Research carried out by SpareRoom.co.uk showed that less than one in ten (9%) of homeowners intending to rent their accommodation out for the whole period of the Olympics were successful, while a further 2% were only able to rent for part of the games.
Matt Hutchinson, director of SpareRoom.co.uk, said: “Many people saw the Olympic rental market as something they could cash in on, but the truth is that the supply has easily outstripped the demand. With everyone thinking the same way, it was a competitive market that, for many, hasn’t paid out.
“While some homeowners may have benefited by the gamble of a short-term let, landlords who held back from accepting tenants in the hope of a bonus pay packet, or homeowners who booked to travel away on the expectation that their home would be easy to rent, are losing out as their homes stay empty.”
