faced with overabundant supply, prices continue to fall

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In Paris, in February 2024. MIGUEL MEDINA / AFP

Return to reality after dreams of speculation. A few weeks before the opening of the Olympic Games, on July 26, the prices displayed for accommodation are no longer as stratospheric as those which had been 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,” confirms Romain Bellet, co-founder of WeHost, a concierge service which manages a fairly large volume of rentals, from studios to large houses.

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Although it is difficult to generalize, professionals estimate that a rental for a short stay in Paris, in an average range, now costs 1.5 times the price usually charged over the same period. And no longer 2.5 times, as was the case this fall. Thus, a classic studio in the 20e district of the capital which, usually, rents for around 60 to 100 euros per night, is now negotiated between 100 and 150 euros when it concerns the period of the Olympic Games.

“The apartments are difficult to fillconfirms Romain Bellet, who notes occupancy rates of around 20 to 25% on the Airbnb platform. This is very quiet. Many wait until the last minute and see prices drop even further. » Another worrying sign: when the SNCF opened its counter for train ticket purchases, the peak in reservations that travel professionals expected did not occur.

“Hosted with friends or family”

All 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”, continues Joffrey Ichbia, co-founder of Checkmyguest (concierge and owner services), who believes that this parameter has been undervalued. In total, the Paris tourist office estimates the number of tourists from France, living outside Ile-de-France, and who will stay in the region during the event at 4.5 million. “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”however, hopes the Airbnb platform.

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Beyond doubts about demand, the overabundance of supply is having a downward impact on prices. Those who wish to rent will be spoiled for choice since to date, on Airbnb alone, nearly 145,000 accommodations are now available. There were 65,000 in the summer of 2023. “Since September, we have received around 1,000 requests from owners who want to rent their property. Usually it’s more like 200″, notes Quentin Brackers de Hugo, president of HostnFly, which manages twice as many properties as usual over the period.

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