency to find a tenant and says that typically they charge a commission of up to 25%. And they should use a letting agent that is registered with a professional body such as the UK Association of Letting Agents (UKALA) or the Association of Residential Lettings Agents (ARLA).
Home owners should also issue a contract for a Holiday Let or Licence which can be downloaded from the internet and they should be aware that this type of tenancy contract does not fall within the legislation requiring a tenancy deposit to be protected in a government authorized tenancy deposit protection scheme.
Other advice includes taking an inventory detailing the contents of the property, ensuring that rent for the whole tenancy is obtained upfront, supplying enough sets of keys for the number of people renting the property and providing information about the area, such as maps, an events calendar and transport advice.
‘It's important that home owners 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,’ said David Salusbury, NLA chairman.
‘Home owners 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,’ he added.
