Savvy Londoners set to cash in on 2012 Olympics by renting out their home
Friday 30, July 2010
Figures released by HomeAway Holiday-Rentals, market leader of the online holiday rentals industry, reveal that savvy Londoners stand to make millions renting out their homes to tourists during the London 2012 Olympics.
It is expected that home owners could generate an average of £4,500 by renting their home during the 16 day-long event; an average of £2,000 per week.
The opportunity to make extra income during the high profile sporting event will come as very welcome news to Londoners. There are currently around 500 London properties currently available for rent on HomeAway.co.uk and with the company expecting an increase in listings on its site alone of well over 100% by 2012, the Olympics has the potential to earn millions in rental income for homeowners in the Capital.
Tim Boughton, UK General Manager, HomeAway Holiday-Rentals said: “The switch from hotels to holiday rental has been steadily increasing, with particularly high spikes in demand around major global sporting events. For the 2010 World Cup in South Africa, many visitors sought out holiday rental properties as an alternative to a hotel, which meant the average weekly income generated per property soared by almost 150 per cent. However, even at this increased rate, holiday home rentals still often work out far cheaper than similar standard hotels, making them a highly attractive option for tourists.”
“As London plays host to visitors from around the world, we anticipate demand for London properties to rocket, particularly those properties in close proximity to the key Olympics sites, with good transport links to London’s top attractions.”
HomeAway Holiday-Rentals has been tracking the growing demand for rental properties, with the site reporting that in the run-up to the 2010 World Cup, booking enquiries spiked by over 1000 per cent compared to the same period during in 2009. Savvy owners quickly caught onto the demand driven trend, with property listings in the area increasing by 70% and weekly rental rates being raised by almost 150%. Based on these figures, the average South Africa property owner renting out their home stood to make £1,700 per week during the 2010 World Cup.
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