The Olympic Games are in full swing, and with them comes a gold rush for Airbnb hosts in the French capital. The recent influx of tourists has sparked a frenzy, pushing up prices and filling apartments like never before.
A hesitant homeowner named Romain, who lives in the Parisian suburb of Pantin with his family, admitted he wasn’t entirely comfortable with the idea of sharing his home with strangers. The thought of potential damage weighed heavily on his mind. But the lure of a substantial financial windfall was too tempting to resist.
Romain and his family took a calculated risk, listing their apartment on Airbnb during the Olympics. Their bold move paid off, raking in a hefty €400 per night during the games, allowing them to indulge in a lavish vacation rental of their own on the Atlantic coast.
A City Overflowing with Tourists
The Games’ impact on the city’s rental market has been dramatic. The number of Airbnb listings in Paris has soared by a staggering 85% in just one year. This dramatic surge is particularly pronounced in the suburbs surrounding the capital, where the volume of listings has doubled over the past 12 months.
This phenomenal increase is attributed to a media-fueled frenzy, with news outlets and social media platforms reporting on the high prices being paid for accommodation. This influx of information has encouraged many homeowners to jump on the Airbnb bandwagon and capitalize on the booming tourist market.
A Windfall for Airbnb Hosts
As a result, Airbnb’s presence in the Paris region has exploded, with a record-breaking 134,000 active listings compared to just 58,000 in February 2023. This surge has attracted hordes of visitors, eager to experience the excitement of the Olympic Games, despite the exorbitant prices.
The number of nights booked during the Olympics has more than doubled compared to the same period last year, a testament to the sheer volume of tourists flocking to Paris. Airbnb, which takes a cut from every rental, is reaping the rewards of this Olympic bonanza.
Early Birds Catch the Worms
Those who seized the opportunity early and listed their properties before the market was flooded with listings have been rewarded handsomely. Thierry Grenade, a Parisian homeowner, listed his apartment for three times its usual rate in May 2023 and managed to secure bookings from two American families for a total of 12 nights. With their apartment generating €800 per night, the Grenades are now enjoying a well-deserved vacation in Argentina.
The Olympic Games have brought about an unprecedented surge in Airbnb listings and bookings in Paris. Smart homeowners who capitalized on this surge have been rewarded with substantial financial gains, while Airbnb has experienced a record-breaking boost to its business. This event is a clear illustration of the impact major events can have on local economies, particularly the short-term rental market.
