Three months before the opening of the Olympic Games in the capital, there is still time to rent your accommodation and take advantage of the economic benefits of this global event. The idea is more than tempting given the soaring prices for homestay accommodation during the Games period, from July 26 to August 11. “In Paris, prices for furnished accommodation are around 2.5 times higher than normal,” underlines Stéphane Daumillare, founding president of Lycaon Immo, at the origin of a barometer of seasonal rentals for the period of the Olympic Games.
The analysis of offers collected on the main online booking platforms, namely Airbnb, Booking, Abritel and PAP, reveals a median price of 670 euros per night in Paris. In the most prestigious districts, prices far exceed the 1,000 euro mark. The Parisian outskirts are not left out: prices there have increased fourfold in certain towns such as Versailles, Saint-Denis or Saint-Ouen, close to major sports sites.
If you intend to take advantage of this opportunity, you will need to organize yourself because the project requires some administrative formalities. First of all, consult the co-ownership regulations of your building to ensure that your co-ownership does not prohibit tourist rentals. In Paris, if you intend to rent out your entire main residence, you must register at the town hall (a procedure which can easily be carried out via the teleservice set up by the town hall) in order to obtain a number. recording to include in your ad. If you are only offering part of your residence for rental (a room, for example), this formality is not required, at least in the capital. Better to find out. In terms of furnished tourist accommodation, each municipality has defined its own regulations. In Paris, this type of rental is almost impossible if the accommodation is not your main residence, including during the Olympic Games. No exemption is granted for this occasion and the fines in the event of an infraction are heavy: 50,000 euros per accommodation.
You must also declare yourself to the tax authorities. Even for a few weeks, it is imperative to register as a furnished rental company on the website of the National Institute of Industrial Property in order to obtain a Siret number. “Although regularization is possible later, it is strongly recommended to carry out this process upstream,” underlines Vital Saint-Marc, of RSM France, a global audit consulting network. Especially since the process is quick. Furnished rental income will be taxed as industrial and commercial profits.
Next, you will need to choose your rental platform. Airbnb, market leader, offers unparalleled visibility and its notoriety allows you to reach an international clientele. But it is not the only one: there is also HomeAway (Abritel) and Booking, its two main competitors. All secure payment and offer damage protection programs. However, it is advisable to consult your insurer to ensure that you are properly protected in the event of an incident.
On a practical level, the intervention of a concierge service may be necessary. The offer is varied, ranging from large networks like WeHost, GuestReady, HostnFly and Welkeys to local and independent concierge services. Airbnb also offers concierge services, making the choice easier. Please note, prices, generally around 20% of revenue, increase during the Olympics. Before committing, it is important to carefully weigh the financial cost of these services. Finally, the last step is to set the rental amount. It is strongly recommended to be reasonable because, since February, prices have no longer increased. To hit the mark, trust the recommendations of online booking platforms, which take into account supply and demand as well as the prices offered for properties similar to yours.