Big props to London for hosting this year’s upcoming Summer Olympics! I cannot even imagine how exciting it would be to travel to London and attend these adored and exciting Games. Apparently property owners in neighborhoods surrounding the stadium are experiencing some disappointment in what they thought would be a booming industry. Shocker, I would have thought that rentals would be absolutely booming. Several UK publications are reporting otherwise however. Esther Addley of the Guardian reports,
“Like plenty of their neighbours, Kate Greenslade and Gary Seabrook had heard the rumours. “There was a lot of talk that you could rent your place for £10,000 a week, that kind of figure,” says Seabrook. “We thought we’d like to do a round-the-world trip, and this was an ideal opportunity.”
The couple, who run a video production company together, have a bright, two-bedroom parkside flat a little over a mile from the Olympic stadium. But seven months after first putting the flat on a number of Olympic rentals websites, the couple this week dropped their price, from £3,000 a week, a figure arrived at by “pure guesswork”, to £2,500. Despite plenty of inquiries about stays of two or three nights, and a booking for the week before the Olympics begin, no one has yet wanted to block book the property for the entire Games period – the only deal they will consider at present.
With the opening ceremony fast approaching, many homeowners are realising that the sublet bonanza promised by the Games may not be quite as lucrative as they expected.
“There has been so much hype about Olympic rentals,” says Camilla Shaughnessy, owner of EventfulStays.com, which offers rentals for sporting and cultural fixtures around the country and regards the Olympics, she says, as “just another event”. “Yes, they are happening, but it’s not the big boom-time that everyone thinks. As it gets closer, yes it will get busier. But some people are being incredibly greedy when they are looking to rent their properties, and visitors are canny.”
To read more about the rental industry in London in the months just prior to the Olympic kickoff click here.
But bottom line is that the Olympics are still going to bring swarms of people from around the world to the city, and I would put good money on those procrastinators who are bound to start looking for rooms to rent at the very last minute. London, you’re going to do just fine. 🙂