First modification:
Finding accommodation in Paris could be considered an Olympic sport. Available rentals are plummeting and prices are rising, while estate agents are unable to keep up with the huge demand. From short-term rentals to energy efficiency renovations, renters are paying the price for this crisis. France 24 takes a look at the grueling race to find housing in Paris.
Léandre is 27 years old and has been looking for an apartment in Paris for two months. She has visited more than 15 places. Every day she faces the same routine: checking all the rental ads, without success. She now stays with a relative. Although she has a stable job as a project manager with a monthly salary of 2,400 euros and two guarantors, his rental applications have been rejected.
“There were two or three apartments where I reached the 'final phase',” says Léandre. “But they chose other applicants with higher incomes, which is understandable, since it gives them greater security. With fewer and fewer options, I wonder if it was a good idea to stay in this city, even though it is so attractive,” he adds.
Léandre's situation is not unique. In Paris, demand for housing has grown considerably in recent months. According to real estate experts, the number of rentals in the French capital has fallen by 74% in three years.
“Of every four available properties, three have disappeared, which is incredible,” says Bárbara Castillo Rico, director of economic studies at SeLoger. “In comparison, in the rest of France, the rental supply has decreased by 25% in the same period. In Paris, the decrease is three times greater,” she adds. With this reduction in supply, rental prices began to increase two years ago and skyrocketed in 2023, going from an increase of less than 2% to more than 3%.
The Paris real estate market is also feeling the effects of rising interest rates. Over the past two years, renters have had a harder time purchasing properties, forcing them to stay in rentals longer, occupying homes that would otherwise be available.
Upgrades to meet energy standards
Another reason there are fewer affordable rentals is that many apartments are in disrepair. In Paris, 35% of homes do not meet the energy standards of the European Union and that the city seeks to reduce its carbon emissions, which is why they are classified as 'not energy efficient'. If improvements are not made by 2025 or 2028, depending on the level of insulation, their owners will not be able to rent them.
“Today, there are many older properties rated F or G in terms of energy efficiency (A to G scale with A denoting the highest degree of energy efficiency and G the lowest). Homeowners are considering what to do; some They decide to sell because they can't afford the costs of improvements,” explains real estate agent Eddy Gaphian. “Renovating this apartment cost 44,000 euros. It is expensive, and space is also lost when insulating the walls. Here, for example, two square meters were lost.”
To ease the pressure on homeowners, the French government has agreed to a new method for calculating the energy performance of small properties. This implies that some homes smaller than 40 square meters may not need to be renovated yet. The new energy efficiency audits will begin on July 1, covering around 11% of small apartments.
Amid the rental crisis, one in five properties in Paris is actually empty, according to the Urban Planning Agency. It is estimated that 262,000 homes are unoccupied or almost empty throughout the year, as they are second homes or vacation rentals. Paris tops the ranking for short-term rentals. On Airbnb alone, there are at least 60,000 rentals available. With the upcoming Olympic Games, the number of short-term rentals is increasing.
Increase in eviction requests
The local housing counseling agency has noticed an increase in eviction orders, especially for furnished apartments. “This is obviously tempting for many landlords,” says legal expert Sophie Morvan. “They can rent their apartment for an exorbitant amount per night, while long-term rentals are regulated. This presents a risk of fraud. Proving this requires vacating the property and then collecting testimonials from neighbors, as well as photos of the mailbox to “See if the name on the notice matches that of the tenant. Only then can the fraud be discovered. The tenant can then go to court to claim compensation for damages, and the landlord could receive a fine of up to 6,000 euros.” , he concludes.
Due to the difficulty of finding a place to rent, many people turn to property search assistants, who offer personalized services for young people looking for housing. “The goal is to be available as soon as an apartment becomes free,” explains Cyril Bathélémy, one of these assistants. “So as soon as something comes up, we quickly call to book the visit. We are like personal assistants to help with the booking, paperwork and formalities,” he adds.
Real estate experts expect that after the Olympic Games in September, more properties will be available for sale. For now, competition for an apartment in Paris remains fierce.
#France #focus #desperate #search #place #live #Paris