There are a few things that tend to get people’s feeling and sense of patriotism going like the Summer Olympics. When you see a person from your country dominate a field of athletes from around the world in a given event it’s understandable for fans/countrymen to stick their chests out a little bit more and smile.
People in London are counting on that feeling to bring thousands of visitors to the area next summer and give the local economy a tremendous boost. Hotels are already preparing to raise their prices as much as five times their standard rate; most will be at least double. One hotel is raising its price from $300 to $1600 while the Olympics are in town.
“I had been planning this trip for a couple of years, but now I will either have to go for only one week instead of two at best,” said Timothy Clark, a physical therapist from Irvine, California. He went to the last two Summer Olympics in Greece and China.
There could be some relief on the horizon for fans like Timothy Clark. According to a recent survey by Big Yellow Self Storage, there are 23,000 home owners in London that do not use at least two of the rooms in their homes.
“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,” said Michael Holmes, a TV property show presenter.
Big Yellow Self Storage estimates that renters could make up to 1000 pounds a week by giving visiting Olympic fans a place to stay. With the economy being poor, it is a potential windfall that could be too much for many to pass up. It might even be enough for some to clear out a room and pay for a self storage unit for a month so that they can take advantage of the opportunity.
“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,” said Anthony Cheney from Big Yellow Self Storage.
With roughly a half million people expected to visit London during the Olympics and the high prices hotels are looking to charge this could be a golden opportunity for local citizens and the London self storage industry.
Sources Used:
“£23million runaway winners! That's how much London households could make from the Olympics.” Mail Online; 23 October 2011.
“London hotels look to cash in on 2012 Olympics.” Yahoo!Sports; 26 July 2011.
“Capital will need 9,000 officers a day to police 2012 Olympics.” The Guardian; 16 March 2007.