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After reaching record highs last year, prices for vacation rentals to book during the 2024 Olympics are plummeting.
Capital Video: Airbnb: rental prices for the Olympics are falling, already too late to rent your accommodation?
© Illustration Capital / Freepik
What if it was already too late to rent your home at a high price in Paris during the 2024 Olympic Games? This is what a study published Thursday April 18 by the insurance comparator Réassure-moi suggests. In a few months, the average price of a night in Paris during the event, between July 26 and August 11, 2024, has plummeted by 57%! In July 2023, one year before the Olympics, according to the insurance broker, rentals during Olympic weeks were booked on average at 1,023 euros per night, in Paris. Six months later, in February 2024, this market price had already fallen to 682 euros. And now, around three months before the Games, owners are no longer finding buyers on average for their apartments at prices above 436 euros. Prices which obviously remain high, but well below the expectations of certain greedy owners last summer.
Visitors who adjust to their vacation budget
This drop in prices can be explained by the overall cost of the event for visitors. Between transport expenses, the cost of tickets for the Olympic events and accommodation, the bill is indeed steep. “Owners and hosts on platforms like Airbnb may have initially overestimated prices, but have had to adjust them to reflect real demand», decipher the authors of the study.
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And falling prices mean plummeting profits for the owners, who were hoping to hit the jackpot during the Games. By accepting a reservation for their accommodation for 16 days last year, owners could receive more than 16,000 euros on average, according to Reassure Me, compared to barely 7,009 euros today.
Airbnb: the rules to follow to be able to rent in Paris during the Olympics
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