Property Hotspots: Cashing In On Festival and Event Rentals
Many people think of the festival season as kicking off in the summer, when large popular music festivals, such as Glastonbury or Reading, take place. But there are actually a large number of festivals and annual events taking place throughout the calendar year, spanning interests such as literature, music, art, gardening, racing and sailing, in many areas of the UK. Think Cheltenham Festival, Edinburgh International Festival, Goodwood, Chelsea Flower Show, Wimbledon, The Proms, Isle of Wight Festival or Henley Regatta.
Accommodation near each of the venues, especially the large events, is often in demand in the run-up to the events, when organisers are setting up, to during the festivals, when stall holders, attendees and the media are at the events and need somewhere to stay for short or long periods of time. With many of the events only running for a short period, it may seem unlikely that you can make much money from renting property, but actually there are benefits to be had.
In prime locations, the cost of renting a property for a week is substantial. A week of a house rental to coincide with a major music festival can command prices of £5,000, £6,000 or more, depending on the size and exact location. The closer to the venues, the better, but even those close to good direct transport links can be valuable too.
If you have holiday investment rental properties and are located near a festival then you may already be cashing in on the benefits of your location. For those looking to invest in new properties, areas around such events are well worth considering, if the figures add up for you.
To discover whether any of your properties could be festival hotspots, or areas which you could consider buying in, here are some useful links to explore: