Ever since Olympic fever descended on the host cities Vancouver and Whistler, there has been uninterrupted interest in private property rentals. Numbers of expected Olympic guests released by VANOC in 2006 predicted a severe shortage of accommodations in 2010. A number of ideas surfaced from various sources that included cruise ships, trailer parks and other out-of-the-box solutions. However, private home rentals continue to be the most reasonable option for corporate sponsors, volunteers and sports fans, and this trend is growing.

The opportunities associated with turning local condos into short-term vacation rentals fueled the growth of local company Rent For The Games. RFTG is a clear market leader renting out eight out of every 10 properties in Vancouver. Majella van Hoof has been with the company since 2008 and she predicts that the trend will continue well into November.

"We are busier than ever before with less than six months to go. Historically this has been the busiest booking period for previous Olympic Games."

The company connects local home owners wanting to leave the city and their property behind for the Olympic period with guests who face no vacancies at local hotels. Many local home owners have already scheduled their holidays during the Games and the income from the rental can ensure a luxury vacation for the entire family. With weekly rental fees ranging from $3,000 to $20,000 it's easy to book a dream trip.

Local homeowners had to overcome several hurdles before being allowed to enter the short-term rental market. Originally city by-laws prohibited rentals shorter than one month, however last year the council approved a temporary exception. Now one-bedrooms are exempt from licensing. Larger properties are still required to obtain a city business license.

Then there were several scams that dissuaded some overseas guests from using classified ads to seek out a place to stay. Finally the crash in the world economy turned away many potential 2010 travelers from expensive Vancouver. Some home owners were hit with accusations of gouging for rentals of their properties. Martin Schoenberg, founder of RFTG, explains: "There is a wide misunderstanding of the short-term vacation rental business. We are all accustomed to monthly rentals and leases. Vacation rentals are a completely different service altogether. Properties are furnished - often luxuriously, with all utilities included and fully serviced by their owners or managers. Think of a car lease versus car rental." But, despite some setbacks the rental market is booming.

Statistically speaking, the original estimates for 2010 visitors stood at 250,000 with Vancouver only capable of providing approximately 28,000 beds. Although current numbers of expected visitors go as high as 300,000 it is prudent to assume a more conservative number of 200,000 due to the long lasting effects of the recent economic downturn. Even so, Vancouver's scarce resources will not be able to accommodate the fans. With an estimate of about 75,000 total beds in Metro Vancouver, and a current 15,000 of privately secured rentals, the shortage is bound to be painfully visible in the months to come.