Olympic Games will force rents up

Landlords in the areas of London where the 2012 Olympic Games will take place can expect to see massive demand for their properties as the games get ever closer. However, housing charities are concerned that unscrupulous landlords may evict sitting tenants in a bid to gain from the £2000 a week rents some experts forecast are possible while the games are on.

With the demand for rental properties outstripping supply in the Capital the average rental charge looks set to go over £1000 a month any time now and the highest level for all time will soon follow. One website that specialises in short term holiday lets is looking to persuade homeowners living in the area to make money out of the games by renting out a room or just by vacating their own home for the duration of the games.

Pure Holiday Homes have already set aside part of their website advising would be part time landlords how the system works in regards to landlord insurance and health and safety matters. Sean Collins, joint CEO of the company, said “I can also see existing landlords beginning to turn their thoughts towards the Olympics and plan their strategies now and why shouldn’t they? The hotels are putting their prices up by a factor of four or five. We believe that a lot of people will be tempted by the prospect of renting out their homes for a couple of weeks and going on holiday – they can make thousands per week.”

Of course landlords who do clear their properties in anticipation of making big profits while the games are on have the problem of finding new tenants once the circus has left and although the market suggests that could be quite easy, any good landlord knows the value of a good tenant and would be reluctant to get rid of what has to seen as an asset for his business.

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