London landlords cash in on Olympics, but at what cost for tenants?

It’s the year Britain’s been waiting for. Ever since winning the majority of votes to host the 2012 Olympics back in 2006, the Olympics have driven a frenzied excitement at the prospect of welcoming more than 22,000 athletes, their coaches, families, friends and of course the thousands of country supporters to the doorstep, to celebrate the world’s most famous sporting event. However for many London tenants, the games are leaving them with little choice than to move away from London during the summer months, as greedy landlords charge up to 15 times the usual rent price to accommodate tourists willing to pay up to 15 times the normal amount.

Many clauses are being written into tenancy contracts by letting agents stating that the tenant must be out of the property during the months of the Olympics which begin on July 27^th. During this period, the price of rent has risen to between 5 and 15 times its usual price. Antonia Bance, head of housing charity, Shelter, has said that the process of evicting and kicking out tenants has already begun, and experts are warning that evicted or displaced tenants will struggle to find a cheap alternative during the summer months, as tourists are willing to pay so much more. Read more of this post