Havering homeowners cash-in on Olympic rentals

With less than a year until the Olympics hits London, shrewd homeowners are already gearing up for their own gold rush – renting out their properties for more than �10,000.

And with the Olympic stadium on our doorstep, Havering residents are perfectly placed to cash in on the worldwide demand for accommodation.

Situated just a 20 minute train journey from the Olympic stadium in Stratford, many Romford homeowners have already begun advertising their properties online – charging thousands of pounds per week.

Head to the Olympic lettings website www.2012homerentals.com and you’ll find a Gidea Park family advertising their four-bedroom home for �1,500 per week.

Available throughout the Games – July 27 to August 12 – that’s a tidy �3,214 in total. Add the Paralympics – August 28 to September 9 – and this Gidea Park family could be scooping �6,000 throughout the Games.

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The three-floor house sleeps seven people and advertises itself as “located a three minute walk from the station which has a 22 minute service to the Olympic site in Stratford every 10 minutes.”

Visit lettings site www.rentduringthegames.com and you’ll also find a four-bedroom house in Romford going for �750 each week of the Games – the equivalent of �3,000 over the Olympics and Paralympics.

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If you’re planning on renting out your home, Andrew Buonocore, manager of website www.olympicletting.com had a few key tips, saying: “Keep it as close to a hotel as possible – make sure to remove or store away all personal affects, everything from toothbrushes to photos.

“You also want to make sure all amenities are working, especially if you’ll be away on holidays.

“And let your neighbours know there’ll be someone else staying in your home.”

He added: “People are looking at where the stadium is on the map and putting a 50p piece around that area. It’s also worth checking how close you are to other Olympic venues.

“The going rate seems to be the rental price plus 70 per-cent.”

It’s a sweet incentive for homeowners, but Havering tenants will have a chance to cash-in too.

Andrew said: “Obviously if you’re a council tenant it’s illegal to sublet your home. But if you’re a private tenant you might be able to make an arrangement with your landlord where he takes a slice of the money.

“We also offer the chance for people to stay on couches or rent parking spaces.”

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