Rental investment: a deferred tax exemption to boost the housing supply?

The Prime Minister intends to revive rental investment but without specifying how. The president of the National Real Estate Federation suggests a solution.

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Relaunchrental investment. This is one of the objectives announced by François Bayrou during his general policy statementJanuary 14. “There is indeed an emergency”estimates Loïc Cantin, president of the National Real Estate Federation (Fnaim), who particularly wants proof that “18% of students give up studying in this or that city because they are unable to find accommodation». Experimentationrent control in several large metropolises, ban on rental of thermal strainers, end of the tax advantage Pinel in new buildings… Rental investment has not been encouraged for several years. So much so that the number of rental management mandates entrusted to Fnaim member real estate agencies fell by 30% in 2024, compared to 2023.

Aware of the need to revive rental investment to meet the housing needs of the French, the Prime Minister has not, however, outlined a concrete solution. Regretting a simple “declaration of good intentions” and convinced that“there will be nothing (for rental investment) in the draft budget for 2025»the examination of which resumes in the Senate this Wednesday, January 15, Loïc Cantin puts forward a path, which he summarizes as follows: “Invest today, save tax tomorrow.” Concretely, this would allow any French person purchasing real estate – with the aim of renting it – to see their rental income exempt from income tax for 10 years. This exemption would begin after 10 years of holding the property for rental use. And the duration of the exemption could be extended to 15 years if the property is new or if it is the subject of energy renovation work. “consequential”.

The status of the private lessor finally created in 2025?

Taking place 10 years after the real estate purchase, this tax incentive “deferred” has everything to please Bercy, “at a time when state finances are constrained”estimates Fnaim. Who would see “a great signal of incentive for rental investment”. The Minister of Housing, Valérie Létard, would not be not indifferent to this propositionindicates Loïc Cantin.

A proposal which is added to that of the creation of a real tax status of the private lessorsupported for several years by Fnaim, among others, in order to recognize the economic role of landlord owners, often assimilated to rentiers. This status would, for example, make it possible to deduct part of the value of the property from its owner’s taxable income each year, some real estate professionals imagine. Good news, “we need to think about (…) the status of private lessor,” recognized Valérie Létard in a interview at Le Figaro on January 10. Adding that “proposing a solution in this area can be a goal for the year 2025”.