Cashing in on 2012
Wed, 06 Jul 2011
With nearly a million visitors expected to seek accommodation in and around London during the Olympics, many home owners are turning to short-term letting to bring in some additional money.
Rental demand is expected to be high as many of the hotels are already full during the Olympics, according to Lucy Morton, letting partner at agents WA Ellis. In addition, rents are expected to be at least six times the long-term rental level, she says.
Landlords who specialise in the student market are expected to do very well, as their properties normally stand empty during the long summer holidays.
Some websites that are aimed at landlords, owner-occupiers and tourists who will be in London for the games are showing 2 bedroom flats on offer for as much as £2,000 per week or more, while there are tenants looking for accommodation for parties of 20 or 30 people.
If you are interested in renting out your property on a short-term basis, make sure you get the proper
landlords insurance cover in place in order to protect you and your property.
Source: citywire.co.uk
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