Olympics fail to Provide Greedy Landlords with Big Profits

28 July 2012 Categories: News

Olympics fail to Provide Greedy Landlords with Big Profits

With the start of the Olympic Games just days away it seems the short-term rental market that looked set to provide landlords with huge profits is nowhere to be seen. Thousands of summer lets remain available throughout London, Stratford and the surrounding areas, meaning that those landlords who unceremoniously evicted their reliable tenants are now facing void periods and the cost of finding replacement tenants. 

Reports from agents who marketed properties as Olympic lets suggest that in many cases landlords have failed to secure the huge rental amounts they were expecting. In Stratford over 300 Olympic let properties remain empty, with Keatons, one of the top letting agents in the area, reporting that just two dozen landlords have so far been successful in their efforts to let their properties.

Similarly, Foxtons, who are based inLondon, still have over 2000 properties available in the dedicated Olympic section of their website, even though some landlords have dropped their prices considerably in the last few weeks.

Whether a late surge from visitors hoping to save money by doing everything last minute will occur remains to be seen, but either way it’s probable that our Olympic athletes will do a lot better in terms of winning than our landlords have done so far.