Buying an apartment to rent it out, placing a few thousand euros in a real estate fund, or renovating an old property to resell it: there are plenty of entry points into real estate investment. The challenge is not finding a strategy, but choosing the one that fits your financial situation, risk tolerance, and investment horizon.
Rental depreciation and the Jeanbrun scheme: what changes concretely
The end of the Pinel scheme on January 1, 2025, has removed the main lever for tax reduction in new properties. Many investors have found themselves without a clear alternative to reduce their taxes through real estate.
The finance law for 2026 (law n° 2026-103 of February 19, 2026) introduced a new mechanism. Depreciation is now possible for unfurnished rentals under certain conditions, for acquisitions made between February 21, 2026, and December 31, 2028. This scheme, sometimes referred to as “Jeanbrun,” applies to new or old properties with renovations, in collective buildings, rented according to rent and tenant resource ceilings.
In practical terms, this means that the profitability of an investment in new rental properties no longer relies on a flat tax reduction, but on a precise calculation that includes the purchase price, actual rent, vacancy rates, and expenses. For investing with Immo Guide, this framework becomes the foundation for all decisions.
Why does this change matter so much? Because it forces comparisons of projects based on their actual net yield, not on a tax advantage that sometimes masked a mediocre operation.
Thermal sieves and DPE: investing in old properties with a discount
Since January 1, 2025, properties classified as G in the energy performance diagnosis can no longer be rented under the regulatory framework provided. Properties classified as F will follow. This constraint frightens many buyers, and it is precisely this that creates an opportunity.
Properties with low energy performance are negotiated at a significant discount. An apartment classified as F or G in a medium-sized city can be purchased well below the price per square meter of an equivalent property classified as D or C.
The strategy is to acquire this type of property, carry out energy renovation work (insulation, changing the heating system, ventilation), and then put the property back on the rental market with an improved DPE. The gain occurs at two levels: the capital gain related to the revaluation of the property and the rent received after the work.
A few points of caution before diving in:
- Get quotes for the work from at least two contractors before purchasing, as an underestimated quote can nullify the project’s profitability
- Check available aids (notably MaPrimeRénov’), which can cover part of the renovation costs depending on the type of property and location
- Ensure that the property can reach at least class E after the work, otherwise re-renting it will remain impossible in the medium term
SCPI and real estate crowdfunding: invest without managing a property
Do you neither have the time nor the desire to find a tenant, manage renovations, or respond to calls in the middle of the night for a water leak? SCPI allows you to invest in real estate without owning a property directly. You buy shares in a company that owns and manages a real estate portfolio (offices, shops, housing). In return, you receive income proportional to your investment.
The entry ticket is accessible, often a few hundred euros per share. The yield depends on the quality of the portfolio, the occupancy rate, and the strategy of the management company. This investment is suitable for those seeking regular income without management constraints.
Real estate crowdfunding works differently. You lend money to a developer to finance a specific operation (construction, rehabilitation). The duration is short, generally between twelve and thirty-six months, with a yield announced in advance. The main risk is the developer’s default or project delays.
These two options complement each other well in a portfolio. SCPI provides regularity, while crowdfunding offers a higher yield potential over a limited period. Neither requires resorting to a mortgage.
Furnished rental and LMNP status: the still active tax lever
The status of non-professional furnished rental (LMNP) remains one of the most advantageous tax frameworks for individual investors. The principle: you rent a furnished property and declare the income as industrial and commercial profits (BIC), which opens up the possibility of depreciating the property and the furniture.
Accounting depreciation in LMNP significantly reduces taxation on rental income. In many cases, the investor pays no tax on their rental income for several years, while the depreciation absorbs the profit.
This status works well for both a student studio and a T2 intended for short-term rental. The profitability mainly depends on the location and occupancy rate.
- In tight areas (large metropolitan areas, university cities), the demand for furnished rentals remains strong year-round
- In tourist areas, seasonal rentals can generate higher income, but with heavier management and local regulations to check
- The simplified real regime, more complex to declare than a micro-BIC, is almost always more advantageous beyond a certain rental amount
Real estate credit and rates: a market context to monitor
The cost of credit remains a central parameter in any rental investment. After a period of marked increases, mortgage rates have begun a gradual decline. This easing restores purchasing power to investors and makes certain operations viable again.
A difference of a few tenths of a point in the rate can change the profitability of a project over twenty years. Comparing offers from several institutions, negotiating borrower insurance, and adjusting the loan duration are concrete levers to improve net yield.
The real estate market shows signs of recovery after a period of wait-and-see. For an investor, this means that prices have not yet integrated this dynamic in all cities. Buying before a more marked rebound remains a window to consider, without any guarantee that the increase will be confirmed everywhere.
Choosing a real estate investment strategy is like assembling several pieces: your borrowing capacity, your personal tax situation, the time you can dedicate to management, and your tolerance for the unexpected. An old property to renovate, SCPI shares, a furnished rental in LMNP, or crowdfunding do not target the same profile. The most effective approach is often to combine two complementary strategies rather than betting everything on one.
