Short-term rentals can function as a quick release valve for a city expecting an influx of visitors, increasing capacity for a short period of time almost instantly. In fact, despite the usual hype around the Olympics, there are still plenty of places to stay in Paris this summer.
A search on Airbnb for a stay for two during the first weekend of the games yielded more than 1,000 results, many of which charged less than $200 a night. A search for hotel rooms on Expedia revealed only about 20 hotels offering similarly low rates. Hotel prices on Olympic dates have actually fallen in Paris since December, but remain higher than the same period last summer, with the average cost of a hotel room during the opening weekend of the Games settling around €440 from May.
Booking rates for short-term rentals during the Olympics increased by 8 percent compared to dates two weeks before the games at all venues hosting Olympic events, but the number of available rooms increased by 38 percent , according to third-party AirDNA. party platform that tracks short-term rentals.
The average price in Paris for a short-term rental during the Olympics is $481 a night, while those who booked earlier paid an average of $350. Outside of Paris, fares average $289, up from $198. The “vast majority” of these listings on Airbnb, Stephenson says, come from families advertising their primary residence. But other Parisians are pleading with travelers to stay away, warning that the games will lead to chaos, and some are considering fleeing the city.
People from more than 160 countries and regions have booked stays on Airbnb for the Olympics, according to the company. The largest influx of tourists comes from the United States, with American travelers accounting for 20% of bookings, with many more guests coming from the United Kingdom, Germany and the Netherlands.
Against this backdrop, and given Airbnb’s marketing efforts, Jamie Lane, chief economist and senior vice president of research at AirDNA, says it makes sense that more people are signing up on Airbnb to host guests. . “Everyone is starting to get Olympic fever,” he says, especially “with Airbnb doing more and more advertising and outreach in the Paris city market.”
Despite the flood of visitors, the immediate availability of vacancies suggests that, like many athletes competing in Paris, some Airbnb hosts will end the games in disappointment as their accommodations remain unreserved. But Lane says that in the past, big events have provided a lasting boost to Airbnb’s footprint in a location. “A city ends up with more listings than it had before,” Lane says. For “people who maybe decide to do it for the first time, it ends up being a good experience. It was very little work. They think, ‘I should do that again.’
