The housing crisis in Paris: renting an apartment has become more difficult

The latest figures show it takes about six months on average to rent a furnished studio in Paris. Many European cities are facing a crisis for affordable housing in the face of a growing population. The French capital is no exception. While this is not a new phenomenon, the rental real estate market has never been so tight.

According to data released by real estate agency Lodgis, it takes an average of six months to find, move into and rent a furnished studio in Paris, and rental prices rose by 1% in the third quarter of this year. This limited increase can be explained by the fact that rents in Paris have been capped from 2019. In other major French cities''growth was much higher: more than 10% in Bordeaux and almost 15% in Aix-en-Provence, according to Lodgis data.

The emergence of this problem is the natural result of supply and demand, said Lodgis president Alexis Alban. "The housing shortage is worsening and demand is gradually increasing," Alban said in a statement. "We are seeing confirmation of the return of international renters, students and mobile professionals who continue to prefer traditional long-term furnished rentals," he added.

The difficulties people face in buying a home may be one explanation for this phenomenon. In an attempt to address the problem, the French government will extend a program of interest-free loans for low-income families and expand''its next year to help them buy their own homes.

Almost three quarters (73%) of professionals reported a decrease in the number of properties available to rent compared to last year, according to a statement from the French National Real Estate Federation (FNAIM), with 66% also seeing an increase in demand. "Rising lending rates and the tightening conditions imposed on borrowers are preventing some tenants from accessing properties; they are lingering in their previous locations, making it difficult to move in the market," FNAIM president Loïc Canten said in August. He also cited restrictions placed on homeowners that force them to "throw their hands up" and sell their properties.

Tension in the rental market is further increased due to''The 2024 Olympics, which will bring an influx of visitors, volunteers and teams to Paris.

Paris is not the only European city facing a serious housing shortage. In London, the average rent for a one-bedroom apartment in the city center is now nearly 2,500 euros a month. This amount is more than triple the median wage in the UK. The same is true in Amsterdam, where the average''rents are more than 1,500 euros a month, twice the median salary in the Netherlands. Low-income families and young people are the hardest hit by the housing shortage.

To address this situation, some cities have chosen different solutions. Vienna, Paris, Amsterdam and other cities have decided to crack down on Airbnb rentals, which are believed to contribute to the shortage of affordable housing on the market. Berlin has lifted its ban on Airbnb, but there are still strict rules with significant fines. Another solution is to impose a tax on empty properties to discourage owners from keeping them empty and convince them to rent them out.

In Spain, the way was paved for the introduction of the first national 'right to housing' law,''adopted last year, which included a tax for owners who leave their homes unrented for long periods. The French government followed suit this year with the introduction of a similar tax for cities with a population of more than 50,000. Vancouver, Canada, and Washington, D.C., in the U.S., have adopted similar measures, and cities such as San Francisco and Honolulu are considering such a possibility.