With demand for Olympic accommodation in London during the 2012 Olympics looking set to far outstrip the supply of hotel rooms, there is a huge opportunity for property owners in the capital to market their properties for the event. London is consistently one of the most in-demand destinations, but as it plays host to visitors from around the world for the Olympics, we anticipate demand for London apartment rentals to soar further still, particularly those in close proximity to key Olympic sites and with good transport links to top tourist attractions and sights. In fact, booking enquiries for London properties in July and August 2012 have increased by 695% compared to the same period last year and many owners are already fully booked for the summer. During major sporting events, exhibitions and festivals, property owners typically raise rates from 50% to 200%, depending on the popularity of the event and the location of their property.
Things to consider when renting out your property for short-term holiday lets are listed here. Check the rules relating to short-term rentals in your destination or borough. Check with your mortgage provider that your mortgage allows short-term lets. Check you have appropriate insurance for holiday lets. Ensure your home is safe and complies with regulations concerning gas, electrics, etc. If your property is on a complex or in a block, check the lease allows short term lets. Put items of personal or sentimental value in a lockable cupboard or storage. The size of the properties sought out by event holidaymakers varies depending on the type of group, and to some degree, the type of event. This is good news for owners because you shouldn’t feel limited in your marketing options simply because of the size of your house. Larger, luxury homes could easily accommodate a corporate group or large family, but a two bedroom apartment could house a group of old friends reuniting for Olympics. Even studios would be ideal for a couple on a budget that would prefer to cook their own meals while on holiday and save some money, especially when compared to hotel rooms or larger properties.
Due to the scarcity of accommodation in some cities during special events including Olympics 2012, most hotels and holiday rentals elevate their rates. It’s the simple principle of supply and demand: A large number of holidaymakers seeking a smaller, somewhat fixed number of rooms will drive up prices to a rate that only the most motivated holidaymakers will pay. When setting your rental rate to rent Olympic property, you should first research hotel rates in your area. Keep in mind that your home offers considerably more living space and amenities like a kitchen, big-screen television, etc. that could justify charging slightly more per night than a hotel room. Location is another factor to consider when pricing your home for an event. If your home is within walking distance to the event venue, you can charge premium rates, however if your home is located in the suburbs thirty miles away, you probably can’t charge the same as holiday rentals and hotels right in the thick of the action.
The Internet offers many easy and cost-effective vehicles to drive potential renters to your home for a special event. On vacation rental websites, you pay a flat subscription to advertise your home for a fixed period of time. You then build an advertisement with photos, detailed descriptions of your home, your location, and your amenities. Once your ad goes live, travellers will be able to find your home through the search engines or by going directly to the website itself. An interested traveller can either call you or send you an inquiry through the site that’s then routed to your email address. For more information on renting a property during Olympic 2012, click here accommodation for Olympics 2012.
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