Olympics 2012: Lodging options in London

(CBS News) David Cole lives in the Bedford Park area of west London, a Tube ride away from Olympic Park. But he won't be in town for the summer games next month.

Instead, the 57-year-old entrepreneur is vacating his house. He will soon be on vacation with his family in Bali, Indonesia, while his home is occupied by an American family itching to catch a glimpse of the Olympic spirit.

Cole is one of the many Londoners offering up his home (for a price, of course) so others can take advantage of being in a primo spot for the Olympics. He teamed with onefinestay, described as an "unhotel," a new category of upscale accommodation that lets visitors stay in a home while the owner is out of town.

The company does all of the preparation -- from putting out new linens to cleaning the space.

"We walk out the front door, go off and do whatever we want to do and when we come back you wouldn't know anybody had been here," Cole said. "Perhaps it's slightly cleaner and tidier than before we left," he joked.

onefinestay also lends an iPhone to guests, with tips on the local area from the home's owners.

But onefinestay isn't the only option left for people wanting to attend the Summer 2012 Olympics.

According to Meredith Pearson of national tourism agency VisitBritain, there are plenty of accommodations still available. But you may want to look outside of London as July 27 - the official kick-off date of the Olympics -- approaches.

"There are still several great options within central London," Pearson told CBSNews.com. "However, as those start to fill up, another great option is to consider staying outside of London and traveling in."

She added, "London's proximity to other cities and great transportation links also open up doors to thousands of other hotel rooms. Visitors have the option of staying in some of Britain's other great cities that are less than an hour from London. Places like Brighton, Cambridge and Oxford are great choices - and even Cardiff, Wales, is only an hour-and-a-half direct train ride into the city. This is a great option giving people a chance to explore more of Britain."

Hotel rooms in Central London average about $250 per night although cheaper options are available at airport hotels, for example.

At last check, some examples include: Club Quarters Trafalgar Square, $288; Best Western Mornington Hotel (near Paddington Station), $259 and Best Western The Cromwell Hotel (near Earl's Court), $241.

Olympic-goers can also look into lodging options at hostels and campsites.

According to VisitBritain, figures show there are approximately an additional 25,000 rooms at bed and breakfasts, serviced and self-catered apartments, as well as more than 5,000 bed spaces in hostels.

Although Cole is taking off just as the Olympics begin, plenty of Londoners will be staying in town while others land in the U.K. for the games.

"A lot of people I know -- friends and family -- have tickets to the Olympics," Cole said.

In total, an estimated 5.3 million travelers are expected to visit London in July and August alone. American travelers are leading the charge, making up about 17 percent of the 31 percent of increased visitors anticipated to descend on London for the Olympics, which wind down on Aug. 12.

Tell us: Are you going to the Olympics? Where are you staying?