Olympics Opportunities for Real Estate Rental

I don’t think this will come as a surprise to anyone, but the 2010 olympics are going to draw so many people to the Vancouver area that any available accommodation in the area is likely to at least be considered if not snatched up during this time of accommodation shortage.

Although we’re across the water from Vancouver, home owners in the Nanaimo area might want to consider renting out their extra space during the games. We are after all, only a 20 minute trip by float plane from downtown Vancouver. (Might want to tell would be guests to reserve their flights for that now.)

And here is a way to market your rental: www.2010houserentals.com

Read below for more info.

Ryan Coffey,

Coast Realty Nanaimo

Houses for rent during the Olympic Games

Published: July 21, 2008 6:00 PM
Updated: July 22, 2008 1:20 PM

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Jarrett Vaughan has started up a new website called 2010HouseRentals.com to offer rental property options during the Olympics. JENNA HAUCK/ PROGRESS
Chilliwack Progress

People from around the globe will be streaming into B.C. for the Olympics, but many have nowhere to stay.

That was the epiphany Chilliwack entrepreneur Jarrett Vaughan had last fall when he came up with the idea of maximizing revenue potential with rental properties with a website he called 2010HouseRentals.com.

“It is no secret that there is an extreme accommodations shortage in the Lower Mainland for the Vancouver-Whistler 2010 Winter Olympic Games,” he said.

That strong demand has created an incredible opportunity for local residents to rent out their homes, be they houses, condos, townhouses, basement suites and even motor homes to the international tourists who will be arriving.

“It morphed into the website,” Vaughan explained about his new venture.

He went through a number of business plan proposals before hiring a website developer to create the site last fall.

“The site went live in mid-April.”

His goal is to have 400 houses and photos registered between Hope and Pemberton, but so far he has 12. But there are more every day.

“That’s the great thing about it, people will have no other option but to drive to the Olympic events from the Fraser Valley,” he pointed out.

About 80 per cent of the hotel rooms have been booked by VANOC.

In the past three months, 2010HouseRentals.com received 50,000 hits from all over the world, including the UK, Netherlands, China, India, Germany, Japan, France and the U.S.

“In fact guests from over 25 countries have been searching for accommodations on the site,” Vaughan said. “I didn’t think I would be able to accomplish that in two years, let alone three months.”

The site allows homeowners to post their properties for the duration of the games for a one-time fee that starts at $100.

Prices for an average home in the Lower Mainland are listing at a whopping $1500 per night or $45,000 for the month of February 2010, he points out.

Vaughan, 25, graduated with a bachelor of tourism management before going to work in the hotel business for the past few years. He’s also a real estate investor with rental properties of his own.

“Just seeing the demand that’s out there, the merging of two business ideas popped into my head,” he added.

The simplest option is someone with a room to rent, say in a bed-and-breakfast. The second is a basement suite, and the third is a vacant or investment property that can be rented out.

“Lastly it’s someone who owns a house and is going to Hawaii or somewhere else,” he said. “The rent could pay for the trip with still some money left over.”

Vaughan doesn’t take a commission off the price.

“It’s up to the owner to set a price and take all the money they make. I simply provide the listing services.”

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