With some London hotels reported to be charging up to five times their usual rate during the London 2012 Olympics, privately rented homes and short let apartments are going to be a hugely popular alternative, according to Benham and Reeves Residential Lettings.
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With some London hotels reported to be charging up to five times their usual rate during the London 2012 Olympics, privately rented homes and short let apartments are going to be a hugely popular alternative, according to Benham and Reeves Residential Lettings. This type of short stay accommodation offers better value for money and a more convenient option for cost-conscious visitors as well as the thousands of staff involved in organising the Games, says the company, one of London's largest, independent lettings-only agencies.
Nearly one million visitors a day are expected to flock to London during the Games and already many hotels are increasing their prices dramatically, with one hotel planning to charge five times its normal price according to a recent report by the Financial Times. The four star hotel quoted in the report is charging £1100 for a room that normally costs £200 according to a tour operator while another four star hotel is reported to be charging £297 per room per night, more than double their 2011 rate of £131.
“Demand for accommodation in London is going to be sky high and with rental and short let properties offering better value than typical hotel rooms, particularly for families and larger groups, this is a golden opportunity for landlords, ” explains Marc von Grundherr, Lettings Director of Benham and Reeves Residential Lettings. "Enquiries levels are soaring and we're expecting demand to continue to rise over the summer when ticket allocations have been confirmed and people start to make preparations in earnest."
"It's too early to say what level of rents we are looking at but clearly this will be influenced by a property's size, location and standard. As a guide, a one bed, short let apartment within half an hour of the main Olympic site, say in Farringdon, Liverpool Street, Stratford or Canary Wharf, which currently rents for around £1300-£1400 per week, could fetch two or three times that figure. But with events planned across the capital, all areas will see a surge in demand, particularly as we get closer to the Games."
"However, this price level still represents good value for money compared to a typical, high quality hotel," continues Marc. "Many of our enquiries are from groups of visitors " families and friends who are planning to visit the Games but also stay on for a longer holiday. And while athletes stay in the Olympic Village, training and medical staff, as well as sponsorship staff, media and contractors must find their own accommodation, not just for the Games but during the build up too. A short let, rental property offers a cheaper and more convenient solution than a series of hotel rooms. And of course, short stay apartments have their own kitchen, so visitors can also save a fortune by eating in rather than eating at restaurants every day."
"Both landlords and visitors will find that it pays to use an established lettings agent with a proven record in dealing with short term lets." explains Marc. We have over 50 years' experience in the London lettings market and we're members of ARLA (Association of Residential Lettings Agents) so clients can be certain they'll receive a professional service from us. We can organise everything, from a security deposit and inventory to helping a landlord ensure a property meets safety regulations " we can even advise on tax and legal issues. We're already well known in the lettings market, with a strong online marketing presence and 9 lettings offices in the best residential areas of London. And with overseas offices in Singapore, Hong Kong, Dubai and India, clients can organise their property rental easily with us through their local office, wherever they are in the world."
"The London Olympics are going to be a truly spectacular event but if landlords hope to profit from the Games, it's important to remember that the normal rules of letting a property still apply."
For more information about renting or letting a property for the London Olympic Games, please contact Benham and Reeves Residential Lettings City office on +44 (0)20 7936 9790 or email infobrlets.co.uk
Established in 1956 in Hampstead, London, and now with 9 offices in the prime residential areas of London, (and overseas offices in Singapore, Hong Kong, Dubai, Delhi and Mumbai), Benham and Reeves Residential Lettings is recognised as one of London's largest, specialist lettings and property management agencies. To complement this, they also provide an interior design, refurbishment and furnishings service for London rental investment properties to landlords based worldwide.
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