Short-term Rental Hosts in Paris and Lyon Prep for Taylor Swift…Are You Ready For It?

Taylor Swift arrives in Europe next month for “The Eras Tour”– and Swifties, tourist boards and venues are already preparing in Paris and Lyon! 

After overwhelming the ticketing platform Ticketmaster in July 2023 when the tickets went on sale and making headlines in the U.S. and Mexico for outstanding attendance, the Taylor Swift phenomenon continues in Europe, with four concerts in Paris and two in Lyon.

‍As an Airbnb host, Vrbo host, or vacation rental host in a competitive market, adopting advanced dynamic pricing strategies and leveraging real-time market insights are crucial to remain competitive when an event like this one is announced in your region. 

Let’s analyze how this success is impacting the short-term rental industry up to date and how to be proactive with your pricing strategy if needed! 

The loudest woman these towns have ever seen: 23% occupancy rates in Paris and 46% in Lyon

Despite the increase in options, the occupancy rates in Paris hovers around a modest 25% from the 9 to 12 May, reflecting the competitive nature of the market as the supply of short-term rentals has grown by 9% since the start of the year. Occupancy rates in properties near the stadium La Défense Arena, register a peak of occupancy compared to the rest of the days with 22% occupancy rates. 

The increase of supply in Paris is a trend that underscores that the Olympic Games are impacting the STR industry.

However, in Lyon, the occupancy rates for the concert days,  2nd and 3rd June, are 43% and 50% respectively. It represents 25 percentual points over the monthly average. 

By incorporating search data into the hosting strategies and keeping a keen eye on occupancy pacing, hosts and property managers can make intelligent decisions that align with the ebb and flow of the “The Eras Tour” demand. Armed with this information, you can be proactive in your revenue management strategy and gain a competitive advantage.

⚡Pro Tip ⚡: When a new event is announced in your market, adding search data allows you to detect periods of increased and decreased consumer demand before they happen – meaning that you can adjust your strategy in advance to get the maximum bookings and revenue. Plus, finding a revenue management solution that incorporates search data on your behalf into your dynamic pricing means you can save time rather than doing it yourself.

One for the money, two for the show: ADRs Growing

During the 4 concert days, short-term rentals in Paris  are observing a 11% as an average increase in ADRs compared to the monthly average. This is aligned with the occupancy rates and the increasing supply in the market. 

However, in Lyon the prices the 2nd and 3rd June have increased 43% compared to the monthly average. “The Eras Tour” is a unique opportunity for hosts and property managers in this market  to capitalize on the heightened demand and enhance their profit margins by setting higher rates for their listings. Many travelers are eager to invest more in order to assure the location and have a distinctive experience in the city, making it essential for property managers to align their pricing strategies accordingly. 

💡 Pro tip: Identify new events happening in your area and keep an eye on your market to ensure that you are not underpricing your rentals.

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Look what Swift made you do

‍Pricing unique events is no simple challenge, and Beyond users’ stellar performance can be attributed to Beyond’s sophisticated algorithm, which determines when to hold out for a higher nightly rate and when to adjust rates to increase the number of bookings. Beyond uses the most robust dataset in the industry to match demand to price, meaning that listings are automatically positioned to be booked at the right price at the right time.

‍Furthermore, we have an entire team of seasoned experts with the knowledge and expertise to price these events accordingly. At a high level, it boils down to:‍

• At Beyond, we spend an exorbitant amount of time tracking and monitoring events – meaning our customers could have their calendars open longer which increases the chance to book (years and years).
• We were aggressive with prices, but not greedy. We didn’t quote unrealistic rates which would discourage lookers during the peak booking periods, and result in fire sales towards the end to get someone in the door. 
• Our algorithm follows real-time consumer demand data and the market trends.
• For unique properties, our team of revenue consultants workes with partners on custom data-driven strategies using a wide array of features.

‍“The Eras Tour” serves as a valuable lesson for industry players, emphasizing the importance of being proactive and staying on top of data. The players gonna play, play, play… So in the competitive landscape of the French short-term rentals, Beyond has showcased that success is about to play strategically.