• Paris Post Olympics Analysis: Do big events improve STR markets?

  • Oct 5 2024
  • Length: 8 mins
  • Podcast

Paris Post Olympics Analysis: Do big events improve STR markets?

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  • Summary

  • 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%.
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