2024-03-06 12:07:42
By CP
Published 39 minutes ago, Updated 26 minutes ago
Beware of last minute reservations, the volume of goods available on the day of the opening ceremony, July 26, is “almost halved”. Kaspars Grinvalds / stock.adobe.com
The prices of properties rented for the period from July 26 to August 11 decrease by 135 euros compared to the previous month and are now stagnating at 886 euros on average, according to the monthly barometer Le Parisien-Lycaon Immo.
Good news for tenants. In February, the prices of seasonal rentals available during the Olympic Games fell significantly, according to the monthly barometer of our colleagues at Parisian and Lycaon Immo, specialized in real estate statistics. By booking on February 18, the average price per night for properties offered on major platforms such as Airbnb, Abritel, Booking.com and PAP from July 26 to August 11 reached 886 euros – compared to 1028 four weeks earlier. A decrease of 135 euros which represents a drop of -13%.
This drop comes as the number of homes available during this period continues to grow. “The number of classified ads posted increased by 5% in one month, with more than 11,500 properties listed on specialized platforms”, explains to our colleagues Stéphane Daumillare, president of Lycaon Immo. For him, “we are entering a turning point, this short-term rental market is rationalizing, prices are falling because the supply and demand mechanisms are finally working”. Beware of last minute reservations, however, the volume of goods available on the day of the opening ceremony, July 26, is “almost halved”.
“Surprisingly, we even note an acceleration of this phenomenon of lower prices on goods added very recently”, adds Stéphane Daumillare. The specialist notes that these “are almost systematically at prices lower than the market average, which seems to mean that new entrants want to give themselves more chances to rent their property quickly by offering more attractive rates than the average”. Way to elbow by offering more advantageous prices.
Also read: “2000 euros per night for a studio at Gare du Nord”: in the madness of seasonal rentals for the Paris Olympics
In detail, rentals in the 8th and 16th arrondissements, with prices down -29%, recorded the largest decrease. Next comes the 20th arrondissement with -17%. The 12th (-4%), 13th (-4%) and 19th (-3%) won the prize for the smallest decline. In terms of overnight rates, the 1st arrondissement is in the lead (1631 euros), trailed by the 8th (1476 euros) and the 2nd (1242 euros). “The first three districts are starting to show their limits: many properties have been reserved there at impressive rates – sometimes more than 2,000 euros per night – and few are added, which results in a decline in the number of available accommodations”analyzes the professional. “Prices are also decreasing but remain very high, especially in the 1st arrondissement (-13% in one month) at 1,631 euros per night on average,” he adds. So be careful with the strategy which would consist of banking on a continuous drop in prices to book at the most advantageous rate, prices could skyrocket at the last minute.
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