While furnished rentals benefit from an advantageous tax regime thanks to the possibility of depreciating the property, unfurnished rentals remain excluded from this mechanism, creating a growing imbalance in the rental market. In the context of persistent real estate tension, the idea of a reform resurfaced, with the submission of a report to the government and more specifically to the Minister of Housing. This report entitled "For a sustainable revival of rental investment" was co-written by Marc-Philippe Daubresse, senator for the north and Mickaël Cosson, deputy for Côtes-d'Armor and therefore proposes a project to create a private landlord status.

To date, bare rental landlords have two tax options, the micro-land regime, accessible if the property income does not exceed €15,000 per year, offering a flat-rate allowance of 30% on the taxable basis; or the real regime, which allows you to deduct actual expenses (works, loan interest, taxes, etc.), but without the possibility of depreciating the value of the property, unlike furnished rentals. However, depreciation represents the consideration of the depreciation of the asset over time, which allows for significant tax optimization as an undisbursed expense. This tax disparity has led more investors to favor furnished rentals, and for short periods, to the detriment of the supply of long-term housing.

Today, a supervised reintroduction of unfurnished rental depreciation is therefore envisaged, inspired by the old Périssol and Besson schemes of the 1990s. These mechanisms were intended to support the construction of rental housing in exchange for a tax advantage. Among the avenues mentioned is the creation of a private landlord status, integrated into the 2026 finance bill. This new framework would make it possible to amortize 4% to 5% of the value of the home per year over 20 years. In addition, at the end of this holding period, the owner would be exempt from capital gains tax. And it is this point that would make bare rentals more interesting than furnished rentals. Since the reintegration of the depreciation made in the calculation of the taxable base of the real estate capital gain.

Feel free to check out our article on this subject. https://www.finankap.com/fr/actualites/reintegration-comptable-et-fiscalite-des-plus-values-en-lmnp-tout-ce-que-vous-devez-savoir-sur-l-evolution-de-ce-regime-fiscal-avantageux-/

In addition to the advantage over the real regime, the micro-land regime should see its allowance increased to 50% and 65% for company assets with a possible ceiling of €30,000 of gross annual income to be able to benefit from it. Finally, another major measure of the report concerns the abolition of the IFI for properties rented with a bare rental lease.

Thus, this scheme would apply to new properties, but also to old properties under the condition of work representing at least 15% of the value of the property. It would come into force for investments made from 1 December 2025.  But this hypothesis seems unlikely to be at the risk of massive resale and massive purchase by investors. Finally, it is essential to remember that, for the time being, this is only a project that nevertheless reflects a clear desire to harmonize taxation between the different forms of rental and to stimulate real estate investment for long-term rentals. It remains to be seen what will really happen because, in the context of tax revenue for the State, this measure would represent a cost for public finances, with a potential decrease in tax revenues linked to property income.

In this context of regulatory changes, it is therefore essential to be accompanied by a professional to calibrate and anticipate your wealth strategy according to a sharp legal watch.  Don't wait any longer and contact us!

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