A G-rated apartment purchased in 2023 for rental purposes can no longer be subject to a new lease since January 2025. This increasingly common situation illustrates how much real estate investment today relies on regulatory as well as financial parameters. Before discussing yield or taxation, one must first verify that the property will still be rentable in three years.
EPC and prohibition timeline: the filter before any real estate investment
The energy performance diagnosis is no longer an informational document. Since January 1, 2025, G-rated housing is excluded from new leases, renewals, and extensions. F-rated properties will follow in 2028, and E-rated properties in 2034.
In practical terms, a property labeled F purchased today without energy renovation work will lose its rental capacity in less than two years. The EPC now conditions the liquidity of the property, not just its comfort. An investor who ignores this constraint ends up with an asset whose rental value drops to zero in the regulated segment.
The EPC is also legally enforceable. A tenant can contest an erroneous diagnosis and hold the landlord liable. Before signing a compromise, an independent energy audit should be conducted, separate from the EPC displayed by the seller. Feedback on the reliability of diagnoses varies among operators, justifying this double-check.
To invest with La Maison de l’Immobilier, this preliminary audit step is part of the normal support process, which avoids unpleasant surprises after acquisition.
LMNP reform: taxation on resale changes the game
The status of non-professional furnished landlord has long allowed the deduction of property depreciation while benefiting from a capital gain calculated on the initial purchase price. This mechanism made the LMNP very attractive from a tax perspective during the holding period.
Since February 15, 2025, the deducted depreciations are reintegrated into the calculation of the taxable capital gain. The savings made each year turn into additional tax at the time of sale. An investor planning to resell in the medium term must recalculate their net yield by incorporating this exit tax burden.
Some service residences (student, senior) remain excluded from this reintegration according to current texts. One cannot generalize the reasoning to all furnished properties.
What this changes in practice for a rental project
A property purchased to be depreciated over fifteen years and then resold with a capital gain no longer offers the same advantage. The wealth strategy must either integrate a long holding period (to smooth out the tax impact) or position itself on service residences excluded from the system.
The reflex to consult a specialized rental management accountant before signing becomes non-negotiable. Simulating exit taxation before purchasing avoids a loss of several thousand euros.
Tourist rental: check municipal regulations before any purchase
The law of November 19, 2024, tightened the regime for unclassified tourist rentals. The tax deduction applicable to seasonal rental income has been reduced for unclassified housing. This evolution makes the profitability of a short-term rental investment much more dependent on the local context.
Several points must be verified before diving in:
- Does the municipality allow tourist rentals, and under what conditions (number of days, compensation in tight zones)?
- Can the property obtain an official classification, which maintains a more favorable tax deduction?
- Does the co-ownership regulation prohibit the activity of tourist rentals? This point is often discovered too late.
A property located in a city that limits seasonal rentals to a few dozen days per year does not generate the same income as a property in a municipality without restrictions. The profitability calculation must start from local regulations, not from a generic simulator.
Real estate credit and interest rates: balance between duration and total cost
Financing remains the main lever for a rental investment, especially when purchasing without significant equity. The borrowing capacity depends on the debt ratio, but also on the loan duration and the rate obtained.
In this regard, competing several banking institutions (or going through a broker) allows for significant differences in the total cost of credit. A quarter-point difference in the rate, spread over twenty years, represents a considerable amount.
Borrower insurance and net profitability
Loan insurance weighs heavily in the overall cost, sometimes as much as the interest itself over long durations. Since the Lemoine law, one can change borrower insurance at any time. Checking this item after signing the credit is part of the active asset management gestures.
- Compare delegated insurance offers as soon as the mortgage is set up
- Recalculate the total cost of credit by including insurance, not just the nominal rate
- Renegotiate insurance every year if market conditions change
A rental real estate investment is not only managed at the time of purchase. The management of financing, the regulatory compliance of the property, and the anticipation of exit taxation determine the actual yield. The rules have changed enough since 2024 that a project built on old assumptions may yield very different results than expected.
