1 bedroom, Champs-Elysées Paris 8e
Rue de Berri, 75008
Rue de Berri, 75008
Not just athletes can emerge victorious from Olympic competitions!
Paris and its citizens expect more than 15 million tourists next summer for the 2024 Olympic Games, which take place from July 26 to August 11, 2024, followed by the Paralympic Games from August 28 to September 8.
Given the number of visitors expected during the Olympic Games in Paris, many owners hope to generate high rents since hotels will be packed, and furnished rentals will be in high demand. Many landlords (and tenants) are already preparing to rent their homes, expecting high rents during this period. According to BFM IMMO, average prices for rentals available during the Paris 2024 Olympic Games will be €977 per night in central Paris, €403 in the Paris suburbs, and €193 in other French cities.
What are the risks of renting your furnished apartment rental in Paris during the Olympic Games? Can tenants sublet their furnished apartment rental? What regulations need to be respected?
Firstly, you stand to miss an excellent tenant ready to rent your apartment for a year or even five years.
Secondly, competition will be intense since the apartments rented during the Olympic Games will all become available in September 2024. Landlords may, therefore, find themselves with vacancies for several months.
Finally, three weeks of the Olympic Games is a feast! Friends come along, and the champagne flows freely. What condition will your apartment be in? How much will it cost to renovate?
So, better make your calculation!
There is another risk for the owner! Everyone wants their share of the Olympic windfall.
Subletting without the landlord's consent is illegal in France. But the lure of profit and the short duration of the Olympics encourage people to break the rules.
What is subletting? Subletting means that a tenant rents out all or part of a property - which they rent themselves - to a third party known as a subtenant.
Tenants considering subletting their accommodation during the Olympic Games must obtain a written and signed agreement from the property owner to avoid a dispute and, worse still, have their lease terminated.
Please note: the tenant cannot ask for a rent higher than their actual rent.
Moreover, the tenant must declare all revenue from the sublease to the tax authorities. Tenants risk a tax reassessment if they fail to report their sublease income.
Unauthorized subletting may result in the termination of the lease. The tenant may also have to pay the landlord the amount of the sub-rent received and even damages intended to compensate for the prejudice suffered in the event of damage to the rented apartment.
As an apartment owner, what should you do if your tenant sublets your Paris apartment rental? First of all, have the sublease recorded by a bailiff.
To do this, list the sites on which the advert appears. Short-term rental sites generally offer maps showing the location of properties for rent, making it easy to locate ads by putting the street name picture on the AIRBNB map, talking to the concierge, etc. Then, send the links to the bailiff, who will note the presence of the ad on the sites and take all the information relating to the ad, such as the amount of rent charged and the number of people who have already stayed there.
Then, send a registered letter with acknowledgment of receipt to your tenant, asking them to stop subletting. Otherwise, you can take legal action to terminate the lease and recover any sums overpaid as damages.
Here is a sample letter to help you.
Landlords must include a clause prohibiting sublets in their lease to avoid tenants subletting their apartment rental in Paris and stating that subletting is only allowed with the owner's prior written authorization. This clause must appear clearly in the rental contract, preferably in a specific section outlining the tenant's obligations and restrictions.
When signing the rental agreement, the tenant and the landlord must sign the rental agreement and the no-subletting clause.
It is essential to communicate the subletting ban to the tenant and to point out that failure to comply with this clause may result in legal proceedings and termination of the rental agreement.