FOR Glasgwegians who missed out on Commonwealth Games tickets, it might just be the next best option.
Homeowners in the city are being advised they could make as much as £3,000 per week renting out their homes during the Games next summer.
With hotel accommodation in the city already nearing capacity, letting agents are cashing in by signing up private properties to be rented out during the Games period.
The London rental market experienced a huge surge in short-term rentals during last year’s Olympic Games, with some large properties close to Olympic venues asking as much as £88,000 per week, and now Glasgow homeowners are hoping to reap benefits – albeit on a more modest scale.
Agency Commonwealth Letting, which already has properties listed including a three-bedroomed house near Hampden Stadium for £2,000 per week and two-bedroomed flat in the city’s west end for £1,750 per week, says it expects interest to rocket following the Commonwealth Games ticket allocation that took place earlier this month.
Mark Sheppard, of Commonwealth Letting, said: “We think between £2,000 and £3,000 per week for a three-bedroomed home is about right.
“It gives a wonderful opportunity for residents to make some income. We expect most of the people who will be looking to rent will be general spectators, relatives of competitors, or staffing members who might be part of the Commonwealth Federation but won’t be located inside the athletes’ village.”
He added: “A lot of people, particularly if they’re coming for several weeks, don’t want to just be in one room inside a hotel. They would rather have a house and do basic things like make a cup of tea. We anticipate there will be hundreds of houses across Glasgow being rented by the time we get to the Games.”
Even properties outside the city could benefit, with one four-bedroom house in Prestwick, Ayrshire – 40 minutes from the Games venues – already listed as being available to rent during the event for £2,000 per week.
Gary Mitchell, director of Contempo Lettings in Glasgow City and East, which lets properties near the east end close to Games venues such as Celtic Park, said there had been an increase in activity around renting properties for the Games, but said some visitors hoping to rent a house might be disappointed.
“I think there might be a spike of interest but I’m not sure how it will be satisfied,” he said. “It’s very short term. Are people willing to leave their nice house for such a short space of time? It’s a heck of a lot of upheaval for a couple of weeks.”
A spokeswoman for KPM Residential Letting Agency, also based in the city, said: “We expected a little bit of an increase in interest in recent weeks and we’ve had a few enquiries. There’s still almost a year to go, so we expect more as time goes on.”
However, Brian Moran, Scottish spokesman for the Association of Residential Letting Agents, warned of the potential pitfalls of renting out your home.
He said: “A lot of people rush into something like this because there is good money to be made but they do have to be careful.
“If you’re renting out your own home for the first time you should notify your mortgage and insurance providers as they may need to amend the terms of your policies.
“You should also build utility bill usage into the price you ask, and be careful about taking card payments. We would also advise meeting the tenant to give peace of mind.”
Mike Cantlay, chairman of VisitScotland said: “With larger events such as this that take over a whole city, it is common for people to rent out their beautiful homes for guests, as residents do in Edinburgh during Festival time.
“It is a great idea and we are positive visitors to Glasgow and Scotland as a whole will receive an extremely warm Scottish welcome.”