Olympic Games landlords could make £23 million

If your considering renting out your house or even just a spare room during next year's Olympic Games, you could stand to make a tidy profit.

According to research by Big Yellow Self Storage, London households could earn £23 million next year by renting their spare rooms during the 2012 Olympics, the Press Association reports.

With millions of visitors expected to flock to the capital and a limited amount of available hotel space, it is expected that short-term rental leases at higher than normal prices could plug the gap.

Both professional landlords and regular homeowners could benefit either by renting out the whole of their property or just a spare room.

Based on government data, Big Yellow Self Storage claims there are 23,000 homeowners in London have at least two bedrooms more than they regularly use.

It calculated that one of these rooms could be rented out for a week, at a cost of £1,000.

Commenting on the research, TV property show presenter Michael Holmes said: "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."

He added that those considering renting out a room that they should inform their mortgage lender and insurance company and make sure safety regulations are met, as well as using a tenancy agreement.

Those who have not operated as a landlord before may also want to consider using the help on offer from London lettings agents, which can assist in finding tenants and drawing up a tenancy agreement as well as provide general advice on letting out your home or a room.

An estimated 900,000 are expected to visit the capital over the course of nest year's London Olympic Games.