Paris faces shortage of rental housing due to 2024 Olympics

PARIS, FRANCE RECENT SEPTEMBER/OCTOBER 2: With the 2024 Olympic Games scheduled to take place in the heart of Paris, the capital city of France, finding rental housing has become an increasingly daunting task. The event is expected to attract a staggering 16 million visitors, leading to a surge in rental prices that has tripled in some areas, depending on their proximity to the Olympic venues. Concerns are growing that this sharp rise in prices will exacerbate the already pressing issue of affordable housing, particularly for the local population. Airbnb, the popular accommodation platform, anticipates hosting up to half a million people in Paris during the 2024 Olympics. In response, Airbnb's Chief Executive Officer, Brian Chesky, has urged more Parisians to consider listing their homes for rent during the event. Rent is the most important monthly expenditure of the French people. Increasing housing prices in the capital Paris have pushed low- and middle-income families to the suburbs over the years, making it difficult to find rental housing. According to a recent report by the consulting firm Deloitte, which published its annual Property Index in August, Paris ranks as one of the most expensive European cities for tenants. The average rental price stands at €28.50 per square meter per month. However, the rental rates can vary significantly depending on the neighborhood. Soaring rental prices are making it increasingly difficult for students and households to secure affordable accommodation this fall. Despite the implementation of rent controls in the city, rents have continued to escalate at a rapid pace. (Footage by Mohamad Salaheldin Abdelg Alsayed/Anadolu Agency via Getty Images)