| With the Vancouver 2010 Winter Olympic Games | | | | Pricing is important, but is not the only challenge |
| drawing near, spectators are now considering their | | | | faced by those planning to rent self-catered |
| lodging options. | | | | homes for the 2010 Winter Games. For a private |
| The majority of Olympic spectators will stay in | | | | accommodation deal to succeed, the homeowner |
| hotels. However, others will seek to rent | | | | and prospective renter must establish a |
| self-catered houses or condos instead. With | | | | relationship of trust and accountability. |
| today's information technology, it has become | | | | To protect the interest of both parties, a renter |
| possible for a visitor to arrange to rent a private | | | | will often pay a deposit to secure the property. |
| house directly from its Canadian owner. Canadians | | | | When doing so, homeowners and renters may |
| have responded to this trend by offering their | | | | wish to use an escrow agreement where funds |
| homes for rent during the 2010 Olympics. | | | | are held a neutral third party (e.g., attorney or |
| When thinking about renting out a home for the | | | | trust company) instead of being paid to the |
| Vancouver 2010 Winter Olympic Games, most | | | | homeowner directly. In the United States, |
| Vancouver residents are somewhat unclear about | | | | specialized "vacation rental escrow" firms have |
| market pricing. Certainly, hotel room rates (which | | | | emerged to service vacation rental deals. |
| will account for most Olympics accommodation) | | | | Vancouver homeowners also face challenges |
| are a factor to consider. However, hotel rates | | | | relating to promotion. While a private |
| have not yet been announced, and hence the only | | | | homeowner's budget cannot rival that of major |
| available "pricing benchmark" is the asking rates of | | | | hotels, a Google query will bring up numerous |
| other owners. | | | | resources for Vancouver residents seeking to |
| What rents do Vancouver homeowners hope to | | | | rent homes during the Vancouver 2010 Winter |
| charge during the 2010 Winter Olympics? Home | | | | Olympics. Keep in mind that the promotional value |
| rental data from the website shows an average | | | | of any service will depend not only on aggregate |
| nightly rate of slightly over $900. Because the | | | | daily site traffic, but also on the countries from |
| average listed home size is 2.7 bedrooms, this | | | | which these site visits originate. Before paying |
| translates to a nightly rate of almost $350 per | | | | money to list on any website, always ask the |
| bedroom. Smaller-size properties show a higher | | | | site's owner for website visitor statistics, and for |
| per-bedroom rate, while larger-size properties | | | | specific locations where the website is advertised. |
| show a lower per-bedroom rate. | | | | By carefully considering the issues of market |
| Asking rates for the 2010 Winter Olympics tend | | | | pricing, trust-building, and effective promotion, |
| to be highest around Whistler ski area (about | | | | Vancouver homeowners and prospective renters |
| $480 per bedroom), followed by Vancouver | | | | can increase the likelihood of concluding a |
| (about $390 per bedroom). | | | | successful vacation rental deal. |