Olympics 2012 Rentals

The London 2012 Olympics are less than a year away and for many of London’s residential property landlords, it is time to start looking at the short-term lettings opportunities this once in a lifetime event may offer.
Demand for short-term accommodation in London is expected to come from almost half a million visitors during the 2012 Olympics. Transport For London has already said it “is aiming for 100% of spectators to get to the games by public transport, or by walking or cycling”. Landlords with residential property in Central London locations, such as Kings Cross and Islington, or East London and Shoreditch and Dalston, or on Olympic-friendly transport links, such as the Jubilee Line and Docklands Light Railway can therefore expect to benefit from an “Olympic premium” on short-term rental prices.
How much of a premium? Some experts use the Wimbledon tennis championships as a yardstick, where fans typically pay 40-100% extra for a two-week stay in a conveniently located residential property. Then there are the landlords who rent to the players. Never mind the extra income – imagine being able to say to your prospective tenants, “and this is the shower, previously used by the 2012 Olympic champion”?
There will always be high demand for London’s residential property, never more so than during the Olympics. Landlords are in an ideal position to capitalise on this, but there are pitfalls to avoid. Some London boroughs require landlords to request permission to issue lettings of less than 90 days. Failure to do so risks a fine of up to £20,000. The National Association of Estate Agents is pressing for a review of this legislation but at time of writing the Government has not responded. In the meantime, landlords with residential property in London are advised to seek advice from reputable lettings agencies, such as Wilson & Co Properties! 

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