Full coverage: 2016 Rio Olympics

The ongoing Rio Olympics are attracting 400,000 visitors from all over the world. That means short-term apartments rentals are moving faster than some of the Olympic runners.

Room prices at Rio's hotels have surged over three-fold during the Olympics, thanks to the large number of visitors in town to watch the Games.

"A hotel room that use to be 200 to 300 Real per night has increased to 1,200 to 1,300 Real per night," said Xu Lin, GM, Brazil Danlong Tourism Company.

The Organization Committee of Olympic Games requires that the hosting city should provide 40 thousand rooms to meet demand during the games. But Rio's hotels only have about half that number. As a result, short-term rental apartments have become another popular choice for visitors.

"Our apartments are now all occupied, and about 98 percent of them have been booked out," said the manager of Barra Palace Hotel Residencia.

"Our economy was bad in 2014 and 2015, and our income this year was also not good before the Olympics. We expect that our economy will get better after the Games in 2017."

Short-term rental platform Airbnb says nearly 70,000 visitors had booked accommodations on its platform before the Olympics even started.