An estimated 500,000 extra visitors will travel to London for the Olympic Games this year, and with the majority of city's top hotels fully booked or charging extortionate rates for their very best rooms, renting a beautiful home in one of London's most desirable districts can prove to be the more economical option.
One company making this possible is Onefinestay.com, it bills itself as an "unhotel," taking peoples private homes while they are out of town and making them available to visitors into the city, thereby offering vacation properties with the luxury touches that guests would expect from a top hotel.
Guests are greeted on arrival, bellhops on scooters are available 24/7, linens, wifi and the use of an iPhone full of local listings come as standard but guests can request a number of extra services including a daily maid service, airport pick up, taxi service or even a private chef.
Other famous realtors like Foxtons , Savills , Knight Frank and Glentree are also offering luxurious short-let properties over the Olympics, with some homes being rented specifically for this period by owners keen to cash in on the high demand.
Demand for property during the Olympics has exceeded levels seen during other big events in the capital, including Wimbledon and the Royal Wedding.
Greg Marsh, CEO of Onefinestay told CNBC, "we are expecting the company to be busier than it has ever been during July and August this year and we have been taking Olympic bookings now for well over nine months."
Jemma Scott, head of residential corporate services at estate agency Knight Frank, said: "It is utterly unique and a very exciting time. I have never seen anything like it. If you take the buzz that surrounds short-term rentals in Wimbledon each year and multiply that by a thousand you might get some idea of the Olympic market."
As seen at the Beijing Olympics in 2008, higher rental demand is leading to higher prices. The most expensive Olympic rental in London is Brick Street in Mayfair, through estate agent Knight Frank. According to reports by the Daily Mail at 100,000 euro ($158,000) per week it is 150 percent higher than the usual price of 40,000 euro ($63,000).
Greg Marsh expects Onefinestay's properties to be around one and a half to two times the usual price but this is conservative compared to other high-end properties that are known to be going for up to four times their usual rate.
Click ahead to see some of the most luxurious Olympic rentals that London has to offer this summer.
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By Bianca Schlotterbeck