Olympics 2012 rental rates?

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bentisdall
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Olympics 2012 rental rates?

Post by bentisdall »

Just had an enquiry for August 2012 for my flat in London. Anyone have any idea what I should charge? (the flat's on a tube line direct to Stratford where the Olympics are being held)
dbar
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Post by dbar »

I read in the paper a few months ago that hotels were planning on doubling room rates for the 2012 games (cheeky blighters).

I have also read that VisitLondon is worried that the Olympics will cause a drop in "normal" tourist numbers, because they will think that all the normal tourist sites will be full.

So, bit of a difficult one to answer......however, with an enquiry this far in advance, I would certainly increase my rates above normal if I owned a flat in London. Maybe not by 100%, but certainly something around the 50% mark.

After all, with over a year to go, if it doesnt sell before, say, this time next year, you could always decrease the rate, and you will be left with enough time to fill the dates.
David
Annew
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Post by Annew »

Just cast your mind back to what happened during the last total eclipse. Many holiday accommodation owners and hoteliers here in devon upped their rates for the eclipse and were left empty.....

However, in your position, I would be inclined to up my rates, but maybe not by 100% Have you thought about letting to officials/journalists etc, particularly if you are on a good transport link.
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stevem
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Olympics 2012

Post by stevem »

I live in west London and personally would like to go on holiday anywhere away from the Olympics when they are on. Perhaps there is a case for raising rates elsewhere.
There are also certain events being held outside of London. I think sailing is going to be on the south coast.
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greenbarn
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Re: Olympics 2012

Post by greenbarn »

stevem wrote:I live in west London and personally would like to go on holiday anywhere away from the Olympics when they are on. Perhaps there is a case for raising rates elsewhere.
AFAIK there are no Olympic events planned for The Howgills, unless rounding up sheep with a quad bike or Fell walking are now Olympic events, so this could be your ideal holiday destination! Book now before I follow your suggestion and hike the rates :lol:
Londoner
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Post by Londoner »

Had my first Olympics enquiry yesterday and have read an article in the mail today about demand during the Olympics.

Anyone set rates yet or secured a booking? The mail article was speculating that there would be huge demand and said that the IOC had already reserved 40,000 hotel rooms.
They quoted one home owner who had charged a 250% percent markup on her normal rate for the period and had already secured a booking.

Another agent was quoted as saying that a 300% markup would be the norm for this period.

Any thoughts?
bentisdall
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Olympics 2012

Post by bentisdall »

I've had about 5 Olympic enquiries so far. Initally I set the rate at a surcharge of about 50 percent & nobody booked saying it was too expensive. I've just accepted a 1 week booking in that period & charged what works out at 27 percent more than my August 2011 rate.
Londoner wrote:Had my first Olympics enquiry yesterday and have read an article in the mail today about demand during the Olympics.

Anyone set rates yet or secured a booking? The mail article was speculating that there would be huge demand and said that the IOC had already reserved 40,000 hotel rooms.
They quoted one home owner who had charged a 250% percent markup on her normal rate for the period and had already secured a booking.

Another agent was quoted as saying that a 300% markup would be the norm for this period.

Any thoughts?
Nightowl
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Post by Nightowl »

I've quoted rates plus 75% for about 10 enquiries so far and not had any take up - not that I expected it, even I think that's too expensive! But just testing the water really. I don't really believe the hype but it's too far ahead to see really.

even if someone did book at that rate, I can imagine they'd still be looking for something cheaper to come along and then cancel. I'm only quoting those rates to keep my husband happy - he is convinced they can be sold at double the rate and I can't prove him wrong unless I quote that sort of rate and don't get any take up.

I reckon probably about rates plus 25-50% will be about the going rate. There's plenty of accommodation available and lots of people (again, hyped up by the media) are intending to rent out their own homes as well.
Nightowl
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DivineMrsM
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Post by DivineMrsM »

We're already totally booked up for both properties for the Olympics (we're in south west London). When the enquiries started coming through I decided to increase my nightly charge from £140 to £160 immediately, and then published my rates for next year at £170 per night (with no spike for the Olympic dates).
Lynne
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