The State Of The Short-Term Rental Market in Paris
As some of you may know, the City of Paris has been cracking down on owners renting their apartments on a short-term basis. According to the City of Paris, an owner cannot let his or her apartment for less than a year unless he or she has previously been granted an authorization. This authorization can only be obtained by having the property reclassified as a commercially-zoned property (a very costly, if not impossible undertaking).
Penalties for owners renting for less than a year are severe and a fine of up to 25,000 Euros ($31,240) can be imposed.
The APLM was formed in March 2010 by a group of rental professionals partly in response to the new challenges facing the short-term and vacation rental industry in Paris. We recently conducted an interview with a member of the APLM, Alexandre Mony.
Q: Can you introduce APLM to our readers?
A: “The APLM (Paris Furnished Rental Association) was created in March 2010 and is a non profit organization. It was formed by a group of professional rental agencies mainly based in Paris who felt a need to work together toward establishing common business practices and ideals for the betterment of the long and short term furnished rental industry in France and in particular in Paris.”
Q: What are the APLM’s goals?
A: “Our main goals are:
– Promoting and defending the interests of the members of the association.
– Promoting the furnished rental business to the public.
– Developing a charter of good business practices, thereby providing our members with a code of ethics and endeavor to assist our clients to the best of our abilities.”