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Londoners already offering their homes for rental during 2012 Olympics

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By Alexandra Willis

11 November 2010

The 2012 Olympics may be providing the capital with all sorts of new facilities, improved public transport, and an influx of tourists when London finally opens its gates to athletes and spectators in 18 months time. But for some savvy Londoners, 2012 is also proving to be an opportunity to earn a bit of extra cash on the side. As reported by Bloomberg, many London residents are already seeking the opportunity to rent out their properties to visitors during the Olympic period, much as the residents of SW19 take advantage of the influx of foreigners during the two weeks of The Championships at Wimbledon.

It is expected that over 320,000 people will travel to London for the 2012 Games, a considerable increase on the 250,000 that visited Barcelona in 1992, or the 150,000 who made the trip to Athens in 2004. And with hotel space in the capital limited, home-owners are offering themselves and their properties up as an alternative option. According to Bloomberg, property website LondonRentMyHouse.com already has 100 properties listed for 2012, with more and more signing up every day.

However, home owners need to heed the examples of the 2008 Beijing and 2000 Sydney games, where demand drove up prices to unreasonable rates, which may have contributed to empty seats.

More on this story at Bloomberg

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