The Olympic Games are a global sporting event that does not need any introduction, it is well-known worldwide. When it comes to hosting, one of the crucial aspects of it is to ensure that there is enough accommodation available for the athletes, their staff, officials, and last but not least, the audience who travel from all over the world to witness this grand spectacle.

Hotels and short-term rentals in general play a key role in accommodating these groups of people during the event, which will be no different during the Paris Olympic Games in 2024 (July 26-August 11).

Role of hotels in accommodating visitors to the Olympic Games

Hotels play a vital role in accommodating the wide range of individuals attending the Olympic Games. During the event, hotels need to consider the wide range of guests; millions of people will travel to the event, and accommodators need to be prepared.

Many hotels in Paris have started renovations and development of their infrastructure to prepare for the hosting of the event. As well as they put emphasis on staff training in order to provide an exquisite guest experience. In addition, security measures and intentions to prepare everything in a more sustainable, eco-friendly way are crucial to their preparations as well.

Role of short-term rentals in accommodating visitors

As many are interested in attending the event, it can be expected that not all visitors would want to book their stay in a hotel, many might prefer to book short-term rentals rather than a hotel room.

With that said, it is obvious that the Paris 2024 Olympic Games is an excellent opportunity for hosts and property managers to increase revenue and maximise their occupancy during the peak season in the summer of 2024. Moreover, if you were already thinking to enter the short-term rental business and you have a property or a spare room to rent, this could be the best time to start.

As Airbnb already reported, they experienced a significant increase in demand for accommodations during the Olympic Games Paris 2024. When the ticket sales started for the second time, the number of people searching for accommodations during the Game skyrocketed, more precisely, 9 times more people searched for accommodation in France than before.

Most searched cities for the Olympic Games:

• Paris
• Marseille, Bouches-du-Rhône
• Boulogne-Billancourt, Hauts-de-Seine
• Clichy, Hauts-de-Seine
• Saint-Denis, Seine-Saint-Denis
• Saint-Ouen-sur-Seine, Seine-Saint-Denis
• Montreuil, Seine-Saint-Denis
• Versailles, Yvelines
• Pantin, Seine-Saint-Denis
• Lille, Nord

As you can see people who are looking for accommodation, their searches go beyond the capital region. The demand for accommodation in a broader geographical context has the potential to increase short-term rental activity within the country, especially in destinations that traditionally receive fewer tourists.

As a host in France, this is something you might want to consider when planning next year’s peak season and the Olympics.

How to prepare your property for the Olympic Games?

Pricing your Property during major events

If we look at previous examples like the Olympic Games in Rio (2016) or in London (2012), the figures show a promising season for vacation rental hosts and owners during the Games. At the time, in Rio, €185 was booked for a night, and in London it went up until €400 per night for short-term rental accommodation.

Tourists will probably be willing to pay a good amount of money to see their favourite events. However, when pricing your property, you should consider a few factors:

• Location: The whereabouts of your property in this case is essential, the closer it is to the events, the more likely you can ask for a higher price. If your rental is not closeby to where the events take place but public transport is easily accessible from the property, you could turn that to your advantage as well.
• Market Research: Look at other vacation rentals in your neighborhood, look at their prices and try to optimise your prices based on the competition.
• Demand and Supply: Keep an eye out on how many visitors are expected in the area who look for accommodation. If the demand is high and the number of possible accomodation are low, you may increase your prices.
• Duration and Flexibility: Consider the duration of the Olympics and whether you are open to renting your property for the entire event or just for a few days. Short-term rentals during the Olympics can be in high demand, making it easier to increase your revenue. But, if you are only renting for a few days, be aware that you might need to adjust your prices accordingly.

Useful tip: Have your prices at the maximum and only lower them last minute, a week before the event. Start with allowing only longer stays, for instance a minimum of one to two weeks. Allow short stays only a few weeks before the event.

How to overcome your competitors?

You, as a host will face great competition from various other home rentals, in this case probably more than you usually would. While comfort and quality are undoubtedly essential, the key lies in creating a distinctive atmosphere that resonates with your prospective tenants.

Flawless property

With the increase in prices, customers will expect higher quality. As the property owner, it is crucial to ensure that your offering aligns with the expectations of the visitors. Since it is a prestigious event, your property must be flawless, leaving no room for even the slightest imperfection.

Small details can make a big difference

Since you already know your visitors’ interest, prepare your property to facilitate that and help create a flawless experience for them! For instance, It is a nice touch if you prepare a guide that includes the event calendar, maybe even mark the events that will be happening close by during their stay.
Additionally, recommendations of restaurants or grocery stores from a local’s perspective are always appreciated by tourists, as it allows them to avoid excessive expenses on food and beverages in addition to the already costly Game tickets.
With these little things, you can ensure that your guests feel more welcomed and comfortable.

Concerns and Regulations

Since it is possible that short-term rental activity will increase during the time of the Olympic Games, one might expect changes in regulations and tax laws. There are concerns that the growth of short-term rentals might disrupt the housing market, leading to a housing crisis in the country. There are many ongoing debates about the topic among citizens as well as policymakers, and they are pressing for more severe control on the matter.

The number of maximum nights is already regulated and limited to 120 days in Paris, which might be decreased to 60 if the law proposal concerning the issue will pass.

Event Calendar

If you want to rent out your property during the event, it is crucial to be up to date with the ongoing competitions and ceremonies.

The Opening Ceremony will be held on the 26th of July, 2024 in the heart of Paris, and with a unique twist, on the Seine.

The competitions will start on the 24th of July, 2 days before the Opening Ceremony.

The full schedule is available for download on the official website of the Olympic Games Paris 2024.

Conclusion

The Olympic Games in Paris promises to be a good opportunity to boost your revenue as a host or start your Airbnb now when the risk is very low, the income is almost guaranteed. However, as with everything this has its downside, it can affect local housing negatively which might lead to further regulations of the short-term rental industry. Keep an eye out for the regulations, make sure you have everything that is required to hosting, then open your calendar for the period and receive some bookings!