Paris landlords aren't receiving high Olympic rents

real estate

by hannah frishberg

Parisian landlords hoping to make a significant amount of money by charging triple the amount for Olympic accommodation are out of luck.

According to Bloomberg, the luxury apartment market in Paris will be saturated during this summer's Olympics, with short-term listings being drastically reduced or removed from the market altogether.

“The supply is there, but the demand is not as great as we thought,” Omar Meniri, head of Paris rentals at Engel & Völkers, told the magazine. “Unfortunately, it's not at the level I expected at the moment.”

This is an exorbitant fee (some say about $21,400 or $32,100 a week) to rent a house during the Olympic period, which runs from late July to early August, two to three times the average rate. This is sobering news for homeowners and agents who have been eyeing this. .

Although international conventions are major tourist attractions, the reality is that few people who come to a city for a convention are willing to pay exorbitant hotel rates.

In fact, two-thirds of the city's four- and five-bedroom apartments rented during the game were still available as of mid-April, with prices averaging less than asking for the two weeks before the game. Bloomberg reported that it was 35% higher, based on the following data. Air DNA.

Benjamin Bourjost, director of Paris vacation rentals at Agency Burns, told the publication that although there is “a significant slowdown”, he is hopeful that the expected April booking rush will be delayed as early as next month. He said he was there.

Many companies are lowering their prices in response to the market. However, in all but the most exclusive properties, landlords simply prefer not to rent if they can't make a profit.

“These are customers who are wealthy enough that they can afford to not rent at all,” Baptiste Albot, head of rentals at Emile Garcin & Co., told Bloomberg. “No one wants to rent for 5,000 euros a week. They don't care whether the room is rented or empty because they're going on vacation anyway.”