The prospect of tourists using Airbnb for the Paris Olympics is in the news.
We take a look at the latest developments.
Does our city need Airbnb for the Paris Olympics?
The 2024 Olympic and Paralympic Games are set to be the biggest event of the decade for Paris.
Next summer, the Paris Tourist Office predicts more than 16 million tourists will visit our city to attend.
But where in Paris will they stay?
According to statista.com, there are around 85,000 hotel rooms in Paris. With such a huge shortfall, can Airbnb accommodation help?
The CEO of Airbnb, Brian Chesky, thinks so. He’s even urged Paris property owners to start getting their listings ready!
With prices of €1,500 a night and much more, an Airbnb rental could be very lucrative for apartment owners in Paris.
Add in the fact that many Parisians depart the city for their annual summer break – potentially leaving their apartments empty for a month or two – and it’s easy to see the temptation.
But there is red tape to negotiate that can be a deterrent for apartment owners.
Airbnb and Paris – the latest
In recent news reports, the head of Airbnb states, “A lot of people need housing [for the Olympics]. They don't have enough hotel rooms in Paris to accommodate everyone.”
Brian Chesky, the Chief Executive Officer, is putting a positive spin on his company’s relationship with short-term online rentals in Paris.
It follows a rather stormy history between the online rental giant and the French government – who have tried various tactics over the years to curb Airbnb rentals in Paris.
The CEO’s statement comes a few years after Airbnb announced it’s now a worldwide partner for the Olympics and Paralympics. This means Airbnb branding will be throughout the Paris games next summer.
So, it’s no coincidence the CEO is highlighting the potential benefits of Airbnb – including keeping hotel prices contained.
Can Airbnb keep hotel prices in check?
So could tourists using Airbnb for the Paris Olympics be the solution?
The Airbnb CEO believes it is. He says, “There aren’t enough hotels [in Paris], and they can't build more. That's going to increase prices for a hotel stay.”
Continuing about the potential benefits of Airbnb, he says, “Surveys suggest as many as 20% of people in Paris are thinking about hosting. If they put their homes on Airbnb and there is enough housing, prices will stay within reason.
“So while hotel prices are going up, I will make sure that Airbnb is more affordable than hotels for the equivalent amount of space when people are traveling to Paris for the Olympics.”
Paris real estate is unique
Paris is Airbnb’s number one market worldwide, and the city has strongly resisted the rise of short-term rentals. More than any other city around the world.
Why? First and foremost, the French government wants to protect the limited supply of real estate – so it’s available first to those living and working in the capital.
At the same time, they want to preserve the local hotel industry – a core part of the city’s infrastructure for tourists.
As an old city where there are restrictions on new buildings and developments, it’s not as simple as constructing new hotels to meet demand.
In addition, Parisian residents object to neighboring apartments in their buildings being used as hotel rooms, with the noise and building traffic it can generate.
These are the reasons Paris enforces so many restrictions on online rentals. Not just Airbnb, but the others too, such as Vrbo and booking.com.
We have covered this topic many times in our blog – the ‘Are Paris Airbnb Rentals Allowed?’ article gives more detail. We will share any further reports here in this blog.
Rentals from local real estate experts
Are you looking for housing while the 2024 Olympics take place in Paris?
For any inquiries about renting or buying an apartment in Paris at any time of year, please do contact us.
While we don’t manage short term rentals, we do have a portfolio of properties with plenty of good options for those looking to rent.