This is a sample that provides a welcome insight into the state of private housing rentals during the Paris Olympics. The company HostnFly, which specializes in supporting owners on Airbnb and which claims 15% of rentals on the platform in Paris, has collected figures on the level of private accommodation reservations in the run-up to Paris 2024.
“We know that the platforms tend to communicate little on this, so we have been hearing everything and its opposite for several weeks, explains its founder Quentin Brackers of Hugo to L’Express. To get an idea, many people have the reflex to go to the Airbnb website and look at the prices. Except that we necessarily see the apartments that have not yet been rented, and which do not represent the market as a whole.”
In exclusive data provided to L’Express, a trend is confirmed: the increase in the seasonal rental offer in Paris during the Games. “We have never had so many requests from owners wishing to rent their homes,” confirms Quentin Brackers of Hugo. Currently, the platform receives nearly 1,200 requests per month, compared to 200 in normal times. A sixfold multiplication which brings together diverse interests and purposes. “Many owners contact us to get an estimate of what they can earn. Some are happy, others who had higher amounts in mind, a little less,” assures the boss of HostnFly.
A limited increase
Because this is also the salient point of this data from HostnFly. Yes, prices for renting “Airbnb” type accommodation have increased in the capital. The platform observes prices which have already increased by 2.5x in Paris, and even multiplied by three in the inner suburbs.
But “if prices remain high”, recognizes HostnFly, with an increase greater than that seen during the Rio or London Games, this increase remains for the moment less significant than expected. “The increase is less strong than for other one-off events such as the Champions League final or the Rugby World Cup, for example,” continues Quentin Brackers of Hugo. A certain limitation which can be explained by the multiplication of the rental offer, which results in ultimately to a price limitation. “If supply had remained constant, it is certain that prices would have increased even more,” confirms the boss of HostnFly.
“Restore the truth”
Behind these figures, HostnFly also wants to “restore the truth” on the seasonal rental market, often singled out for the role it plays in the real estate crisis, and in particular accused of pushing prices up during the Olympics. .
“We see a lot of bad press, about big bad property owners who would like to take advantage of the situation. But in reality, we have 95% of our clients in Paris who rent out their main residences, often between two and five weeks per year when they are absent during their vacation. And this to cover their expenses or repay part of their mortgage,” assures Quentin Brackers of Hugo.
The platform nevertheless expects a peak in reservations from March with the launch of the ticket resale platform for the Olympic Games, while the majority of reservations currently come from the United States and the Europe, but relatively few French people. Perhaps enough to push prices up further.