Some homes in the vicinity of the Olympics are being advertised at up to £5000 per week, with even small flats being marketed at £1500, however with a year still to go are these prices realistic? Many look to the Wimbledon fortnight as evidence that there is plenty of money to be made, however the competitors and perhaps even the visitors to the All England Club are far more moneyed than the average Olympic competitor making comparisons difficult.

Additionally many landlord’s may be reluctant to lose good stable tenants for the sake of a potential few weeks of massive returns, and for home owners leaving for a few weeks may be more hassle than the potential income is worth.

Other costs involved include agents fees, typically 10 to 15%, although self-advertising can be cheaper but carries more risks as collecting the rent is totally up to the owner. The lack of an agent may also make potential visitors less likely to commit to sending large deposits so far in advance of the event.

As well as these costs and hassles other things to consider when renting out your home are whether it is allowed under your current mortgage and home insurance conditions, changing these may prove expensive. Additionally any profit made will be taxed further reducing the appeal.

In Sydney in 2000 many homes were still available to rent as the games started, history therefore suggests that those paying the high prices advertised now are paying well over the odds to secure accommodation for the games. This point, in addition to the practical and financial obstacles discussed above mean that short-term renting is not the goldmine for homeowners it may have initially appeared to be.