Landlords urged not to capitalise on Olympics
The summer Olympics in London is expected to bring hundreds of thousands of people to the capital, with all visitors needing to find accommodation while they are watching the event.
While it may seem like an ideal opportunity for landlords to capitalise, Michael Banks, commercial director at Upad, believes it would be “foolish” to focus on high-rate short-term lets.
He added that the Olympics will not generally affect the market, as a month is not enough time to dramatically change trends.
“The Olympics is a short-term blip and some people are going to make some money out of it, but anyone who is a real landlord and lets their properties out to long-term tenants would be somewhat foolish to turn around and either evict their tenants or focus on two weeks of rental income at an inflated price,” the expert added.
Recent studies have revealed that relationships between tenants and landlords are currently strained, as the economic situation is impacting on people’s ability to pay their rent.
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