The Olympics lowers rental prices in Paris, there is a shortage of bookings

2024-04-23 13:37:52Lifestyle SHKRUAR NGA REDAKSIA VOX

Only about 1/3 of available Airbnb rentals for the Paris area have been booked so far during the Olympics, according to data analytics group AirDNA, while 3,000 to 3,500 new listings come online each month.

Many Parisians plan to leave the city during the games, which begin on July 26, as 15 million people are expected to visit the capital, according to tourism officials. However, plans to rent out their homes to high-priced tourists during France's August Saint holiday season have been scuppered as supply outstrips demand.

The average price is 150 euros a night, but for two and a half weeks of the Olympics, this price goes up to 250 euros. The lack of bookings seems unusual for what was thought to be a period of high demand. Airbnb, which is also an official partner for the Olympics, remains optimistic about the opportunity it offers visitors.

Tens of thousands of new hosts have registered accommodation in cities hosting Olympic events from the start of 2023, according to the company. A Deloitte study commissioned by the company estimates that the average host in the Paris area will generate €2,000 in additional revenue during the games. Thousands of people in the host cities opened their homes for the first time, and more than half of the reserved listings did so in less than seven days.

However, securing these bookings remains difficult as hotel rooms previously earmarked for Olympic missions are also on the market. Hotels are also starting to cut prices as they compete for customers. While London built about 7,000 new hotel rooms for the 2012 Olympics, Paris has only added about 2,000 rooms.