With spring on its way and summer not far behind, many are now thinking, ‘can I rent my property for the Olympics?’ as a way of generating extra cash.

There is a real buzz around London and it’s easy to see why - London has hosted the Olympic Games on two past occasions, in 1908 and 1948, with a third scheduled for 2012. The planned 2012 Olympics will make London the first city to have hosted the modern games of three Olympiads, London is the only city in the United Kingdom to have ever hosted the Olympics; the United States is the only country to have hosted summer Olympics on more occasions than the UK. No city in the UK has ever hosted the Winter Olympic Games.

So what does this mean for the people renting their properties during the Olympics?

I have read and come to understand from the Evening Standard that a former Spurs and Arsenal defender who shall remain nameless is renting out his Chelsea townhouse for £75,000 a week - four times its value - during the Games.

The five-storey property in Cheyne Walk is the most expensive short-term rental on the London market during the Olympics. The footballer is one of thousands of homeowners seeking to cash in on the 500,000 extra visitors, including Hollywood stars, expected to flood to the nation’s Capital this summer.

Industry experts say short term rental prices have rocketed fivefold as spectators from more than 200 countries are expected to descend on London to watch their sporting heroes in action.

The estimated value for a property during the Olympic let period is a minimum of 4.5x the normal rental value. This figure was gathered from various organisations involved in the South African Rugby World Cup, when property rental in South Africa reached an all time high with visitors outnumbering available hotel accommodation. 

Although some landlords will be getting a high value for their private house rental or private flat rental, some estate agents are also cashing in by raising their fees by as much as 20%. For this reason a lot of landlords are turning to online letting agents to literally save thousands of pounds. And why not? Not only are the cost savings advantageous but who else knows your property better then you?

I Am The Agent can help maximize the exposure of your property by advertising it on all of the major property portals. All enquires from prospective short term tenants can be handled directly and will be stored online for you.  You are able to arrange the viewings yourself and choose who you would like to live in your home during the Games.

You can advertise your property for rent during the Olympics for £69 with I Am The Agent.

Look forward to blogging next week,
Dennis Lyons.