Check out AirDNA's interactive dashboard to see how demand, supply, and rates are shaping up as we look forward to 2024's summer Olympic Games in Paris. 

Interactive Dashboard: Bookings Boom for Paris Olympics 2024 | AirDNA

The Paris Olympic Games in the summer of 2024 are poised to be an extraordinary event, and the short-term rental market is buzzing with excitement. As an official Olympics partner, Airbnb is gearing up to potentially host half a million visitors in Paris and other host cities across French territory. This comes as the French market, already Airbnb’s second-largest after the U.S., has seen significant growth, generating $15 billion from January to October 2023, compared to $12.8 billion for the entire year of 2022. The upcoming Olympics presents an unprecedented opportunity for STR investors and hosts alike.

From swimming in the Seine to beach volleyball in front of the Eiffel Tower, Paris is set to take center stage as the host city for the biggest sporting event in the world. However, other cities around France will also be hosting events, including:

The Stade de France and Aquatics Centre in Saint-Denis - rugby, athletics, diving, water polo and artistic swimming

The Château de Versailles - equestrian events and modern pentathlon

Stade Pierre Mauroy in Villeneuve-d’Ascq - basketball and handball

CNTS Shooting Range in Châteauroux - shooting

Geoffroy-Guichard Stadium in Saint-Étienne - football

Stade Vélodrome and Roucas-Blanc Marina in Marseille - football and sailing

In the dashboard below, you can see how demand (nights booked), booked rates, and available rates are shaping up for the two weeks of the games (Friday, July 26th, 2024 – Sunday, August 11th, 2024), compared to the two weeks before.

You can also see year-over-year (YOY) supply growth for the last available month (October 2023). Total listings in Paris are currently up 30% YOY, but we expect listing growth to ramp up as we get closer to the Paris Olympics. To honor their commitment to keep prices down, Airbnb has been strongly encouraging Parisians to rent out their homes. Airbnb has suggested that as many as 20% of people in Paris could host during the Olympics and predicts that hosts could earn around €2,000 in revenue during the event.

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Demand for short-term rentals during the Paris Olympics has skyrocketed, with a jaw-dropping 500% increase compared to the two weeks prior to the games. It's a clear indication that travelers are eager to secure their accommodations for this once-in-a-lifetime event.

One trend we’re seeing is the surge in demand for accommodations in the suburbs of Paris, where there is currently an astonishing 829% increase in bookings. Competition venues located outside of the city center, coupled with more affordable rates, are enticing travelers to choose suburban stays. Current hotspots for demand include the suburban areas immediately outside of Paris: Hauts-de-Seine, Val-de-Marne, and Seine-Saint-Denis.

Further afield, we’re also seeing boosts in cities like Villeneuve-d’Ascq (hosting basketball and handball), Châteauroux (hosting shooting), and Marseille (hosting football and sailing) – all with triple-digit growth in demand as guests come to see these once-in-a-lifetime events.

Currently, booked rates have surged by 41% across all Paris Olympic locations, while available rates have shot up by an impressive 64% compared to the two weeks before the Olympics. Those who booked their stays early were able to secure excellent deals before hosts adjusted their prices. In Paris, available rates are averaging $932 a night, more than double the average booked rate of $436. In the suburbs, available rates are averaging $419, while already booked rates average $253.

While the Olympics provides a promising outlook for Parisians interested in hosting, it is worth noting that greater enforcement of current short-term rental regulations and stricter zoning laws in Paris Olympics host cities could put a damper on listing growth leading up to the Olympics. 

As the Paris Olympics draw nearer, we only expect demand to grow. With millions of travelers descending on Paris and other destinations for the games, short-term rentals are stepping up as a great option for temporarily expanding lodging supply to welcome the huge uptick in guests. Whether you're a traveler or a host, it's an event you won't want to miss.

See daily rates and demand for the next six months with AirDNA, as well as personalized comp sets and Smart Rates price recommendations.

Check out AirDNA's interactive dashboard to see how demand, supply, and rates are shaping up as we look forward to 2024's summer olympic games in Paris.

Interactive Dashboard: Bookings Boom for Paris Olympics 2024 | AirDNA

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