Summary :
- Average daily rates (ADR) for vacation rentals during the Summer Olympic Games are five times higher than prices for the same dates in 2023, going from €141 in 2023 to €706 in 2024. This represents an increase of 400%.
- The average length of stay is 5.28 days this year compared to 2.35 days for the same dates in 2023.
- The Olympics are driving longer stays. This year, 13% of reservations are for stays of at least eight nights. In 2023, only 2% of reservations were this long.
- The majority of reservations for this period come from Booking.com (36%), direct channels (32%), and Airbnb (27%).
- Demand remains strong throughout the Summer Olympics, with the most popular dates for arrival falling on Wednesday, July 24 (two days before the Olympics) and Friday, July 26 (the day of the opening ceremony).
Only four months until the opening ceremony of the Paris 2024 Olympic Games!
This is the third time that France has hosted the Summer Olympics, but that hasn’t dampened enthusiasm for the event in the least. Millions of spectators from around the world, as well as thousands of athletes and representatives of national delegations, are expected to partake in the Paris Olympics from July 26 to August 11 this year.
Unsurprisingly, the international press has found much about the Summer Olympics to highlight in recent months, with headlines devoted to public transportation capacity, job creation, and French-Malian singer Aya Nakamura, who is expected to perform at the event.
Another hot topic: the surging prices of vacation rentals during the Olympics. Could reports of prices as high as €800 per night in Paris, €500 in Saint-Denis, and €1,000 in Versailles really be accurate?
This is a topic of particular interest to the vacation rental industry, as events have been playing an increasingly important role in driving rates, demand, and occupancy. So, we’ve decided to take a closer look at the data to learn more, analyzing hundreds of vacation rental bookings from our clients in the cities of Paris, Versailles, and Saint Denis for July 23 through August 14.
Keep reading to see our findings, including the full methodology for the study at the end of the article.
Nightly rates increase by five
ADR during the 2024 Olympic Games is five times higher than it was for the same dates in 2023. Rates spiked from an average of €141 to €706, an increase of 401%.
This difference in ADR is even more notable for reservations made via online booking platforms such as Airbnb and Booking.com. ADR from 2023 (€134) increased by as much as 440% (to €724) for the period of the Olympic games.
For direct bookings, on the other hand, the price difference is not as marked. ADR increased from €252 to €532, representing an increase of 111%. These numbers reinforce what we already knew—that travelers spend more when using third-party booking platforms than when booking directly.
A closer look at the most popular booking platforms (also known as online travel agencies, or OTAs) reveals that Airbnb has the highest prices, followed by Booking.com.
During the Olympic Games period, ADR is €872 on Airbnb compared to €460 for the same dates in 2023 (+90%). We see an even bigger year-over-year increase in ADR for bookings made via Booking.com: The platform’s ADR for the Olympics is €542 compared to €104 in 2023 (+421%).
But regardless of booking platform, ADR for reservations during the Paris Olympic Games is five times higher than it was in 2023 for the same dates.
What’s behind this surge in prices? Never-before-seen demand, with 16 million travelers expected in a city that’s already one of the most visited places in the world. According to French newspaper Les Echos, more than a million and a half travelers will turn to vacation rentals on this occasion, with hotel capacity insufficient to meet demand.
This all serves as yet another reminder of events’ importance in driving vacation rental prices, particularly for reservations through third-party booking platforms.
Demand that just won’t quit
If we look at demand over the entire period of the Summer Olympics (about three days before and after the event), three dates stand out as being particularly popular for arrivals:
- 8.2% of arrivals take place on Wednesday, July 24 (two days before the Olympic Games)
- 7.7% of arrivals take place on Friday, July 26 (the day of the opening ceremony)
- 7.1% of arrivals take place on Friday, August 2 (about midway through the event)
Despite a drop in arrivals mid-week, demand remains strong throughout the Olympic Games, with arrivals peaking two days before the opening ceremony and on the day the event begins.
The gold medalists: Booking.com and direct bookings
For the 2024 Summer Olympics period, the majority of reservations come from Booking.com (36%), direct bookings (32%), and Airbnb (27%). Other channels such as Abritel (Vrbo group) and Expedia only represent 5% of reservations.
Comparing this year’s data to the previous year, we see a clear increase in the number of direct bookings, which doubled to 32%, compared to just 15% last year. This may be due to the less pronounced increase in rates for reservations made directly with owners, compared to the significant increase observed on booking platforms.
Bookings made through Airbnb also saw a sharp increase, from 17% to 27% for the same dates in 2023 and 2024. On the other hand, the share of reservations coming from Booking.com was nearly cut in half: It represented more than 60% of reservations in 2023 but just 36% during the Summer Olympics. Booking.com is the platform where prices have spiked the most during the event, with an increase of 421%.
Longer stays for the win
How long are travelers staying during the Summer Olympics? The average length of stay is up by 125% year-over-year, with an increase from 2.35 days in 2023 to 5.28 days during the event.
When we look closer at trip lengths, we see that:
- Nearly 84% of stays lasted less than four days in 2023. This year, on the other hand, stays of one to three nights represent 51% of reservations. This amounts to a drop of 39% for short stays.
- Stays of four to seven days represented 14% of reservations in 2023, compared to 37% in 2024—an increase of 164% for mid-length stays.
- There are six times more stays of at least eight nights in 2024. They made up just 2% of reservations in 2023 but comprise 13% of stays during the 2024 Olympic Games, representing an increase of 550% for long stays.
In short, the Summer Olympics are driving longer stays, with an increase in both the average length of stay and the percentage of longer stays.
Key insights from our data
The Olympic Games are exceptional in many ways, including in the way they affect the vacation rental industry in their host cities. Let’s take a look at some of these specific impacts.
The experience of a lifetime
The Olympic Games are undoubtedly unique and memorable. For sports fans in particular, attending the Olympic Games in person is a dream that rarely comes true. As such, many travelers are willing to spend more for this once-in-a-lifetime experience.
These elements combine to drive both demand and ADR, resulting in significantly higher prices for accommodations during the event.
In our study, we noted a significant increase in rates for vacation rentals during the Olympic Games compared to the same period in 2023. ADR increased by five, from €141 in 2023 to €706 for the Olympic Games.
Longer stays to make the most of the trip
Unlike other one-off events, the Olympic Games take place over an extended period of 16 days. This encourages travelers to plan longer stays to fully enjoy the event.
According to our analysis, the average length of stay amounts to 5.28 days during the Olympic Games, compared to just 2.35 days for the same dates in 2023. In addition, we observed a significant increase (550%) in stays of eight days or more, which spiked from 2% of reservations in 2023 to 13% of reservations this year.
Diversity of traveler profiles and booking sources
The Olympic Games attract a wide range of domestic and international travelers, from passionate sports fans and curious tourists to official delegates and the media. This diversity of traveler profiles influences the demand for different types of accommodations, and particularly for vacation rentals, which often present a more affordable alternative to hotels.
Of the reservations analyzed, the majority (36%) come from the booking platform Booking.com, the European leader, closely followed by Airbnb (27%).
A considerable number of travelers (32%) opt to book directly with owners. While rates have increased regardless of booking source, those made via third-party platforms have increased much more (by 440%) than direct bookings (111%).
Takeaways
The 2024 Olympic Games represent an unprecedented opportunity for vacation rental owners. With sustained and growing demand, higher rates, extended stays, and a variety of traveler profiles from around the world, this period promises to be exceptional for Paris’s lodging industry.
Methodology
We analyzed 600 bookings in Lodgify’s internal data, including direct bookings as well as bookings from Booking.com, Airbnb, Abritel, and Expedia.
All reservations analyzed were for stays between July 23 and August 14 (the period beginning three days before and ending three days after the Olympic Games) in the cities of Paris, Saint-Denis, and Versailles for apartment buildings, holiday homes, and villas. We compared data from 2023 and 2024.
It is important to note that this report does not include bookings made after March 23 for either year to ensure a fair comparison of market trends four months prior to the event. This means that last-minute bookings and cancellations could potentially impact results.
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