Here’s Your Winning Short-Term Rental Strategy for the 2024 Paris Olympics

At just a few months from the Opening Ceremony of the Olympic Games in Paris, it’s no surprise that this event is leading to a highly competitive short-term rental market. As the world’s eyes turn towards Paris, the ripple effect can be seen in the surge of available vacation rentals and skyrocketing nightly rates. Despite the increase in options, the occupancy rate hovers around a modest 25% for the Olympic period, reflecting the competitive nature of the market. Since the start of 2024, the supply of short-term rentals has seen a notable uptick, growing by 9%. This trend underscores the magnetic pull of the Olympics, drawing both spectators and participants from across the globe, each in search of a temporary home in the City of Lights.

‍As an Airbnb host, Vrbo host, or vacation rental host, the importance of a proactive revenue management strategy cannot be overstated. The Olympic Games present a unique challenge in the short-term rental market, making it crucial to adopt advanced dynamic pricing strategies and leverage real-time market insights to remain competitive.

‍At Beyond, we rely on data to drive our decisions. Our unparalleled access to and analysis of real-time, global short-term rental data powers our ability to unlock, inform, and automate action.  Let’s delve into the latest trends and offer some tips to help you score the highest revenue.

The 2024 Olympic Games Current Trends

Booking Trends

When looking at similar large-scale events, 50% of bookings typically happen within three months before the event. The last ticketing phase began on February 8, with tickets for all sports events still available, so we predict that these final three months will be crucial for hosts and managers.

Popular Areas to Stay

‍Many Olympic events will take place at the city’s most legendary venues in Paris. However, visitors often have preferences for where they stay, choosing locations based on their individual needs. The following areas in Paris have higher occupancy rates for these days: 

• 🥇 Disneyland: 41%

• 🥈Vivienne: 29%

• 🥉Val de Grace, Noisy Le Grand & Les Halles: 26%

For the same date range, Levallois-Perret and the 16th Arrondissement have recorded the lowest occupancy rates, with each area at 18% occupancy.

Areas Outside of Paris

Bordeaux, Lille, Marseille, Nantes, Nice, Lyon, and Saint Étienne are also cities welcoming Olympic Games spectators. The occupancy rates increase is still low in some of these places so consequently, accommodation prices may start to decrease if bookings do not pick up.

These are the current occupancy rates in other cities:

• Marseille: 12%
• Lyon: 10%
• Nice: 25% 
• Bordeaux: 13% 
• Saint Etienne: 11% 
• Nantes: 10%
• Lille, 42%

In Lille, the impact of the Olympic Games is significant. Being near Paris, the city appeals to visitors seeking alternatives to bustling Paris. During this period, prices have doubled compared to the previous year, and supply has increased by 50%

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How Long Are Guests Staying?

About 45% of guests will stay for three nights or less.

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💡 Did you set a minimal length of stay conditions? Ensure that your property’s length of stay options align with average guest preferences to attract bookings as soon as it’s too late.

Preparing For Victory: Turn Your Revenue Management Strategy Proactive 

As the Paris Olympics represent an event without historical data for comparison, hosts and property managers must remain adaptable and responsive to real-time data, including market trends and search demand.

‍Incorporating search data enables the identification of demand trends, allowing adjustments to pricing strategies to maximize revenue. By closely monitoring occupancy pacing, hosts and managers can make informed decisions that are in sync with the demand generated by the Olympic Games.

‍A revenue management solution that incorporates search data on your behalf into your dynamic pricing will help you optimize your bookings and save time, as you will not need to adapt your prices manually. 

Winning the Short-Term Rental Game 

For Airbnb hosts, Vrbo hosts, and all vacation rental property managers, the time to spring into action has arrived. Here are essential strategies to ensure your property stands out: 

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• Be proactive about bookings: Take a breath if your property isn’t yet booked. There is still time and tickets are available to be sold, but it’s essential to be proactive in employing strategic marketing to attract potential guests. 
• Monitor demand closely: Keep a vigilant eye on demand signals. As the event draws near, you can anticipate both the increase in inquiries and prepare for managing last-minute reservations.
• Rate adjustments: Increase your rates in line with the increased demand. However, it’s a balancing act—price competitively to attract guests to book while maximizing profit.
• Monitor your competition closely: The number of competitors vying for bookings during this time is on the rise. Consistently observe their strategies to guarantee your listings remain distinctive.
• Leverage technology: Utilize complete revenue management systems like Beyond to automate your strategy and stay ahead of the competition.
• Offer event-specific amenities: Pay careful attention to any special needs or requirements of tourists. Offer packages or coordinate event-specific amenities to enhance the guest experience.

‍The 2024 Olympic Games are attracting thousands of tourists.  As a vacation rental host, it’s essential to plan and ensure that your pricing strategy is set up to maximize profits during this period.