Renting your apartment during the 2024 Olympics is an excellent financial opportunity to generate additional income. It must be said that the attractiveness of the Île-de-France region is there and many people will want to attend this event. However, for the rental of your apartment to be lucrative, do not forget to respect certain rules.
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What are the constraints to respect to rent your apartment during the 2024 Olympics?
The opening ceremony in Paris for the 2024 Olympics is fast approaching and you want to take advantage of the event to generate additional income. For the moment, be aware that there are no specific provisions, but it is possible that the town hall of Paris will modify the legislation. However, it is however interesting to rely on the rules already in place.
Renting your apartment during the Olympics must be done within the limit of 120 days per year when it comes to your main residence. But before looking at the terms of the rental, do not forget to go to the town hall to make a prior declaration. If you are not on site, an online declaration remains possible. If you are the tenant of your accommodation, subletting remains possible, as long as there is no opposition with the co-ownership regulations and if you have obtained the agreement of your landlord.
Renting your apartment during the Olympics without respecting the previous rules exposes you to a fine of up to €50,000 with an additional €1,000 per day of rental. So don't take any risks.
How to put your apartment on Airbnb for the Olympics?
First of all, be aware that the registration on the platform is not correlated to the event. As a result, you register traditionally by creating an owner account. Then, you must add the photos of your property as well as a description to present its location and the equipment present. Be as specific as possible and don't forget to put yourself in the shoes of the potential tenant to make the description attractive.
Then you set the price per night during the Olympics with necessarily higher pricing. Nevertheless, adjust the price according to supply and demand and of course in relation to the location of your property. However, keep in mind that the competition will be particularly tough. It is not a question of selling off the price of the night, but rather of presenting additional services and in total adequacy with the needs of the travelers.
When you can, undertake renovations and improvements to provide the best possible comfort. You could also add one or two additional beds, making the property more attractive for families traveling in the Île-de-France region.
What are the economic challenges of the Paris 2024 Olympics?
You probably have multiple questions in mind such as: “How many more Olympics tourists are expected? », « What are the social issues of the Paris 2024 Olympics? “Or even, how to get around during the Olympic Games in Île-de-France and Paris? “France’s investments run into billions of euros with similar benefits in many areas. Both in the sports sector, but also in transport, culture, tourism and of course in the rental sector.
Therefore, it is essential to be aware of the dates of the Paris 2024 Olympic Games to know the progress of the event. For example, emblematic places will of course be used such as the gardens of the Palace of Versailles to host the equestrian events. Near the Invalides and the Eiffel Tower, blind football and beach volleyball will be in the spotlight.
For its part, the Place de la Concorde will host multiple events such as basketball, skateboarding and BMX. On one of the most beautiful bridges in the capital, you will discover road cycling, triathlon and swimming competitions. So, if you have an apartment near the Alexandre III bridge, you could hope for better profitability.
Where will the 2024 Olympics take place?
As explained above, the Olympics will not take place in one place, but on multiple sites in the Île-de-France region. It is a question of distributing the competitions in the most suitable places. This is why the artistic swimming, diving and water polo events will take place in the aquatic center in Saint-Denis. But beware, even if the majority of the Olympics will take place in the central region, other cities will also participate to host one-off events. For example, football matches will take place in Bordeaux, Nantes, Lyon, Marseille or Saint-Étienne.
This is why you could expect excellent profitability even if you have real estate outside the French capital. Millions of tourists will certainly go on vacation during the Olympics to escape the influx of foreign tourists or, on the contrary, to attend events in certain French regions.
How to set the prices for the night during the 2024 Olympics in Paris?
In the Île-de-France region, the price per night is around €221. However, you will get a much higher return, on average between €400 and €500 per night. In general, the price of the night will increase throughout the Île-de-France region. But if you are lucky enough to have a house or an apartment near the Olympic Games, you will easily multiply the price of the night by 3 or 4.
However, it is important to put the odds on your side and to offer quality service delivery. If you don't live locally, don't have the required skills or motivation, the best solution is to work with an Airbnb concierge.
More specifically, by trusting the UpperKey Concierge. You will discover an expert agency in seasonal rentals capable of perfectly managing the adjustments necessary during the Olympics. Moreover, Upperkey's expertise is not limited to France, but to many countries internationally. You benefit from complete management with automatic adjustment according to the event and the services that your accommodation is able to offer.
As a result, you generate profitability and you collect your income, without the slightest intervention on your part. You are calm and you take advantage of the event to increase your income.