November 08, 2011
Property owners in London could earn roughly £23 million over the next year by renting spare rooms out to tourists eager to see the 2012 Olympic Games.
Close to 23,000 homeowners in London have at least two bedrooms more than they regularly use, and research Big Yellow Self Storage suggests that one of these rooms could be rented out for a week, at a cost of almost £1,000.
More than a third of people surveyed by the storage company said they only used their spare room as a bedroom once every three months, and according to TV property show presenter Michael Holmes, "for those who don't feel comfortable sharing their home with a lodger on an ongoing basis, short lets for special events can prove highly lucrative”.
But be warned, Mr Holmes claims those interested in renting out a room, for the Olympics or otherwise, must inform their mortgage lender and insurance company to make sure safety regulations are met, as well as issuing a tenancy agreement. In addition, many London boroughs do not allow short-lets, so check with your local council before advertising spare rooms.
"We have definitely seen a significant rise in inquiries for short lets of smaller self storage rooms for next June, particularly in the stores closest to the key Olympics sites and with good transport links to London's top attractions,” said Big Yellow Self Storage’s Anthony Chenery.
For more information on short-term lets and how you could benefit, contact our housing experts today.
