It's a return to reality after dreams of speculation. With just a few weeks to go before the opening of the Olympic Games on July 26, prices for accommodation in the French capital are no longer as stratospheric as those announced during the summer of 2023. "Since September-October, as Asian and American foreigners have made their reservations, prices have declined and continue to fall a little every day," confirmed Romain Bellet, co-founder of WeHost, a concierge service that manages a fairly large volume of rentals, from studios to large houses.
While it's difficult to generalize, professionals estimate that a short-stay rental in Paris, in the mid-range, now costs 1.5 times its usual price over the same period. It is no longer 2.5 times, as was the case if you tried to book this period last fall. For example, a standard studio apartment in the 20th arrondissement of Paris, which usually rents for between €60 and €100 a night, now costs between €100 and €150 when rented during the Olympic Games.
"Apartments are having a difficult time filling up," said Bellet, who noted occupancy rates of around 20% to 25% on the Airbnb platform. "It's very quiet. Many are waiting for the last minute and to see prices drop even further." Another worrying sign for people hoping to cash in on the Olympics: When the national train operator SNCF opened its ticket office for train ticket purchases, the spike in bookings that travel industry insiders were expecting didn't happen.
'Staying with friends or family'
All of this raises new questions about the reality of a strong need for accommodation during the Games. "Among the 16 million visitors expected, there are many French people who will be staying with friends or family," said Joffrey Ichbia, co-founder of Checkmyguest (a concierge and property services), who believed that this element has been underestimated. In total, the Paris tourist office estimates that 4.5 million tourists from outside France will be staying in the Paris region during the event. Airbnb was still hoping that "with just over two months to go before kick-off, we can expect an increase in demand from the French – who hold almost 70% of tickets for the Games."
Doubts about demand aside, the overabundance of supply is having a downward effect on prices. Those wishing to rent will be spoilt for choice, since to date, on Airbnb alone, almost 145,000 accommodations options are now available. This is compared to 65,000 in the summer of 2023. "Since September, we've received around 1,000 requests from owners who want to rent out their property. Usually, it's more like 200," noted Quentin Brackers de Hugo, president of HostnFly, which is managing twice as many properties as usual over the period.
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