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Landlords rush to rent empty space ahead of the Olympics
13th June 2012
Given the high volume of people expected to flock to London this summer to watch, compete in and work on the 2012 Olympics, it is no wonder landlords are in a rush to rent out any possible property space they have available.
Reuters reports that many homeowners are already cashing in on the Games by opening up their properties to lodgers at premium rates of rent, but now commercial landlords are also looking to get in on the act as the event comes ever closer.
Mark Hughes-Webb, managing director of specialist real estate firm Space-2 Consultancy, told the news agency that there is likely to be a wide variety of commercial space being put to use over the coming months, from empty shops and offices to sports fields and even rooftops.
"You'll see usable space created that doesn't currently exist," he explained. "It's been a long time since the Games were in such a densely populated city. People are having to be more imaginative."
According to Reuters many deals have already been done. For example, Australian developer Lend Lease is leasing out land earmarked for redevelopments to Olympic sponsors, while the company behind the Shard has been approached by several broadcasters looking for locations for their staff.
Of course this all relates to commercial property owners, not residential landlords, but the influx of visitors during the summer's sporting events is something the latter need to be prepared for too.
Those offering short-term leases may see increased demand for their property and may therefore be able to charge higher rents, while landlords who currently having tenants living in their rental accommodation will need to make sure it is not being illegally sub-letted.
It is also vitally important to have the right level of residential landlord insurance in place. This would be a particularly important consideration for those moving into the lettings market for the first time during London 2012.
Normal home insurance will not provide all the necessary cover needed, such as protection against accidental damage or theft by tenants and their guests.
Posted by Jason Randall