Expert Insight, Breaking News, and Insider Stories on Real Estate in Paris
Some second homeowners in Paris see high occupancy rates for rentals
When the mobilité lease was first made its debut in Paris, it seemed unlikely to generate much interest. After all, how many people could be looking for mid-term rentals of one month or more? Those on sabbaticals, work assignments, or semesters abroad to be sure, but tourists who typically stay for a week or less were shut out of most “Airbnb style” apartment rentals. It seemed likely that there were far more second homeowners in Paris who wanted to rent their apartments short term than there were likely to be visitors lining up to stay in Paris for periods of one month or more. But that hasn’t proven to be true in the longer run.
“What we’re seeing is that occupancies of 70 to 85% are being consistently generated through a combination of corporate and tourism rentals,” says Kathryn Brown of Paris Property Group. “The nightly price rates now tend to be lower than they were at the height of the short term rental boom. So it’s now possible to take a one month rental and spend less than you would at a hotel, even if the rental term is far longer than you plan to stay,” she adds.
Corporate clients are providing most of the numbers however, with workers coming to Paris for assignments or training. “That type of rental tends to be much more neighbor-friendly.” says Brown. “They are working during the day, and so they tend to be quieter and more respectful of neighbors. And once they figure out where the trash goes and learn the ins and outs of the building, they make better neighbors than tourists who are there for a night or two.”
Many rental companies are not able to achieve occupancy numbers like this, but Paris Property Group has partnered with an agency specialized in corporate rentals, and as a result, are able to generate outsized returns on investment.
That’s good news for property owners who want to generate some returns on their real estate investment in Paris. “We encourage our past clients to contact Paris Property Group today to take advantage of this special opportunity”, says Brown.