2024-07-29 08:29:00
The demand for private accommodation is lower than expected.Picture: www.imago-images.de
The failed business of the century by booking private accommodation around the Paris Olympics in Paris. One reason for this is the large selection.
Long before the start of the Olympic Games, private room renters and apartment owners in Paris were hoping for a profitable business. They wanted to rent accommodation for visitors to the games for astronomical sums – but now there is great unrest. As the newspaper “Le Parisien” reports, based on information from the company AirDNA, which specializes in the analysis of rental data, many rooms remain empty on many competition days.
A fifth of the accommodation remained empty
There are 87,000 room offers available in the greater Paris area through major booking platforms, of which 43,500 are available on each competition day. According to the analysis, only twelve percent of these rooms could be rented consistently. And there were no reservations at all for about a fifth of the accommodations.
A magical atmosphere on the beach volleyball court.Picture: www.imago-images.de
One of the reasons given is that, parallel to a sharp increase in bookings of 128 per cent, supply also increased by 129 per cent. Because of the Olympics, many people decided to temporarily rent out their rooms or apartments.
Increased supply of neighborhoods helps lower prices
The overall occupancy in the region remained almost stable at 54 percent during the Olympic period in the same period last year, occupancy was 56 percent. “It is understandable that many hosts are not happy,” AirDNA spokeswoman Chloé Garlaschi told “Parisien”. This is even worse for these landlords as their prices have fallen as the games get closer due to the game of supply and demand.
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