Londoners are already seeking tenants to stay in their homes during the 2012 Olympic Games, asking as much as 70 percent more than typical apartment rents to capitalize on an expected shortage of hotel rooms.
About 320,000 foreigners will travel to London in the six weeks from the start of the Olympics to the end of the Paralympics, competing for about 120,000 hotel rooms available by then, the U.K. government’s VisitBritain tourism organization estimates. About 40 percent of the rooms will be set aside for guests of the organizing committee, said market research company Rubicon.
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