The share of rental investments in residential transactions fell from about 27% in 2019 to 16% in the first half of 2026 according to the Laforêt network. This one-third decline in the proportion of sales reflects a massive disengagement of individual investors. Successfully completing a real estate project in this context requires accurately assessing what has changed, particularly in terms of tax and banking, before committing.
Jeanbrun Scheme and Tax Depreciation: What the Private Landlord Status Changes
Since February 2026, a new private landlord status, often referred to as the Jeanbrun scheme, has replaced the Pinel scheme that ended in late 2024. The mechanism is based on a different principle: instead of a flat tax reduction, the investor benefits from a depreciation of up to 80% of the purchase price, deductible from rents and then from income, up to a limit of 10,700 euros per year.
The trade-off is restrictive. The property, whether new or old requiring rehabilitation, must be rented unfurnished for at least nine years. The rent charged must remain below the free market rate, with possible discounts of 15%, 30%, or 45% depending on the area. The greater the discount, the more generous the depreciation.
This mechanism changes the calculation logic of a rental investment. Where the Pinel offered an immediate and clear tax reduction, the Jeanbrun scheme requires modeling the impact of accounting depreciation over nine years.
An investor purchasing an apartment in a tight area with a 30% rent discount must ensure that the difference between the rent received and the market rent does not jeopardize the loan repayment. The listings published on lc-immo.fr allow for comparing acquisition prices in different sectors before launching this type of simulation.
Rental Investment in 2026: Comparison of Old, New, and Rehabilitation
The choice between a new property, an old property, and a rehabilitation does not come down to the price per square meter alone. The Jeanbrun scheme applies to new and rehabilitated old properties, creating a tax advantage absent from classic old properties.
| Criterion | New (Jeanbrun) | Rehabilitated Old (Jeanbrun) | Classic Old |
|---|---|---|---|
| Tax Depreciation | Up to 80% of the price | Up to 80% of the price | No specific depreciation |
| Rental Commitment Duration | Minimum 9 years | Minimum 9 years | No obligation |
| Mandatory Rent Discount | 15%, 30%, or 45% | 15%, 30%, or 45% | Free rent (outside regulation) |
| Work Required | None | Significant rehabilitation | Variable |
| Vacancy Risk | Low (attractive new) | Medium (duration of works) | Variable depending on condition |
The rehabilitated old property combines the tax advantage and a generally lower acquisition price than new properties. However, the construction phase generates a cash flow delay: the loan is already in place, and rents are not yet coming in. This delay can represent several months of dry charges.
The classic old property remains relevant for investors who want to retain the freedom to set their rent and sell without duration constraints. The gross yield may be higher, but the absence of a tax advantage makes the tax pressure heavier on rental income.
Shortage of Small Rental Properties and Pressure on Rents
The decline in individual investors has a concrete effect: the shortage of rental housing is worsening, particularly for small units. The rent control, gradually extended to new urban areas, limits price increases but does not create additional supply.
For an investor, this pressure has a direct consequence on the risk of rental vacancy. A studio or a two-room apartment in a university town finds a tenant within a few days. The risk of vacancy has become almost zero for small units in tight areas.
- Studios and T2 apartments concentrate the highest rental demand in metropolitan areas where rent control applies.
- An investment in a T3 or larger exposes the investor more to vacancy, except in the outskirts of large cities with identified family demand.
- Rent control caps gross yield but secures the occupancy rate by making housing accessible to a broader pool of tenants.
Bank Criteria for Rental Property Loans in 2026
Banks do not evaluate a rental investment loan like a loan for a primary residence. The repayment capacity includes projected rents, but rarely at 100% of their amount. Most institutions consider about 70% of expected rents in the calculation of the debt ratio.
The 35% debt threshold remains the norm applied by almost all banks. An investor already owning their primary residence with an ongoing loan thus sees their borrowing capacity reduced. The negotiation of the rate depends on the quality of the file, not on the promise of rental yield.
- A personal contribution, even modest, significantly improves the lending conditions. Files without a contribution are more often rejected for rental investment than for a primary residence.
- The duration of the loan directly influences the net yield: a twenty-year loan costs less in interest than a twenty-five-year loan but increases the monthly payment and thus the debt ratio.
- Borrower insurance represents a negotiable item: delegating insurance can sometimes reduce the total cost of the loan by several thousand euros.
Negotiation has become an almost mandatory step in real estate transactions, according to observations from the Laforêt network. This also applies to financing conditions: an investor who competes among several institutions obtains more favorable conditions than by accepting the first offer.
The rental market in 2026 rewards well-calibrated projects: a property correctly located, a realistic rent after the Jeanbrun discount, carefully negotiated financing. The profitability of a real estate investment is determined before signing, in the precision of the financial assumptions.
