2012 Olympic Games 'cash windfall' for Weymouth householders who rent rooms during sailing events

Rent could go up by three times during the Olympics, with a single room fetching £1,000 or more, according to analysts.

Householders living near Olympic sites in London and Weymouth could be set for a cash windfall if they rent out spare rooms during this Summer's Olympic Games, says a new website.

New Year predictions by Staylocally.com shows that the demand for accommodation in the capital, and in Weymouth where the sailing is being held, is likely to outstrip supply and that typical rates for renting a room are likely to go up by as much as three times.

To help householders make some extra cash room rental site the website has set up a special advice section for renting during the Olympics along with an interactive map showing the location of all Olympic activities.

Said Staylocally's John Sansom: "The nearer you are to any Olympic activity the more you can charge, which is very good news for the people of East London. But even if you some way away but have good transport links you should be able to make some valuable extra cash from an unused spare room at a time when the cost of living is going up so much".

For example a typical single room rent in the Stratford area, which might normally be around £150 per month could well go for £450 during the period of the games from 27th July to 12th of August netting the householder over £1,000.

Room rental is on the increase in austerity Britain with recent figures from Santander bank showing that 112% or one in 12 households in the country with a spare room has a lodger. The rates are highest in the south of the country, largely due to the higher cost of buying property there. In the South West, for example 14% of people with spare rooms let them out, typically making £1,000 a month.

Added John Sansom: "With the cost of running a home rising all the time having a lodger or a series of short term renters means that many people can continue to live in their house instead of down-sizing, and pay all the bills."

To find out more information about renting during the Olympics, or to rent a room in your property or space on your drive wherever you live go to www.staylocally.com.