The Jeanbrun device was to relaunch rental investment throughout Francewith a unique tax depreciation mechanism reserved for bare rental. This new private landlord status, which came into force at the start of 2026, theoretically allows up to 80% of the acquisition price of a property to be amortized, at an annual rate of 3% to 5.5% depending on the rent level offered. In theory, this should have attracted investors scalded by the gradual end of Pinel, who were looking for a new lever for real estate tax exemption.
But in practice, the start is still (very) weak. At Foncia, out of 9,000 new lessors identified in the first six months of 2026, none used the Jeanbrun device. At the Foncia Immo Neuf subsidiary, dedicated to the sale of new homes, only ten sales have been made with this system since its launch. A figure presented by the company during a press conference at the beginning of July, during which they warned of the crisis in the real estate market.
A facade craze
The announcement of the system had nevertheless aroused certain interest among investors at the start of the year. But, “this interest has not materialized over time”summarizes Mathieu Mialaret, ADB business director at Foncia. On the ground, the property manager feels that it is difficult to finalize operations in the old property, due to a lack of buyers ready to commit.
What worries potential investors in particular is that the device is called into question in the future, or modified before you can even take full advantage of it. “There are questions about real profitability after taxation”also specifies Mathieu Mialaret. A doubt which is also reinforced by the complexity of depreciation calculationwhich varies according to the level of rent charged.
A mechanism that is nevertheless favorable to renovation
However, there is not only negative to come from it, underlines Foncia. The Jeanbrun system allows you to amortize up to 80% of the acquisition price of a property (from 3% to 5.5% per year depending on the level of rent offered – intermediate, social or very social). As was the case for Pinel, the investor must undertake to rent the bare accommodation for a minimum of nine years, without the possibility of renting it to a member of their tax household.
For the former, the device requires work representing at least 30% of the acquisition pricewith a deadline of three years to complete them. The goal: to achieve an A or B energy label after work. This can scare away potential investors, underlines the expert. But a related mechanism, provided for by the Housing Recovery bill still under discussion in Parliament, would make it possible to re-rent housing classified F or G for the duration of the work, subject to the owner’s commitment to carry it out within three years for an individual house, or five years in co-ownership.
This flexibility even extends to situations where the owner does not have sole control over the work schedule. If the lessor has already carried out the work in his own accommodation, but the co-ownership refuses the necessary work on the common areas, the owner can benefit from the same flexibility “if he proves that he requested the target DPE”.
