As the Olympics approach, there has been a significant increase in short-term rental bookings in Paris. Listings and rates for stays during the Games have seen a substantial rise, with the median rate for stays in Paris with a check-in date during the Olympics reaching $619 – a 116% increase from the previous month. HomeToGo noted a 74% year-on-year increase in searches for Paris during the Games, and Airbnb reported that bookings for the Olympics are over five times higher than they were at the same time last year. With more active listings in the first quarter of the year and a 45% year-over-year increase in April, individual hosts are also getting in on the action in Paris.
However, prices for short-term rentals in Paris are starting to drop as the Olympics draw nearer. According to AirDNA, prices began to cool down in March and April. As the event approaches, the available rates are expected to continue to decrease as hosts become worried about booking their units. With the potential influx of Americans and Olympians’ families still looking for accommodations, there may be a surge in bookings in the coming months. The demand for short-term rentals in Paris is expected to increase as athletes qualify for the Olympics and their friends and family search for housing.
Home rental platforms have noticed a rising interest in Paris as a destination for travelers during the Olympics. Vrbo, a vacation rental website, has reported that Paris is one of the top searched destinations for global travelers preparing to attend the Games. With a 46% increase in short-term rental bookings during the Olympics period and a 112% increase in the suburbs, it is clear that demand for housing is on the rise in Paris. Individual hosts play a significant role in the market, as France, in general, is dominated by individual property owners rather than large property managers or aggregators.
With the anticipation of heightened demand for short-term rentals in Paris during the Olympics, American travelers have shown particular interest in the city during this period. A survey conducted by HomeToGo found that 43% of Americans plan to take a vacation related to a sporting event this summer, with searches for Paris during the Olympics increasing by 122%. As prices for short-term rentals begin to decrease closer to the event, travelers may find more affordable housing options for their stay in Paris. Overall, the upcoming Olympic Games present an opportunity for travelers to take advantage of relatively decent deals on short-term rentals in the city.
