Real estate investment relies on a precise mechanism: using a bank loan to acquire an asset whose value and income ultimately cover the cost of borrowing. This mechanism, known as leverage effect of credit, distinguishes real estate from most financial investments accessible to individuals. Understanding its technical components helps avoid sizing errors that turn a profitable project into a net burden.
Reintegration of LMNP Depreciation: What the 2025 Finance Law Changes
Non-professional furnished rental has long allowed for the accounting deduction of asset wear (depreciation) while calculating the resale capital gain according to the individual regime, without reintegrating these depreciations. Article 84 of the 2025 finance law modifies this rule.
Deducted depreciations now increase the taxable capital gain upon sale. A ministerial response published on March 24, 2026, confirmed that this reintegration also applies to depreciations made before 2025. However, service residences (EHPAD, student residences) benefit from exceptions.
An investor who has depreciated their property over several years will see their tax bill increase upon resale. The tax advantage of LMNP has not disappeared, but it has shifted: it remains relevant for those who keep the property for a long time and prioritize rental yield over capital gain.
Before choosing this status, it is now necessary to simulate the exit tax cost, not just the operating gain. Resources like immoventure.fr allow exploration of setups suited to this new framework.
Prices of Old Real Estate in 2026: Apartments and Houses Do Not Follow the Same Trajectory
Provisional data from Notaires-Insee published on September 8, 2026, indicate a decline in the prices of old housing of 0.8% year-on-year in the second quarter of 2026. The decline reaches 1.0% for the quarter alone.
The distinction by property type changes the reading. Apartments are almost stable, while houses decline by 1.3% year-on-year. For a rental investor, this divergence has direct consequences on the choice of asset.
Urban Apartment or House on the Outskirts
An apartment in a tight area retains its value better and rents with less vacancy. The demand for small spaces remains strong in student metropolises and employment hubs. The near-stability of apartment prices confirms this resilience.
A house intended for family rental costs less to purchase, but its price decline signals a market where buyers negotiate more. The gross yield may seem higher, but the risk of vacancy and depreciation upon resale weighs on actual profitability.
Real Estate Financing: Calibrating the Effort Rate Without Betting on Rent Increases
The normalization of interest rates after recent increases does not mean a return to the conditions of 2021. Banks apply the maximum debt-to-income ratio rule at 35% of net income, including borrower insurance. This ceiling determines the amount that can be borrowed, and thus the range of accessible properties.
The growth of rents slows down in 2026 while rental demand remains strong. This gap implies a sizing precaution:
- Do not include an annual rent increase higher than the reference index observed in the financing plan
- Plan a cash reserve covering several months of expenses (co-ownership, property tax, insurance) in case of vacancy
- Compare the total cost of credit (cumulative interest plus insurance) to net rental income after tax, not to gross rent
A viable financing plan relies on current rents, not on an assumption of increase. Investors who have calibrated their projects based on rapid increases are now experiencing lower profitability than expected.
Net Rental Yield: Cost Items That Online Simulators Omit
Most simulation tools display a gross yield (annual rent divided by purchase price). This figure does not reflect what the investor actually receives. Transitioning to net yield requires subtracting several often underestimated items.
Recurring Charges and Taxation
- Property tax, which varies significantly from one municipality to another, can represent one to two months of rent
- Non-recoverable co-ownership charges (facade renovation, elevator replacement, compliance upgrades) weigh on yield over time
- Taxation of rental income at the progressive scale, or under the micro regime depending on the amount, reduces net gain variably according to the investor’s marginal tax bracket
- Non-occupant owner insurance remains mandatory and increases each year
A gap of two to three points between gross yield and net yield after tax is not uncommon. It is this latter figure that determines whether the project self-finances or requires a monthly savings effort.
Renovations and Repairs Between Tenants
Each change of tenant generates costs: repainting, replacing equipment in furnished rentals, potential vacancy period. These costs are predictable but rarely budgeted in initial simulations. Including a “routine maintenance” line from the project’s inception avoids unpleasant surprises.
Real estate remains an investment whose solidity depends on the rigor of the initial setup. The LMNP taxation has changed, old prices no longer rise uniformly, and rents are progressing more slowly than expected. An investment calibrated on real data protects better than an optimistic scenario.
