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£23m to be made by Games landlords

London households could earn £23 million next year by renting their spare rooms out for the Olympic Games, research has suggested.

A survey from Big Yellow Self Storage said 23,000 homeowners in London have at least two bedrooms more than they regularly use.

The company, which calculated its figures from Government data, suggested that one of these rooms could be rented out for a week, at a cost of £1,000.

It also interviewed more than 2,000 property owners across the capital and found that half only use their spare room for storage.

More than a third of people said they only used their spare room as a bedroom once every three months.

TV property show presenter Michael Holmes said: "For those who don't feel comfortable sharing their home with a lodger on an ongoing basis, short lets for special events can prove highly lucrative."

Mr Holmes advised those interested in renting out a room that they should inform their mortgage lender and insurance company and make sure safety regulations are met, as well as using a tenancy agreement.

Anthony Chenery, from Big Yellow Self Storage, said: "We have definitely seen a significant rise in inquiries for short lets of smaller self storage rooms for next June, particularly in the stores closest to the key Olympics sites and with good transport links to London's top attractions."


From Belfast Telegraph