Heading to the Olympics? Book a Condo Early

BOSTON (TheStreet) -- The Winter Olympics in Vancouver and the South by Southwest film and music festival in Austin, Texas, are months away, but if you're looking for a high-end vacation rental for either event, it's best to get started now.

TJ Mahony, chief executive of Expedia's(EXPE) vacation rental review site FlipKey, says the key to snagging a loft in downtown Austin , a $400-a-night townhouse across from the Olympic hockey venue or even a castle for a special event is to plan months ahead. Mahony, who started FlipKey after renting out his Boston condo, says that while patience may get renters a better deal, it might also deny them sought-after properties.

Is it better to rent earlier or later?

Mahony: If you're concerned about getting the best house with the best amenities that fits your situation perfectly, you should plan a minimum of 60 days in advance. If it's a really high-demand area like Cape Cod, Mass., or the Outer Banks of North Carolina, you may want to plan six months ahead.

If you're looking to get the best deals and looking around to see what's left within the last 30 days, if someone hasn't found a renter by that time their propensity to offer more aggressive deals increases.

What is the rental market like in Vancouver and Whistler with the Winter Olympics coming up?

Mahony: If you looked at our site a month ago, you would have found 100 properties in Whistler and none in Vancouver. As the Winter Olympics near, we see 20 properties listed in Vancouver and a lot of people listing their primary homes because they want to take advantage of those weeks, charge a premium and get out.