Due to the scarcity of accommodation in some cities during special events, most hotels and holiday rentals elevate their rates. It's the simple principle of supply and demand: A large number of holidaymakers seeking a smaller, somewhat fixed number of rooms will drive up prices to a rate that only the most motivated holidaymakers will pay.
- Research hotel rates. When setting your rental rate for a special event, you should first research hotel rates in your area. Keep in mind that your home offers considerably more living space and amenities like a kitchen, big-screen television, etc. that could justify charging slightly more per night than a hotel room.
- Factor in your location. Location is another factor to consider when pricing your home for an event. If your home is within walking distance to the event venue, you can charge premium rates, however if your home is located in the suburbs thirty miles away, you probably can't charge the same as holiday rentals and hotels right in the thick of the action.
As a guide, HomeAway.co.uk anticipates Olympic rates for London holiday rentals could be as below. This will depend of course on the location of the property; those nearer or with good, fast links to Olympics sites will be able to charge the premium price, whereas those further away, or further from transport links may wish to charge a slightly lower price to incentivise guests.
Use our Summer 2012 Rental Map & Calculator on the right to see how much you could charge for your London property this summer.
Guide rates for London holiday rentals:
*guide prices based on an approximate 100% increase in standard average weekly rates charged by owners currently advertising on HomeAway.co.uk
- 1-bedroom property: £1,500 per week
- 2-bedroom property: £2,000 per week
- 3-bedroom property: £2,600 per week
- 4-bedroom property: £2,800 per week