https://open.spotify.com/episode/3n9deMMMMMsitZfd5nAzMf?si=1580eccd4a144536
As the Paris Olympics draw near, locals looking to rent out their apartments are facing unexpected hurdles. With a flood of listings hitting the market, prices are dropping, and only a third of available Airbnb rentals have been booked so far for the Games. This surge of listings, along with many residents leaving the city during the event, means there are more apartments available than people looking to rent them, leaving many hosts struggling to find renters.
One such host is Stefania, a banker in Paris, who usually rents out her studio on Airbnb. Despite raising her prices for the Olympic period, she's had trouble finding renters. Many hosts like her are reconsidering their pricing strategies, as the average prices for booked accommodations during the Olympics are much lower than what they initially asked for. With hotels also competing for guests, securing bookings has become a real challenge for Airbnb hosts.
While the short-term rental market faces uncertainties, some experts see a bright side. Short-term rentals offer more flexibility compared to building new hotels, but the current surplus of rentals could lead to disappointment for many hosts. As prices continue to drop and competition heats up, hosts will need to be flexible and plan strategically to navigate these changes in the rental landscape.
This is unsurprising to me, especially because many residents are leaving the city for the games. It is completely unrealistic for the supply to match demand.
ReplyDeleteWith Airbnb becoming more popular, it makes sense for owners to rent out their properties during the Olympics. I agree that short term rentals could be a better choice than building new hotels to host the tourists. I expect most owners to still be able to rent out their properties, but probably at a much lower price than they may have expected months ago.
ReplyDeleteIts interesting to observe what will happen to the usual tourism in Paris due to the Olympic Games. It seems like tourism will actually decrease from the areas typically very high amounts of visitors. I also think many people prefer to just watch the Games from the comfort of their own homes.
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