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Edinburgh residents cash in on festival

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  • Broadcast Date:

    Friday, May 1, 2009 on stv

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  • Edinburgh residents cash in on festival

    Hundreds of householders hope to battle the recession by renting out their homes to tourists during the Edinburgh Festival.

    Letting agencies claim they have been inundated with people wanting to lease out their properties to coincide with the event.

    The world’s biggest arts event brings in millions for the city every year and entrepreneurial locals are eager to capitalise on the extra money being injected.

    One agency, Edinburgh Festival Rentals, said 2009 was proving to be its busiest year ever.

    Director Andy Landsburgh said: "People who you wouldn't necessarily expect to rent out are trying to make pocket money.

    "Families are offering up their homes and students are trying to sub-let their flats when they go home for the summer.

    "Last year we had a total of 150 properties on our books, but we already have
    200 properties signed up and it is only April.

    "That is 50 per cent more properties than we had this time last year."

    He added: "Everybody has realised that the Edinburgh Festival is a way to make good money, and now that finances are tight, tourists are willing to stay a bit further out if it means paying only two-thirds of the traditional cost.

    "There is a worry that the surge in properties will drag the price of rentals down overall. Landlords have high expectations of what they can earn, but if there is a larger range of properties on offer at a slightly lower price, it is possible those charging a higher price will suffer."

    Dickens rental firm, which has 120 properties on offer, said that it was also seeing greater activity outwith the Festival rental market.

    Marketing manager Gaby Milione said: "A lot of people who can't sell their properties are coming to us and asking if they can offer short-term let all year round.

    "It is another way to make money in the current situation."

    Another agency, The Festival Partnership, has reported a significant increase in enquiries, but company owner Jason Redman said he would try not to offer more properties than normal.

    He explained: "We only offer central flats so we are not touching the properties that are further afield. We don't want an oversupply on our books but we will try and match supply with demand.

    “Edinburgh is still adopting a robust attitude to pricing.”

    The Edinburgh International Festival runs from 14 August until 6 September.

  • Video Tags

    Edinburgh Festival Rentals, Letting agencies, Edinburgh Fringe Festival, News

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