France’s short-term rental market has been on fire in recent years, with almost 900,000 listings popping up by June 2023, according to data from PriceLabs. Only the United States has more Airbnb listings than France. Now, with the 2024 Paris Olympics just around the corner, this could be the perfect chance for Airbnb’s presence in France to surge even more – not just in Paris but all over France and even overseas in Tahiti. Nevertheless, the surge in Airbnb searches aligns with fresh regulatory actions by the French government to curb the expansion of short-term rentals across the nation, particularly in regions where the housing crisis is most severe.
Airbnb and the 2024 Paris Olympics: A Golden Opportunity
Everyone Wants a Piece of Paris
Paris’ iconic landmarks, including the South Paris Arena, Champs de Mars Arena, Roland-Garros Stadium, Eiffel Tower Stadium, Trocadéro, Grand Palais, and Bercy Arena, among others, will be transformed into sports venues. A total of 15 Olympic sites and 11 Paralympic sites are planned, with 21 Olympic sports and 14 Paralympic sports located within 10 km of the Village.
Airbnb’s own data shows an astonishing rise in people looking for rentals in the Paris Region ahead of the 2024 Olympics. Imagine this: listings available during the games in the Paris area are being viewed 100 times more than they were at the same time last year. That’s a mind-blowing 10,000% increase! Also, more and more people are searching for a place to stay in the Paris Region during the Olympics.
There was a 30% jump in searches in the second quarter of 2023 compared to the first quarter, and in the suburbs, searches almost doubled during the same period.
Olympics Fever Spreads Across France
The 2024 Paris Olympics aren’t just about Paris. The games will be held in various cities across France, and there’s even an event in Tahiti.
In the Ile-de-France region
The games extend beyond Paris, incorporating cities and towns from Les Yvelines to Hauts-de-Seine, Seine-et-Marne, and Seine-Saint-Denis. Venues here include Saint-Quentin-en-Yvelines BMX Stadium, Château de Versailles, Paris La Défense Arena, and Stade de France, among others.
This wider spread of events is causing a ripple effect on Airbnb searches. Beyond Paris, places like Boulogne-Billancourt in Hauts de Seine, Montreuil, and Saint-Ouen-sur-Seine in Seine-Saint-Denis are becoming hot destinations. Plus, towns close to competition venues, like Vaires-sur-Marnes and Le Bourget, have seen their Airbnb listing views rocket by over 210% and 185%, respectively.
Throughout France
The games are designed to celebrate France’s cultural diversity, with matches scheduled in multiple stadiums around the country. Football matches will be held in Bordeaux, Nantes, Lyon, Saint-Etienne, Nice, and Marseille. Handball’s final phases and basketball’s qualifying matches will be played in Lille while sailing will take place in Marseille, located on the Mediterranean Sea.
Overseas
And then there’s Tahiti, in French Polynesia, right in the middle of the Pacific Ocean, where the surfing events will be held, experiencing a whopping 500% increase in listing views for July 2024 compared to last year. So, the Olympics is helping to spread the love (and the tourists) all across France, and Airbnb hosts are reaping the benefits.
From All Over the World to France
When it comes to who’s searching for a place to stay for Paris 2024, the top five countries are France, Great Britain, Germany, the United States, and the Netherlands. Most of these searches (over 40%) are for groups of three or more people, while over 30% are for duos and over 20% are for families.
How Airbnb wants to increase its number of listings
Encouraging Potential Hosts to Join the Airbnb Community
As we approach the 2024 Paris Olympics, Airbnb is actively encouraging French homeowners to take advantage of the exceptional event. “Vous avez un logement ou une chambre disponible pendant les Jeux ?” (Do you have a home or room available during the Games?), Airbnb asks potential hosts, inviting them to consider the benefits of renting their property. “C’est l’occasion rêvée pour louer sur Airbnb et gagner des revenus complémentaires, tout en contribuant à faire de Paris 2024 un événement inoubliable pour des visiteurs du monde entier.” (It’s the perfect opportunity to rent on Airbnb and earn additional income while helping to make Paris 2024 an unforgettable event for visitors from all over the world.)
Anticipated Demand and Potential Earnings
Airbnb is predicting that around 500,000 travelers will stay with Airbnb hosts during the Games. This represents twice the number of guests who were hosted in the Île-de-France region during the same period in 2022. With this considerable influx of guests, potential hosts stand to earn substantial additional income. On average, Airbnb estimates that hosts could generate around €2,000 in revenues during the event.
Emphasizing Co-hosting Opportunities
To maximize the number of available listings, Airbnb is also promoting the idea of co-hosting. This setup allows those who may not have the time or availability to manage a rental during the Games to share hosting duties with a trusted friend, family member, or professional manager. It’s a great solution for those who want to benefit from the hosting opportunity without dealing with the logistics that it entails.
Offering a Variety of Listing Types
With guests coming from around the world and having different accommodation needs, hosts have a range of options when listing their property. They can offer their entire home for families or groups of friends looking for a private experience, or a private room for solo travelers or those on a budget. This variety in listing types broadens the scope for hosts to attract different kinds of guests and maximize their earnings.
Urban overhaul
Paris 2024 aims to be a transformative event for France, particularly for the capital and its surrounding regions. The chosen locations for the Olympic and Paralympic games are diverse and extend beyond the traditionally tourist-centric locales, encompassing areas that might not be the obvious first choice for international tourists.
Locations such as Saint-Denis and Montreuil, while rich in culture and history, might appear less appealing or even potentially unsafe to some international tourists due to perceptions built around socio-economic challenges, including high levels of unemployment, urban decay, and issues of public safety.
However, the decision to host games in these locales is a strategic part of a broader urban regeneration plan. The Olympics provide an impetus for the French government and Paris city officials to accelerate urban redevelopment plans, improve infrastructure, and enhance public safety measures, which can contribute to altering these perceptions over time.
This urban overhaul has multiple objectives: to make these areas more attractive and liveable for residents, to alter perceptions and encourage tourism, and to leave a lasting legacy of improved urban environments post-games.
The bet is that the hosting of the Olympics and Paralympics will help reshape these areas, and by extension, enhance their appeal for Airbnb hosts and visitors alike. The games are an opportunity to spotlight these less-traveled locales, demonstrating their cultural richness, historical significance, and evolving urban landscapes to a global audience. It is a chance to transform the perception of these places, from areas seen as potentially dangerous to destinations of interest and vitality. It’s a daring move, but if successful, it could dramatically reshape the landscape of tourism and short-term rentals in the Île-de-France region.
Airbnb vs France
French Government’s Proposed Measures
The potential windfall of the Olympics for Airbnb also comes with its share of challenges. Recently, French media sources have highlighted government plans to curtail the rapid growth of short-term rentals. This proposed plan involves several key strategies, each with the potential to significantly impact Airbnb’s operations.
The government has found many areas, known as “zones tendues” (highlighted in red on the map below), where there aren’t enough regular homes available. In these places, local leaders will have the ability to take extra strong actions to fix the problem.
As you can the Paris and Ile-de-France region are bright red, so the growth of short-term rentals could be limited there in the future.
Enhanced Fiscal Control Over Rental Income
The French government plans to enforce stricter controls over the income generated from short-term rentals. This means that any money earned by hosts from renting out their homes or rooms would be more closely monitored, and likely taxed more heavily. This increased financial scrutiny could deter potential hosts from listing their properties on Airbnb, potentially leading to a reduction in the overall number of listings.
Broadening the Scope of Short-term Rental Regulations
Another part of the plan involves expanding the reach of current short-term rental regulations. Currently, these regulations apply to specific areas and types of properties, but under the new plan, they may be applied more broadly. This could include expanding the regulations to cover more areas, more types of properties, or even limiting the number of days a property can be rented out per year. This potential expansion could limit the availability of short-term rentals, making it more difficult for hosts to capitalize on the increased demand during the Olympic period.
Introduction of Energy Efficiency Benchmarks
The French government is also considering introducing energy efficiency standards that all rental properties would have to meet. If implemented, properties listed on Airbnb would need to pass these standards to continue operating. Not all properties may be up to these standards, and bringing them up to code could involve significant investment. This could result in some properties being delisted if they fail to meet these standards or if the cost of compliance is too high for the hosts.
Together, these proposed measures could pose significant hurdles for Airbnb in the run-up to the Paris 2024 Olympics, potentially limiting the number of listings and their availability year-round.
Bonus Section: Bridging the Gap between Tradition and Innovation
As the world gears up for the Paris 2024 Olympics, a monumental partnership between the International Olympic Committee (IOC) and Airbnb is shaping the future of how fans and athletes engage with major sporting events. This new era of collaboration aims to create a better world through sports and redefine the traditional hospitality landscape.
Airbnb and the Olympics: A Pioneering Partnership
Under the leadership of IOC President Thomas Bach, the International Olympic Committee and Airbnb have struck a deal that stretches over the next nine years, encompassing not only the upcoming Olympic and Paralympic Games in Paris but also the Olympic Winter Games and other major events across the globe. This partnership demonstrates Airbnb’s absolute determination to support the Olympic movement and promote sustainable hosting practices.
In contrast to the traditional hotel industry, Airbnb aims to provide affordable rent options for as many people as possible, including athletes, fans, and even French hoteliers who want to participate in the event’s economic benefits. Rental prices are expected to be more accommodating, allowing fans from around the world to be involved in the city’s sports events.
The Impact on the Hosting Landscape
Airbnb’s collaboration with the Olympics is more than just a business deal. It reflects a broader mission to transform the way the world experiences hosting and sports. The relationship between Airbnb hosts and the Olympic Games extends beyond mere accommodation. It’s about creating a community where passion for sports and life intertwines.
The company’s commitment to support athletes goes beyond merely providing space. Through the Airbnb Experience host program, athletes can promote their expertise, offering services to tourists and local communities, thereby generating annual revenue. This novel approach promotes a secure and beneficial connection between hosts, athletes, and guests.
Regulatory Considerations and Local Response
The partnership also addresses regulations relating to rental platforms. Paris Mayor Anne Hidalgo, alongside the French authorities, is leading the charge to ensure regulations are properly implemented. The city’s collaboration with Airbnb demonstrates a committed relationship aimed at securing the interests of both property owners and renters.
But not everyone is as enthusiastic. Some French hoteliers view this partnership as a challenge, prompting discussions about taxes and regulations. However, Airbnb’s commitment to work closely with the authorities and adhere to local laws shows its determination to foster a cooperative and sustainable relationship with cities and countries hosting Olympic events.
Embracing a Global Vision
From Tokyo to Beijing, the world has witnessed how Airbnb has revolutionized the property rental landscape. The company’s global reach is not limited to a single city or country; it encapsulates the entire globe. By connecting people through hosting, friendships are forged, and cultural bridges are built.
This partnership between Airbnb and the Olympics represents more than just a deal. It’s about leveraging the expertise and services of one of the leading rental platforms to elevate the experience of sports fans, athletes, and hosts. It’s about enhancing the Olympic movement, led by shared values, common goals, and the unbreakable human spirit that transcends borders and traditions.
As Paris prepares to host the 2024 Summer Olympics, the partnership with Airbnb promises to reshape the landscape of accommodation, creating a blend of tradition and innovation that embodies the essence of the Olympic and Paralympic Games. Whether you’re an athlete, a sports enthusiast, or simply looking to rent an apartment for a memorable stay, the collaboration between Airbnb, Paris, and the entire world of sports offers an exciting new chapter in the ongoing story of global connection and shared human experience.
