CRI听力:London Property Rental Business

Londoners living in east London, and in particular Stratford, could make up to five times the market rate by renting out their homes during the 2012 Olympics.

With millions of visitors expected to grace the capital throughout the period of the Olympics and Paralympics, hotel rooms are getting scarce - particularly those within walking distance of the stadium. It is for this reason that renting somebody's house is proving a more attractive option.

Mile End is one stop away from Stratford on the London underground, and the stadium is within walking distance.

This flat's roof top terrace affords views over the Olympic site. The property belongs to Christian Nelson, who is getting ready to pack up his belongings, move out and rent the flat out during the games. Nelson believes his flat will be particularly appealing for foreign visitors.

"I think our flat will appeal for the Olympics, it's in a great location for the Olympic Park, you could walk there in less than half an hour if you wanted to. It's a two bedroom flat. We've got floor to ceiling windows which overlook east London, Mile End park and out to the Stadium as well, so that will be quite a nice bonus during the Olympic period."

Through his work Nelson learned about the short-term rental market during major sporting events.

He says renting out his property for two months during the summer will not only pay for his mortgage but also leave him with enough extra cash to leave London and go traveling. He's hoping to make around $190 USD per night during the games. That could total some $ 11,400 USD over the course of the Olympic and Paralympic events.

Darren Rebeiro, a business development manager at Keaton's estate agents, is heading the Olympics rental market. He says those living in Stratford can expect up to five times the market rate, while those in outlying areas can expect four times as much.

"Generally properties in Stratford are fetching ?120-150 (USD $190 - 237) per person per night, from our perspective if you move outside the centre of Stratford what you'll find is the immediate area around Stratford will earn between ?100 - 120 (USD $158 - 190) per person per night. From our logic, what we've seen from when we initially launched the project we were working towards an escalation of four times market rate externally to Stratford and five times in Stratford."

Most of Rebeiro's clients looking for rental properties will be coming from far afield. With this in mind, he has to make some special preparations.

"Asia Pacific, east coast America and Russia are our biggest uptakes in terms of client base. From our perspective, what we've endeavored to do is insure all the owner occupiers we're working with have left instruction manuals in the apartments. We have a bank of translators on supply, so if our external clients require any translation we can provide for them."

In Stoke Newington - about four miles from the Olympic site - mother of two Elizabeth Melinek is tidying up her young children's toys.

Stoke Newington is an area of north east London with over-ground train links to Stratford International station.

Melinek is renting her property and expects to earn as much as USD $6,325 a week in rent. Because of the money involved she says she is treating the short term rental like a full time job.

"I think I'm going to treat it like a job. We'll be providing a service and I will enjoy creating a space for some people to spend some time in London. So I plan to clear away anything that's precious to me and clear away anything that's too personal and clutter, so the kid's toys and piles of magazines and unopened post - all that sort of stuff. Clear it all away, stick it into boxes and just take it to a storage unit because the sort of profit that will come from it, it's worth taking a storage unit."

Melinek has big plans during the two moths she will spend away from home - she wants to travel the world and take her two young children with her.

For CRI, I am Li Dong.