As London 2012 draws ever nearer more and more clients are starting to ask about the Olympics and what opportunities this will make available to them.
Needless to say there will be a huge demand for short term accommodation during this 4 week extravaganza and rents, on short terms rentals, are always high. So what is there to consider?
Location- to ensure you can charge premium prices the property must be in an excellent location either walking distance from the Olympic Park or a very easy (direct) commute.
Preparations- short term accommodation is a very different ball game. The rent must include the use of all utilities. Tenants will also expect appliances like TVs, HiFi’s, and internet, etc- much like a stay in a Hotel or Serviced apartment. They will also expect the provision of bed linen, towels, etc and everything you need in a kitchen. Also, unless you plan to do it yourself, you will almost certainly need to book either a weekly (or maybe even daily) cleaner. Also, if you are planning on renting out your own home you will need to make alternate arrangements- or maybe you are thinking of escaping the madness all together.
Drawbacks- wear and tear on the property is usually much higher than for a long term rental and you will not have as much security (deposit, etc). Also, as many ‘guests’ will be from abroad there will be little recourse should the property be badly damaged or items go missing. Also, and this is very serious, if you are planning to continue renting the property out after the Olympics, initially this will be very hard. Why, because there is going to be a gluttony of properties hitting the market. From the longer term construction/organisers all the way through to tourists over for a couple of days- they will all leave in droves once the Olympics are over. This will, undoubtedly, mean a reduction of rent on almost all stock as the market is flooded with properties.
When- If you are serious, start making preparations now. There are already sites that can help to start generating enquiries and agents should be able to help you too. But, as always, do your research and make sure you go into this with your eyes wide open!
If you want to find out how much the furniture you may need will cost, why not visit: www.basepsfurnishings.co.uk
