Oct 05 2024 8 mins
Key Insights from Paris Rentals Post-2024 Olympics
- Massive Surge in Listings: Vacation rental listings in Paris jumped nearly 90%, from 74,386 to 140,539 during the Olympic period.
- Occupancy Rate Decline: Despite the surge in listings, occupancy rates fell by 15%, with current levels at 63%.
- Revenue Dip: Annual revenue for short-term rentals is down 4%, now averaging €40.7K per property.
- Oversupply Challenges: Active listings increased by 41%, leading to an oversupply issue, particularly in key regions like Île-de-France.
- Price Adjustments: During the Games, nightly rates peaked at €706, but actual bookings averaged around €450, forcing property managers to lower rates.
- Shorter Booking Windows: The average booking window shrank by 31%, with guests booking just 22 days in advance.
- Economic Impact: Over half a million visitors staying in short-term rentals during the Olympics contributed over €1 billion to the French economy.
- Lessons in Pricing Strategy: Oversupply required flexible and dynamic pricing strategies, with some properties cutting rates by up to 50%.