Parisians had hoped to rent out luxury apartments during the Olympics, but their plans fell through

Parisians hoping to rent out their luxury apartments in time for this summer’s Olympics are starting to scale back their lofty ambitions amid low demand and an oversaturated market.

Estate agents said they were slashing prices for luxury rentals in posh neighborhoods as owners hoped to ride the wave of visitors flocking to the capital.

“The supply is there, but we don’t have as much demand as we thought,” said Omar Meniri, head of the rental department at property company Engel and Völkers.

Agents aren’t the only ones frustrated by over-advertising. Overeager owners advertised their apartments at three or four times the usual nightly rate, but found that few people were willing to pay that much.

High-end properties of 100 square meters are currently priced at around €10,000 a week, according to data shared by multiple real estate firms. Some were priced at 20,000 or 30,000 as recently as a few months ago.

As of mid-April, two-thirds of the total number of four- and five-bedroom apartments available in Paris during the Games were still available for rent, according to short-term rental data provider AirDNA.

The average price paid for these properties was €1,108 per night – a 15% premium over the average prices booked in the two-week window leading up to the games. During the Olympics period, they reflect a 35% markup compared to the two weeks before.

Some experts have warned that current listings may continue to disappear because most affluent visitors to Paris booked up to a year ago when they got tickets to the Olympics. There is also the risk that people will cancel if they see prices drop and find something cheaper.

But for many high-end homeowners, the expense of preparing their condo won’t be worth it if they have to cut prices.

“These are customers who are wealthy enough to be able to afford not to rent at all,” said Baptiste Albot, head of Left Bank Rentals at Emile Garcin.