International major sporting events that attract visitors from all over the world require a greater amount of accommodation available to house them all than there would be normally. Hotels struggle to cope with this sudden increase in trade, which they know can only be temporary. Consequently, it is hardly worth them buying up and converting extra premises for such a short-term prospect.
This is good news for homeowners and landlords, however, who will be able to rent out their properties at a premium. A quick glance at estate agents in London reveals that many have already grasped this opportunity to temporarily let out their property to short-term visitors. The Diamond Jubilee and Wimbledon will already have attracted a great number of potential tenants, so the Olympics and then the Paralympics come well timed to carry on jumping on this summer bandwagon.
Although those that do still live in their homes will likely have to seek planning permission in order to turn their property into a, albeit temporary, moneymaking scheme, existing landlords will certainly be able to profit from this summer’s chain of high profile events. Many of the best estate agents even have dedicated sections on their websites to focus specifically on Olympic lettings, so that those who are looking for accommodation won’t have to run the risk of being turned down by landlords who wish to fill their property for the entire year. Making sure the estate agent you choose has good online listings is an important consideration if you’re hoping to appeal to international (and even national) tenants.