Tourists Rejoice! No More Inflated Rents for the Olympics

Paris expects to welcome 15 million tourists this summer as it hosts the Olympic Games. However, it appears that those looking for reasonably priced accommodation may be in luck, as costs are expected to be lower than previously predicted.

According to insurance company Réassurez-moi, the cost of booking a single night in Paris or the surrounding area during the Olympic period was €436 in April, down from €1,023 in July last year.

According to experts, the drop in prices is primarily the result of an excess supply.
Last month, when speaking with Reuters, Paris deputy mayor for housing Jacques Baudrier said: “As for the [accommodation] prices, I don’t expect them to be sky-high as the market is going to regulate all this.”

Deloitte predicted in 2023 that the average Airbnb host in the Paris region would earn an additional €2,000 during the games.

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In a statement, Airbnb said: “Paris 2024 is set to be the biggest hosting event in Airbnb history, with more guests staying in local homes on our platform than at any event, ever before.”

Although it is common for Parisians to flee the city during the hot summer months, more locals are opting to rent out their apartments this year, motivated by the prospect of extra money.

However, according to data analytics firm AirDNA, only about one-third of available Airbnb rentals in the Paris area have been booked so far during the Olympics.
Each month, an estimated 3,000 to 3,500 new listings are added to the market, leaving visitors with plenty of options.

Hotels have also reduced their prices in fear of losing out to Airbnb, according to Frédéric Hocquard, Paris deputy mayor for tourism, who spoke with Le Monde earlier this year.

Given the high cost of sporting event tickets and transportation to the capital, some accommodation providers are concerned about pricing tourists out of the market.