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London has always been a popular spot for major events. Every world tour passes by London. Take the Era’s Tour as an example. Taylor Swift couldn’t perform in all cities but London will always be one of the top spots for her tour. The same applies to other artists like Queen (Hyde Park, 1976), Oasis (Wembley Stadium, 2000 and 2009), Take That (Wembley Stadium, 2011), Coldplay (Emirates Stadium, 2012 and Wembley Stadium, 2022), Adele (Wembley Stadium, 2017) and many more.
It’s not just concert events in London. Even sporting events have found their way into London. The city hosted the Summer Olympics back in 2012. In 2024, London hosted various events like the MLB World Tour (London Stadium, June 8-9, 2024), The Diamond League (London Stadium, July 20, 2024) and the NFL International Series (Tottenham Hotspur Stadium and Wembley Stadium, 2024) - to name a few.
What does this have to do with you as a property investor? It’s important to realise that these London events attract thousands of visitors from all over the globe. This means it significantly impacts London’s hospitality industry - including short-term rentals. If you play your cards right, you can enjoy higher rental income by leveraging major events happening in London. Even the Paris Olympics can be used to attract more tourists to the city - and thus give you more opportunities to increase occupancy rates.
In this article, you’ll learn why leveraging major events can be a powerful marketing strategy for property owners like you. With the right moves, property investors can capitalise on these occasions to boost their property portfolio’s performance.
The Paris Olympics Phenomenon
If you look at the effects of the Paris Olympics on the local hospitality industry, you’ll understand the power of major events in the rental property market.
According to reports, the average daily rates of Paris hotels rose from €223 (2023) to €380 (2024). This growth of more than 70% was driven by international and domestic travellers. Airbnb also reports a positive effect on short-term rentals in Paris. According to the booking platform, the active listing in Paris increased by 40% as locals recognised the potential of earning from the upcoming Olympics. Nights booked were 400% higher compared to the same time the previous year. It was estimated that this would generate an average of €2,000 for hosts during the Olympic Games.
This is proof that major events can drive incredible growth in your rental returns. In London, the Taylor Swift Era’s concert evoked the same upsurge. Reports revealed a significant increase in Airbnb prices - from £184.84 to £344.23 per night during the concert dates.
Even after the Paris Olympics have ended, London rental properties can still benefit from the influx of tourists. Some travellers who flew in for the games may be interested in going to London as a side trip before they head home. You need to grab this opportunity to achieve remarkable growth.
With strategic planning and proper marketing moves, you can capture the influx of visitors to improve your portfolio’s growth before the end of the year.
Tips to Leverage Major Events to Increase Rental Returns
Now is the time to act if you want to capitalise on major London events (2024) scheduled in the coming months. You still have the Notting Hill Carnival (end of August), London Fashion Week (September), NFL London Games (Oct) and many more.
Here are tips that you can use to leverage major events to boost your property’s income potential and occupancy rates.
Monitor market trends
Keep up with market trends as major events draw nearer. Tracking dates of popular events will help you anticipate the increase in demand for short-term rentals in London. This will allow you to adjust your pricing strategies and ensure availability during important dates. You can also plan ahead so you can schedule your marketing campaigns accordingly.
Create targeted marketing campaigns
Marketing rental properties at the right time is crucial if you want to capitalise on major events. Launch campaigns a few months before the actual event. Do targeted marketing campaigns that appeal to the audience that will be arriving for the event. Highlight your property’s proximity to the venue and public transportation. Offer discounts, vouchers and freebies that they can enjoy while attending the event. These will increase the appeal of booking your property.
Opt for dynamic pricing strategies
Dynamic pricing strategies allow you to raise rates to adjust to the current demand. It’s normal for rates to rise as the demand increases. Find the best price to stay competitive in the rental market but keep them reasonable so as not to turn off potential guests. You want to balance your rates to attract more bookings.
Highlight upgraded property‘s amenities
If there’s time, try to invest in property upgrades. It could be a simple paint job or buying new furniture. Then highlight these upgrades to make sure that potential guests will see the value of staying in your property. Include high-speed Wifi, functional kitchen appliances, smart TVs (and other devices), comfortable furniture, etc. These will set your property apart from your competition and increase your occupancy rates.
Offer flexible booking options
Being open to flexible bookings shows your concern for the comfort and convenience of your guests. This includes giving discounts for early bookings or extended stays, allowing late cancellations, etc. This will attract a wide range of guests who would prefer flexibility over anything else. It’s also appealing to International travellers who might encounter unscheduled travel delays.
Streamline the check-in and check-out process
Give guests the option for self-check-in and -check-out. Set up a process that will allow this to happen through keyless locks or lockboxes. This will give guests the flexibility to arrive at different times without hassles. But before you push through with this - make sure you’ve set up a clear and reliable communication channel so you can help them with any issues they may encounter. You should also give them detailed instructions so they know what to do and how to operate the appliances and various systems on your property.
Provide additional services
Think of additional services that will complement the event that your guests came here for. For instance, you can provide transportation services so guests can go to the venue in comfort. Or you can offer bike rentals. You can even offer breakfast services so they don’t have to think about their first meal of the day after partying all night.
All these should be highlighted in your property’s profile so guests will know about your offer before they book. It’ll make your property more appealing and it’ll increase the value of your property.
Beyond all these, it’s also important to think about what happens once the guest arrives. Surprise them with welcome packages that they can use when they go to the event they came here for. Let them use your umbrella so they can move around even when it rains in London. Include a local area guide so they can explore the rest of the city before and after the event.
These little things and details would mean a lot to your guests and would increase your chances of getting a 5-star review.
Maximise Rental Income During Major Events
Major events offer a great opportunity for property owners to boost their rental income. By leveraging the popularity of these events and strategically monitoring marketing trends, you can create targeted marketing campaigns and implement dynamic pricing strategies to increase your rental yields. You can also create an incredible guest experience that would lead to 5-star reviews and more bookings in the future.
At Opago, we are committed to exceptional service and we can help you leverage major events to increase your rental returns. Our comprehensive property management services include market analysis, dynamic pricing, guest communication, marketing and even housekeeping and cleaning services. We can help you capitalise on London’s major events so you can enjoy high occupancy rates.
If you’d like to maximise your property’s potential during major events, contact Opago. We can help turn your property into appealing havens for International travellers.
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