According to the data analysis site AirDNA, prices in Paris currently reach an average of 619 euros per night on Airbnb, almost double the average rate of 298 euros for bookings already made.
Concern in recent months, the price of accommodations in Paris during the Olympic Games is calming down on the hotel side, while on platforms like Airbnb, the number of listings is exploding, as are the prices.
Clémence Vallée has just put her three-room apartment in the Paris suburbs for rent on Airbnb. “Normally, I use HomeExchange (a non-profit exchange site), but this opportunity was too good to pass up,” she explains to AFP.
She is asking for a rate of 250 euros per night, determined based on other listings in the neighborhood. “I’ve had the listing up for two weeks now, and I haven’t had any requests yet,” she says, willing to adjust prices if needed.
Caroline, who prefers not to give her name, regularly sublets her three-room apartment in Paris on the platform for 90 euros per night. During the Olympics, Airbnb’s algorithm suggests a price between 200 and 250 euros per night: “It’s tempting but it also raises ethical questions,” she tells AFP.
In some neighborhoods, the price increase is striking: “I have a friend in République (a more central area) to whom Airbnb’s algorithm suggested a price of 540 euros per night for his small T2 apartment,” Caroline says.
According to AirDNA, prices in Paris currently average 619 euros per night on Airbnb, almost double the average rate of 298 euros for bookings already made. In the suburbs, the average rates are 302 euros, compared to 179 euros for existing bookings.
Alternatives like HomeExchange are also seeing a surge, with a threefold increase in house exchanges in the Paris region during the period (July 26-August 11).
At the same time, hotel room rates in Paris and the suburbs during the games have started to level off, although average prices are still about three times higher than those practiced during the summer of 2023.
According to a Paris tourism office barometer in February, hotel room prices in Greater Paris during the Olympics dropped on average by 4.4% compared to the beginning of the year, to 481 euros, and by 6% during the Paralympic Games (August 28-September 8), to 227 euros.
Within the Best Western network, the current average price in Paris is 450 euros, according to France general manager Olivier Cohn.
The group recommends a price range of 250 to 550 euros to its establishments according to their location and hotel range, roughly doubling the usual prices.
“We’re not full yet, but we know that Paris will have a great summer. We’re more concerned about other destinations,” notes Olivier Cohn.
“Hotels that have set prices too high will adjust their prices”
In mid-December, the Olympic Committee released a portion of pre-booked rooms in host cities at a negotiated rate in 2018, a standard procedure for major events.
Two more deadlines are expected in April and June: rooms no longer needed by the organization will be released.
“Hotels that have set prices too high will adjust their prices,” explains Eric Viale, Southern Europe general manager at IHG (Intercontinental, Holiday Inn…).
Without giving an average price for the group, he believes that “we are staying at price levels practiced for other major events,” although he does not rule out an increase “if there is more demand than supply.”
Accor CEO Sébastien Bazin also recommends similar prices in his hotels as for events like Fashion Week or the Auto Show, although he explained during a press briefing late February that he does not control the pricing policy of franchisees.
In any case, the period will be profitable for hoteliers: five months before the start of the Games, reservation rates in Paris are approaching 70%, according to the latest observatory from MKG and the France Tourism Alliance, a significant increase from last summer.
And some nearby cities by train also plan to benefit from the games: Châlons-en-Champagne showcases “rooms ten times cheaper than in Paris.”
