Parisian landlords looking to make a pretty penny charging triple for Olympic lodgings are out of luck.
The market for posh Paris apartments during this summer’s Olympic games is oversaturated, and short-term listings are getting major cuts — or taken off the market altogether, according to Bloomberg.
“The supply is there, but we don’t have as much demand as we thought,” the head of Paris rentals at Engel and Völkers, Omar Meniri, told the publication. “Unfortunately, right now it’s not up to par with what I was hoping for.”
This is sobering news for homeowners and agents who’d aimed to make a killing charging two to three times the average (some for as much as roughly $21,400 or $32,100 a week) to rent out homes during the Olympic Games from late July until early August.
Although the international competition is a huge tourist attraction, the reality would seem that few of those coming to town for the games are willing to pay exorbitant rates for accommodations.
Indeed, two-thirds of the city’s four- and five-bedroom apartments renting during the games were still available as of mid-April, charging on average 35% more than their ask for two weeks before the games, Bloomberg reported based on data from AirDNA.
Benjamin Brjost, Paris vacation rental director for the agency Barnes, told the publication that, though “We’re seeing a big slowdown,” he remains hopeful the anticipated April bookings rush will still happen, just belatedly next month.
In response to the market, many are cutting their prices — except, that is, for the most luxe listings, their landlords preferring to simply not rent if they won’t make a windfall.
“These are clients who are well off enough that they can afford to not rent out at all,” Baptiste Albot, head of Left Bank rentals at Emile Garcin, told Bloomberg. “No one wants to rent at €5,000 a week. They’re leaving on vacation anyway and don’t care whether it’s rented or empty.”
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