Olympics fans descending on the capital this summer to watch the Games could be paying three times more for holiday rental accommodation than in some other parts of the country.
A survey has revealed that the average cost per bedroom of a one-week holiday rental in July and August in London is £711.
Similar costs in Yorkshire are £217, with the Scottish Highlands (£229 per room), North Wales (£237) and Cumbria (£242) also offering good value for money, the research by TripAdvisor showed.
Almost here: Some 73 per cent more Britons than usual are expected to be visiting the capital for the Olympics.
After London, the next most expensive rental accommodation destination this summer is Dorset (£389) followed by Edinburgh (£370).
The survey, based on the average weekly prices for July and August, also revealed that holiday rental accommodation in popular resorts abroad in the next two months is far cheaper than in London.
The cheapest in the survey is Croatia's Dalmatian Coast (£264 per room) followed by Andalucia in Spain (£274) and the Canary Islands, which include Tenerife (£281).
'Holiday rentals are always a great option,' said TripAdvisor spokeswoman Laurel Greatrix.
'Cost-conscious travellers - especially those in groups - should look to destinations like Yorkshire and the Scottish Highlands in the UK, and Croatia and Andalucia in Europe, to find great properties without breaking the bank.'
Research last month suggested that a total of 73 per cent more Britons than usual would be heading for the capital during the Olympics.
And while hotel accommodation at first increased as providers looked to high demand, prices are said to have been dropping in recent weeks as rooms go unbooked.
Source: Mail Online
Spending a night in London while the Olympics are on? Then choose your accommodation carefully. Some hotel prices are more than £300 higher during the event, says Which? Travel.
With less than a month to go until the Opening Ceremony of this year’s London Olympics, excitement is mounting in the capital. But although visitors may be looking forward to seeing the world’s greatest sports men and women in action, they won’t be looking forward to forking out over the odds for a hotel room – as much as 400%Hotel chains
Booking with Holiday Inn, the official hotel provider to the London 2012 Olympic and Paralympic Games, at their Stratford Express hotel, we found one night’s accommodation for two people on Saturday 11 August – the day of the Women’s High Jump finals – for £410. It’s a convenient location, but if you were to book a double room for the following Saturday, you’d pay just £79.
Staying at Best Western Ilford hotel on Saturday 11 August, a double room for two now costs £385. Just two weeks ago, when Which? Travel also checked prices, the same accommodation was only £245. A double room the weekend after, though, for Saturday 18 August, is just £64 - £321 cheaper!
Premier Inn is offering double rooms on 11 August at their Stratford hotel for £199. The following Saturday, after the Olympic Games are over, the room costs £82.Travelodge prices come down
Saturday 11 August also sees the Men’s 10m platform diving final. And it would appear that the prices at some Travelodge hotels are taking a bit of a dive. Double rooms at Travelodge Docklands on 11 August are being shown online for £150 – for the past eight weeks, a room here on that night has cost £237.
A double room at Travelodge’s Excel hotel for 11 August, which was being offered for £299.95 a month ago, is now over £220 cheaper at £79.50.
'There was always going to be an increase in hotel prices during the Olympics - London will have thousands of extra visitors during this time, so it's a basic case of supply and demand,' says Lorna Cowan, Which? Travel editor. 'But seeing increases of over 400% is ridiculous. With less than a month to go, the majority of people will have booked their accommodation, and will have paid over the odds.'
Which? Travel has been tracking online prices at four UK hotel chains most visited by Which? members – Best Western, Holiday Inn, Premier Inn and Travelodge – since July 2011. Prices listed were checked at the hotel chains’ websites on 27 June 2012 and were the best available rate. Conditions on these may vary.
It’s London’s turn to host the biggest sporting event on the planet and while there’s a lot to live up to after Beijing’s spectacular success four years ago, the signs so far suggest a vintage Olympic year is ahead.
Director Danny Boyle’s opening ceremony in particular - a celebration of British culture and its contribution to the world stage - is set to be spectacular: from Daniel Craig’s in-character appearance as James Bond, to hundreds of NHS nurses showing up, details are sporadically leaking through but exactly what’s going to happen is still tantalisingly unclear. Recent reports of the Queen dropping in by helicopter are to be taken with a pinch of salt, surely?
More certainly, the influx of Olympic visitors from across the globe will add to the already huge numbers of summer tourists that temporarily settle in the second most visited city on the planet, adding to the seasonal strain on London’s infrastructure and the city’s hospitality sector.
For most of these visitors, accommodation is fundamental but finding something comfortable, affordable and convenient isn’t going to be easy as the inundation of Olympic visitors coalesces with the huge number of traditional tourists.
If you are planning on staying in London in June, and still haven’t found somewhere to stay, here are three tips to help you find something fitting.Investigate short-term lets
Hotels are the default choice for most tourists, but many savvy London citizens are renting their properties to visitors over the Olympic period - and this option can provide a more personal and homely experience than a room in a large hotel.
Finding one of these properties is more nuanced: in many cases you can find and contact property owners directly through informal adverts placed on listings sites like Gumtree and Craigslist but there are also agencies that act as middle-men between property owners and visitors to offer Olympic rentals, such as Hampton International.Look further afield than London
It’s ideal to be located within easy reach of East London for the Olympic Park but many visitors - particularly visitors who’re not familiar with the area - may be unaware of the Olympic accommodation options outside London that still offer easy access in barely over an hour. And these options can be more affordable than premium-priced London counterparts.
Brighton, for example, offers a seaside situ on the south coast, a vibrant local culture and access to central London within under an hour on the fastest rail connections. And plenty of rooms are guaranteed to be available - some with a sea view.Check halls of residence
Many universities rent out rooms in halls of residence out of term, which is convenient: most students will have left to go home as the Olympics arrives in town.
Arguably this option is more of a last resort, or one for bargain-seeking visitors travelling in small numbers, but it’s definitely worth investigating: halls of residence rooms aren’t as stereotypically stark as is often imagined and, when compared with dingy rooms in last-minute budget hotels, they can be comparatively luxurious.
It’s almost certain that the 2012 Olympics is going to be great, but finding Olympic accommodation is a less certain affair. If you haven’t found anything yet then complementing your search by acting on the advice and information offered should help you find a place to rest your head within easy reach of the action.
LONDON — Natasha Corne is offering Olympic fans who attend this summer's London Games a piece of her back yard for around $24 a night, including a full English breakfast.
Corne, 36, a health-care worker, has bought a blue tent to house her guests and plans to set up a barbecue on the 1,750 square-foot (163 square-meter) plot of land in Eltham, southeast London.
"I've jumped on the Olympic bandwagon," said Corne, whose two-bedroom home is 3 miles (4.8 kilometers) from the equestrian-event sites in Greenwich. "I haven't got a massive garden, but there's enough space to sleep eight."
The Olympic ritual of renting out space to visitors is under way in London after government cuts triggered the biggest drop in disposable incomes in more than two decades. Homeowners are trying to take advantage of a hotel shortage that's allowed some operators to charge as much as double the usual rate during the Games.
About 320,000 visitors will converge on the British capital in July, many of them competing with invitees of Britain and the International Olympic Committee for more than 140,000 hotel rooms, according to estimates by the British government's VisitBritain office.
"There are simply not enough rooms available across all price classes," said Konstanze Auernheimer, London-based director of marketing and analysis at hospitality research company STR Global. "That's why many Londoners see this as an opportunity to offer accommodation with a local flavor for less money."
Corne is one of several hundred people advertising alternative accommodation during the Games on Campinmygarden.com. Londoners are offering houses and apartments to rent on websites such as Londonrentmyhouse.com, Gumtree.com and Craigslist's London site.
A six-bedroom property in Hammersmith, about a mile from the Earls Court sports hall where the Olympic volleyball competition will take place, is listed for 2,500 pounds ($4,000) a week. A 10-bedroom Hackney Wick home, north of the Olympic Park, will cost 7,500 pounds a week.
A typical London hotel room during the Olympic Games will cost 210 pounds a night, according to Hotels.com, a website advertising more than 145,000 hotels around the world. That compares with an average rate of about 103 pounds at the same time last year.
By renting a furnished room, homeowners can make about 4,000 pounds tax-free, according to Claire Evans, a director at accounting firm PricewaterhouseCoopers. It costs 20 pounds to place an advertisement on Londonrentmyhouse, while Campinmygarden is free.
The swell of visitors is prompting some residential property brokers in London's East End, where the 246 hectares (608 acres) of wasteland and disused railroads made way for the Olympic Park, to contact tenants before their leases are up and ask whether the space will be free during the Games.
Alan Harvey Property Services mailed renters of the properties it manages four months before the opening ceremony. It's offering two-bedroom apartments near Newham, London's poorest neighborhood, for 2,500 pounds a week during the Games.
Those prices are as much as five times higher than typical rates, according to Jane Ingram, head of the rental unit at brokerage Savills. The landlords are risking a void in rental income during and after the Games by seeking temporary tenants, she said.
"We don't know if they're ever going to get that, as it's so inflated," Ingram said. "There's a lot that people need to think about that they haven't necessarily considered because they've got excited about the pound signs."
The returns for those turning their gardens into campsites won't be huge, according to Susan Goode, who's renting her garden about 10 miles east of the Olympic Park in Romford, Essex for 8 pounds a person per night. She hopes to earn a few hundred pounds to pay for repairs to her garage roof.
"It's a bit of fun," Goode said. "If people want to stay, I can earn a little bit of money. I'm not going to make mega-bucks."
The competition from private individuals doesn't appear to have hurt hotel companies. The Lanesborough, a luxury hotel near Buckingham Palace operated by Starwood Hotels & Resorts Worldwide, is fully booked for the Games, according to the Stamford, Conn.-based company. That includes a suite for 14,000 pounds a night, the most expensive in London.
Intercontinental Hotels Group, the world's largest hotelier and the official hotel provider for the Games, has about 86 percent of its rooms in London booked. More than 90 percent of Starwood's city center hotel rooms have been sold, said Michael Wale, senior vice president for northwest Europe.
Travelodge, London's biggest hotelier, opened its 500th British property in Stratford, home of the Olympic Stadium, last month and plans to open another six in the city before the event begins.
Room rates are unlikely to rise further as hotels lower or remove the minimum number of nights required for a booking, according to Seamus MacCormaic, director of market management for hotels.com.
"Demand isn't as strong as hotels may have expected," he said. "They're testing the water but still holding on to rates."
The Olympics run from July 27 to Aug. 12 and the Paralympics last 12 days starting Aug. 29. About 8.8 million tickets to events will be sold and will attract more visitors than other Summer Games in Europe, according to a study by Oxford Economics. About 250,000 people traveled to Barcelona for the 1992 Games, while Athens had around 150,000 tourists in 2004, the researcher said.
The first of Natasha Corne's guests, a family of four, are due to arrive on the busiest day, when Oscar-winning director Danny Boyle unveils his William Shakespeare-inspired "Isles of Wonder" Olympic curtain-raiser. Corne already has her mind on the day after.
"I'm not looking forward to cooking eight breakfasts in the morning," she said. "But I'll do it with a smile."
_ With assistance from Matthew Boyle in London and Nadja Brandt in Los Angeles.
Source: Deseret News
In the middle of a rush for tourists and athletes to secure a place to stay in London after the high prices and low availability, a company makes available numerous houses and rooms for rent during the forthcoming Olympic Games in London.
London – Feb 19, 2012 – The competition has already started because finding a place to stay during the 2012 Olympic Games has become a marathonic activity for thousands of athletes and tourists coming to London. With soaring prices and plunging availability, future visitors from all over the world are participating in a race to secure a good place at a good price.
Even though the city recently put back on sale thousands of hotel rooms that were reserved for officials and media, it hasn’t been easy for many visitors to find a place to stay. Moreover, many Londoners are leaving their homes to make them available for rent and get that extra cash that would be very helpful in this time of economic crisis. However, property owners are not finding it easy to rent out their homes and flats due to difficulties to connect these owners with potential tenants.
The good news is that a London-based accommodation company has just put available numerous houses and flats throughout London to help visitors find a room to stay. The company has released a website called The Games Accommodation (http://www.thegamesaccommodation.com), where users are able to see all the properties including their photos, locations, and prices. Users can go online, search for availability and immediately book a room.
All the properties are fully furnished and ready for people to move in. All of them are located in easy access areas of the city, with public transportation within walking distances to make commuting to venues and tourist attractions hassle-free.
This new website comes in a moment in which the Olympic Games are just around the corner and thousands of people are still looking for a place to stay. The company has also said that new properties are constantly being added so they are able to meet the huge demand, as the city’s expectations to receive large amounts of visitors are quite high. About The Games Accommodation
The Games Accommodation (http://www.thegamesaccommodation.com
) is an online platform that allows users to easily search and immediately book properties and rooms. They are committed to provide high-quality and safe accommodation in London, helping visitors to get the most out of their journey through the UK.
As millions of people from across the globe are expected to descend on the capital for the 2012 Olympic and Paralympic Games, many tourists will be looking for the perfect accommodation for their stay.
The event, which will take place in the summer, is expected to draw huge crowds – all of which must find accommodation.
Ticket holders hoping to stay in London during the international event can enjoy a number of ‘pop-up’ caravan sites close to the stadiums, offering them convenient access to key attractions.
Being so close to the Olympic village could allow visitors to enjoy the atmosphere and the buzz of this year’s event, whilst the cost-effective form of accommodation is expected to appeal to those wanting to save money.
Some temporary locations for various caravan sites will be found near tube stations, all of which are ideal spots for tourists looking to stay in the capital.
One particular site is situated near to Chigwell tube station, which can be accessed via the central line.
Being located on the central line allows visitors to reach the heart of the UK’s capital city with ease, making it a highly convenient place to stay.
As many Olympic events are set to take place in numerous locations dotted around the city, good transport links are a priority for those considering these accommodation sites.
The sheer volume of visitors expected to enter the city this summer means easy-access, transport links are expected to increase in demand and sites situated in close proximity to these will be a prime location for tourists.The benefits of temporary sites
One of the many benefits of a temporary caravan site in that it can enable the busy capital city to meet the growing needs and demands of its visitors. Tourists like to travel fluidly through the capital and these sites could enable them to do so.
The convenience of these sites is also well pronounced, with one particular site just 15 minutes away from the main Olympic locations at Stratford. One campground is even said to be able to accommodate 133 outfits, supporting a large number of visitors.
Opening from 25 July to 11 September, this site is expected to be hugely popular with visitors preparing to attend the major sporting event.
One of the soon to be popular caravan sites is even located on the site of the childhood home of the Olympic champion Sally Gunnell, demonstrating how these sites are perfectly poised to cater to sporting enthusiasts.
The caravan sites therefore have historical and cultural relevance to the 2012 Olympic Games, making them the perfect place to stay over the summer.Preparing for the Olympics
Whilst athletes have been undergoing training for years to prepare themselves for these events, visitors do not need such lengthy preparations.
For those preparing to camp at one of the temporary sites, investing in touring caravan insurance is highly recommended as it can offer the protection you need to ensure your caravan is kept safe at all times.
Source: County Times
Lena Corner to rent her house
It's now less than six months to go until the Olympics and the burning question on many Londoner's lips is: have you rented your property out yet? And if not, why not? According to some over-enthusiastic reports some of us in the capital are heading for a property "gold rush".
Rents on London homes, it is claimed, could be four- or five-times higher than normal. And the millions of visitors due this summer apparently come bearing fistfuls of cash clamouring to rent your house in Stratford, flat in Bow or one-bed apartment in Blackheath.
After all my attempts to get hold of tickets to the Games failed, I decide to have a go at cashing in on this gold rush.
I've got a slightly down-at-heel three-bed house in Stoke Newington, Hackney, an "Olympic borough", just four stops from the stadium. It's got ugly PVC front windows, no downstairs loo and a front door you have to kick to get open but, still, I thought it's worth a shot. When the man from Foxtons estate agents breezed in he took a quick look around and declared I could rent it for £3,250 a week. As I stood there greedily planning how I'd blow this windfall, he started filling me in on a few costs. Firstly they would take a massive 26 per cent of this amount in fees. They would also charge an additional £1,000 administration fee which I'd have to pay up front (this covers cleaning before and after and I'm not sure what else). I'd also have to get an Energy Performance Certificate which Foxtons could supply for £75. And on top of all that, I'd have to pay tax on the rental income too. All this before I'd even begun to think about the paperwork, the legal forms, the tidying away of my personal belongings and the shifting of my family to my mum's house. I began to wonder if it was going to be worth the effort.
Still he managed to coax me to sign on the dotted line and I thought if nothing else it would allow me gauge if the price was as pie in the sky as it sounded. The following week they sent around a photographer. "Did you forget I was coming?" she said, taking one look round the sitting room.
Then I heard about Accommodate London, the people who set up Tennis London, which successfully cornered the market in letting out people's homes in the Wimbledon area during the tennis fortnight. Joanna Doniger, who started it back in 1993 is an old pro and currently has 300 Olympic properties on her books and is charging a much more palatable 15 per cent in fees.
Doniger is much more downbeat about my prospects. She reckons I could possibly get £300 per night (£2,100 a week) for my house. "I think people are being pretty unrealistic about pricing," she says. "Half of London didn't get any Olympic tickets so they want to get out of town and rent their houses out. Plus we are in the middle of a recession – corporate companies aren't spending money on this sort of thing. Ultimately it could be a way of making a bit of money to go on holiday, but it's not going to buy you a car or change your life." The areas where properties are shifting, she tells me, are Canary Wharf, Isle of Dogs, Stratford and Victoria Park. "And there seems to be a market for bigger houses with say five to six bedrooms," she says. Doniger wouldn't even take my house on, she says, because of bad transport links (the nearest station, Dalston, is a 10 minute walk away). When I tell her there's also a bus which will get you to the stadium in 25 minutes she laughs. I try Knight Frank, which was quoted in the media as saying it was a "unique, exciting, buzzy time" for short Olympic lets. They have Sol Campbell's Chelsea townhouse on their books for £75,000 a week. Jemma Scott, head of residential corporate services, tells me she usually deals with people of a "high net worth", and from them she is receiving an overwhelming amount of enquiries. "The kind of properties we are dealing with are in Mayfair, Belgravia and Knightsbridge," she says.
"And for those the clients expect to turn up with a suitcase and receive the standards of a seven-star hotel." Not a shabby family home in Stokey then.
So I turn to the web. Rent for the Games (rentforthegames.com) is a Canadian company that was set up in 2006 prior to the 2010 Vancouver Winter Olympics. "All the hotels have been booked up by the IOC and lack of accommodation was a real issue," says founder and CEO Martin Schoenberg. "We came along at the right time offering the right service."
Schoenberg and his team are now hoping to take their specialist Olympic knowledge and apply it to London and other Games following that. Schoenberg says a good ball-park rental figure is £1,000-£1,500 per bedroom, per week. Currently he has 100 properties available on the site and has already rented out more than 40, including a mansion in Wimbledon and a four-bed in Cambridge Heath for £3,500 a week. Time is on my side, he tells me. If their experience at Vancouver is anything to go by, things only really start hotting up four to five months before the Games actually start, so there's still time to get signed up.
It now seems there is quite a collection of people, in Hackney at least, who didn't get tickets and are now also looking to rent out their properties.
Kelly Stainton asked Next Move to come and give her a valuation on her four-bed house in Clapton.
"They told me that the demand is not yet proven and so are giving much more conservative estimates than have bandied around in the press," she says. "I'm not sure it's going to be worth the effort."
Another had interest from a prospective tenant who was coming from abroad and offered them her four-bed house for £4,000 per week, despite being quoted at £5,500 (Foxtons again). After a brief silence he came back with an email saying they had managed to find a hotel close to the Games site.
Perhaps London's dearth of hotel rooms has been exaggerated. It's estimated there are around 135,000 rooms within 50km of the Olympic Park. But that certainly doesn't account for where all those extra millions of visitors are planning to stay.
Right now one thing's for sure – it's not at my house. I've now put it on Gumtree, Craiglist and Crashpadder and heard not a peep out of any. It's been "heavily marketed" with Foxtons since November and the only contact I've had is a courtesy call to say I've had no offers. Perhaps we are being optimistic about prices.
Perhaps I should have tidied up for the photographer. Or perhaps I've just been a little bit too greedy.
Source: The Independent
A seven-bedroom house in London's upmarket Mayfair district will likely set a British record rent of £433,000 (NZ$815,000) per month as landlords cash in on demand for space during this summer's Olympic Games.
The house has a floor space equivalent to three and a half tennis courts spread over three floors and includes a swimming pool, cinema and seven bathrooms. It can be also rented for 100,000 pounds a week.
In addition to a six-bedroom flat near the Harrods store in Knightsbridge that is for rent at the same weekly sum, it is the most expensive home on the findaproperty.com website, which displays houses being marketed by major estate agents.
"The figure is unprecedented for an open-market rental," said Jemma Scott, head of residential corporate services at real estate agency Knight Frank.
"It is purely due to the Olympics which, as a rule of thumb, will see monthly rents become weekly rents before reverting to normal after the Games."
The house would likely attract interest from overseas individuals in the Far East, Middle East and Russia, she said.
London homeowners are increasing rents by up to six times to meet demand from an estimated 11 million sports fans, media and corporate clients who will come to the city for the world's biggest sporting event this summer.
The total Olympics rental market for flats, apartments or houses could be worth 314 million pounds, based on one in three homeowners considering letting out some or all of their properties, according to a survey by findaproperty.com last year.
The luxury end of London's housing market has been buoyed by demand from overseas investors looking to shield their wealth from the euro zone crisis and Arab spring uprisings. Prices for the best homes rose 39.5 per cent between March 2009 and last November, Knight Frank said.
Renting homes was popular among certain wealthy individuals as it provided a greater level of privacy than a hotel, Scott said.
TEMPORARY accommodation will be built on Portland for around 220 police officers for the security effort of the London 2012 Games.
Dorset Police has agreed a further contract for accommodation at Southwell Business Park during 'the 22 busiest days' of the Olympic and Paralympic sailing events.
Chief Superintendent David Griffith, who is leading the Dorset Police Olympic and Paralympic Security Team, said: "It's going to be temporary buildings of stackable containers.
"We'll use the facilities of The Venue hotel - the catering hall and briefing rooms and some of the other rooms.
"The temporary buildings will be popped on land at the back of the building for 22 days."
It follows an announcement in December that more than 300 police officers and staff will be housed in mobile-home-style accommodation at Seaview Holiday Park in Preston, Weymouth during the Games.
The costs of the security operation, including accommodation, are met by the Home Office.
Source: Dorset Echo
(Reuters) - Harriet Howse is one of many Londoners looking to make a profit out of their property during this summer's Olympics
, leaving the city and their homes to strangers to avoid the anticipated mayhem of an overcrowded capital.
One property website's survey says an estimated one-in-three Londoners are considering packing their bags and moving in with family and friends or heading abroad when 11 million sports fans, media and corporate clients descend on the capital for the world's biggest sporting extravaganza.
You don't have to hate sport either to be thinking about moving out.
Behind her blue door in northeast London, Howse, a fan of tennis who keeps herself fit, is planning to move out of her four-bedroomed terraced house and stay with her family. A housemate will be travelling to Japan
"The cost of the tickets was so high that we couldn't afford to put a bid in for any of them ... and I think the mayhem and chaos caused by the Olympics would be a good reason to get out of London," Howse told Reuters.
"I'm pro-Olympics but I think the crowds are going to be crazy."
Her minimalist house, with its neutral colours alleviated by orange sofas and large paintings, is expected to fetch up to 2,000 pounds ($3,200) per week, four times the rent the 26-year-old university international officer could normally expect.
Other London homeowners are looking to ask for six times the usual rate.
A survey by property website FindaProperty.com last year estimated the total Olympics rental market for flats, apartments or houses could be worth 314 million pounds, based on one-in-three homeowners considering letting out some or all of their properties.
Estate agents say the number of short-let clients on their books has risen sharply.
Even high-end service specialists such as onefinestay.com, which handles properties typically worth 1.5 million pounds, is receiving between 100-150 calls a week from people looking to rent out their property during the Games.
"We're expecting it to be by far the busiest time we'll ever have had," said Greg Marsh, co-founder of the site.
"People are going to be taking off for the period of the Games in order that they can earn a bit of extra income while they are away."WEST IS BEST FOR AMERICANS
Renting can prove attractive for visitors because it offers more flexibility while prices are likely to be cheaper than London's notoriously expensive hotels.
"You could have a bowl of cornflakes for breakfast and you don't have all the associated costs of living in a hotel," said Sarah Tonkinson, lettings director at estate agents Foxtons.
Block booking has reduced the number of available hotel rooms, with the danger that it will push up prices, though London Olympic organisers (LOCOG) recently released more than 120,000 unwanted hotel room nights for resale.
Some hotels are reportedly holding customers on long waiting lists before releasing prices, but some tour operators have said the industry's expected visitor numbers are hugely inflated.
The trick for both hoteliers and homeowners is getting the timing right when looking to charge a premium.
"It's better to take something at the lower price earlier and know you have definitely got something secure rather than run the risk and try to achieve a higher price later on," said Darren Rebeiro, head of Olympic services at Keatons estate agents.
Prices advertised before the Sydney 2000 Olympics were seven times the market rate.
"I think it is unlikely anyone achieved that," he said.
Renting is proving popular with foreign media, security firms, embassies and athletics federations, some of whom will look to book 200 rooms at a time. Others who are renting are corporates, especially from the U.S, Asia and Russia
Demand has focused on historic Greenwich, with its maritime history and open spaces as well as its proximity to the equestrian events and other Olympic riverside venues.
One seven-bedroom property is on the market for 24,000 pounds per week.
Other popular areas, especially among Americans, include west London, with its upmarket shops, museums and luxury properties.
Wills Thomson, 48, is renting out a room in his two-bedroom flat in Chelsea to a father and son who booked last year on Crashpadder.com.
The archivist said it was an opportunity to meet "charming people from all walks of life from around the world" as well as earn a little pocket money.
"It's like staying with a friend of a friend, though they are paying for that privilege," he said.
Stephen Rapoport, founder of Crashpadder, said he expected to double the site's 2,100 hosts by Games time, while bookings were up by 245 percent compared with the same period last year.BUY-TO-LET BONANZA
People living in Stratford, gateway to the Olympic Park, are also looking to cash in.
But estate agents in the formerly run-down part of east London, once home to noxious industries and slaughterhouses, are warning locals they may not be sitting on gold mines.
They urged caution against the expectation among some that "Mr and Mrs American" would be prepared to pay bloated rents for their properties.
Residents are likely to lose out to developers and buy-to-let property tycoons who moved in after London was chosen to host the Olympics, investing in new modern luxury apartments, which are proving more desirable.
"It's going to be the investors that earn the money," said Daniel Barbanel, sales and marketing director at local independent residential property agents Outlook.
"Because ultimately, the local people -- with respect to them -- their houses and flats aren't particularly well decorated."