Olympic Short Term Lets Fail To Win Gold for Landlords

24 August 2012 Categories: News

Olympic Short Term Lets Fail To Win Gold for Landlords

Thousands of greedy landlords who chose to market their rental properties as short term lets for the duration of the Olympic Games – sometimes at the expense of sitting tenants – are now finding they not only failed to cash-in in terms of exorbitant rents, they are also facing long void periods and potentially lower rental incomes when they do secure tenants.

Over 2,000 people registered with London agent Felicity J Lord in the run up to the Games but not one of them wanted a short term let in the CapitalCity. Mariella Petralia, Lettings director for Felicity J Lord, said “There was so much hype in the run-up to the Olympics about short-term lets and how much prospective landlords could make.

“In the end, it just didn’t happen with visitors simply not prepared to pay five, even ten times the normal rate for the duration of the Games when they could quite easily book into a high-quality hotel in London for less than £100 per night.”

With the Games now finished, landlords are flooding the market with rental properties, making the Capital City a tenant’s market for the first time in a long time. It is thought though that hundreds of landlords will be bracing themselves for potentially long void periods and a need to reduce their rental expectations in order to entice ‘spoilt for choice’ tenants