Would I rent out my house? Well, no. But then of course nothing ever happens in this area. And I really do mean *never*! Just the way I like it!
Renting out your house for the olympics could turn out to be an expensive idea as you'd have to comply with a whole host of legal requirements and be liable for tax on any profits. Then there's insurance, mortgage issues (if that applies to you) and the problem of guaranteeing rental capacity.
If you feel like disappearing for a month then go for it, but for the sake of 4 weeks renting your house out I think it could easily turn in to a loss making event.