There is still time for London’s landlords to cash in on the Olympic Games so long as they are seeking a “sensible price”, it has been claimed.
Property owners in and around London have been looking to capitalise on the expected influx of 11 million fans, athletes and sponsors from July onwards.
The surge of people coming to what is already Europe’s second most densely populated city has led to first-time landlords looking to make a profit on the significant demand.
Gary Clark, director of London2012Rentals.com, believes there is still time for people to rent out their property providing they are realistic about what visitors will be willing to stump up for it.
“I don’t think it is too late,” said Clark. “There are always people on a last-minute rush who have been confirming plans and getting hold of tickets.
“Even though we have 1,700 properties on the website, each property has something different to offer and if you ask a sensible price then it can get snapped up pretty quickly.”
Clark said landlords who initially listed their properties at very ambitious rates were now discounting to try and attract tenants.
He said: “Originally some people were trying to command ridiculous sums and people jumped on the bandwagon, but it is now competitive and people are worried they haven’t successfully rented.
“It’s not that people are not coming, it’s just there are a lot of properties out there.”
Demand for properties is not just restricted to around the Olympic Park and other venues, Clark said.
Landlords further afield than London, such as in Surrey and Essex, have benefited from good rail links to the capital, while events are also taking place in Coventry, Newcastle and other UK cities, driving demand in these areas.
Clark’s website is one of a number to target short-term property rentals during the Olympic Games, but he is pleased with the market share it has managed to take.
The website receives 100,000 page views a month, he said, while it has proved particularly popular with visitors from France, Spain, Germany and the US.
“It’s a mark of spending money on advertising and it has been translating into people posting with us.
“We have the biggest campaign on Google. We have definitely added more properties quicker than any other website. We only started in March and now have 1,700 properties. Some websites have been around for well over a year and haven’t got that.”
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