Paris Olympics: Accommodation prices could skyrocket ahead of elusive event
The event begins on July 26
The accommodation prices could skyrocket ahead of the Olympics in Paris this year.
Like many Parisians, Martin Cassan is looking to make some extra cash by renting out his apartment amid the influx of visitors during the Olympics.
In April, his one-bedroom apartment could fetch him 90 euros a night before prices jump to 330 euros a night during the Olympics, which will be held from July 26 to August 11.
According to Reuters, the owner of a two-bedroom apartment, with a private terrace, close to the city centre, is asking for 500 euros a night. However, it is not rented out yet.
"There will be a lot of people in Paris, which gets really hot in the summer. Using public transports will be a bit complicated so I prefer to be in a place that's less crowded and more quiet," Cassan, an account manager, told Reuters.
Cassan will pocked 45% of the rent he will make after subtracting accommodation operator Airbnb's cut, taxes and cleaning costs.
"If it's rented during the whole period of the Games, it's more than a month's salary," he said.
Airbnb have said Paris 2024 will be "the biggest event in Airbnb's history, with affordable and convenient accommodation in the cities hosting events but also the surrounding communes, which are usually less touristy," according to Clement Eulry, director for France and Belgium at Airbnb.
"According to Deloitte, stays on Airbnb should enable hosts to generate additional income for the residents of Ile-de-France and generate more than 1 billion euros in economic impact in France," he told Reuters.
There are strict rules in Paris which is why owners are only allowed to rent their apartment for a maximum 120 days a year.
"It's hard to control, however. But a law that's about to pass will make our agents' task easier and we will be able to crack down on illegal renting in a more efficient fashion," Paris deputy mayor for housing Jacques Baudrier told Reuters.
"As for the prices, I don't expect them to be sky-high as the market is going to regulate all this."
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