Parisians are hoping to rent out their luxury apartments for higher prices during… Olympic Games this summer are beginning to moderate their lofty ambitions, coming to terms with sluggish demand and an oversaturated market.
Real estate agencies that can help Parisians rent out their permanent homes as temporary holiday rentals., they are said to be slashing prices for luxury rentals in posh areas and softening the expectations of owners hoping to ride a wave of visitors coming to the capital.
“There is supply, but the demand is not as strong as we thought,” says Omar Meniri, head of residential rentals in Paris at Engel and Völkers. “Unfortunately, right now it’s not what I was hoping for.”
It’s not just agents who are frustrated by the hype. Many overeager owners have listed their apartments for three or four times the normal nightly rate, only to find that few are willing to fork out the cash.
Nathalie Garcin, co-president of real estate firm Emile Garcin, says she has slashed prices to half what owners originally asked and has also become more selective about what she lists for sale.
“We only rent very nice apartments that are in perfect condition,” Garcin says, with new bedding and tasteful decor. “We’re talking to the owners” on how to set prices, she adds.
According to data provided by several property firms, luxury primary homes of 100 square meters are currently asking around €10,000 per week. Some were going for 20,000 or 30,000 euros just a few months ago.
As of mid-April, two-thirds of the total number of available nights in four- and five-bedroom apartments in Paris during the Games were still available, according to short-term rental data provider. AirDNA. (The company’s data reflects more traditional vacation rental platforms such as Airbnb and Vrbo.) The average price paid for these properties is €1,108 per night—a 15% premium over the average rates booked in the two-week period leading up to the games. For properties that remain unbooked, average available prices during the Olympics period reflect a 35% premium compared to two weeks ago.
Only 10% to 20% of the company’s Olympic portfolio is leased in Barnes, with most bookings completed in January. says Benjamin Brust, Director of Rentals for the Paris region.
“We’re seeing a significant slowdown,” Brust says, hoping the surge in orders he expected in April might still show up in May.
Some experts have warned that current supply could continue to shrink as most wealthy visitors to Paris made their accommodation reservations a year ago when they arrived in Paris. received tickets to the Olympic Games. There is also a risk that people may cancel their booking if they see prices drop and find something cheaper.
Christophe Ouvrieux, head of the Breteuil branch of real estate company Junot, listed his home – a 150 square meter apartment near Place de l’Europe in the 8th arrondissement – on Airbnb last July, hoping to make a profit during the Olympics. Soon after, it was rented for the duration of the Games.
“At the time, people said you could rent an apartment for three times the normal rate, but my wife and I decided to double the price,” says Ouvrier. “We’ve seen people list at absolutely crazy prices because they thought, ‘Why not me?'”
But for many high-end homeowners, the cost of preparing their apartment for holidaymakers simply won’t be worth it if they have to cut prices, and experts would suggest they would give up the prospect entirely before cutting rents.
“These are clients who are so wealthy that they can afford not to rent at all,” said Baptiste Albot, head of Left Bank rentals at Emile Garcin. “Nobody wants to rent an apartment for 5,000 euros a week. They go on vacation anyway, and they don’t care if it’s rented or empty.”