The new rental depreciation scheme that came into effect on February 21, 2026, reshuffles the cards for real estate investors. With the end of the Pinel scheme at the end of 2024, sales to investors in new properties have dropped from about 61,000 homes per year to 9,469 in 2025. Understanding the tax mechanisms, calibrating the banking leverage, and choosing the investment vehicle now determines the actual profitability of each operation.
Rental Depreciation 2026: Recalculating Net Profitability After Resale
The replacement of the Pinel scheme with a depreciation mechanism changes the structure of gains over the entire holding period. The principle: to depreciate about 80% of the acquisition price (excluding land) in unfurnished rental, subject to capped rents and energy requirements.
The trade-off is significant. The reintegration of depreciations into the calculation of capital gains upon resale under the real regime radically alters the final balance. An investor who deducts depreciation for ten years sees their taxable base swell at the time of selling the property.
Additionally, there is the increase in social contributions, which have risen from 17.2% to 18.6%. For a rental operation in new properties, we recommend systematically modeling two scenarios: resale at a 9-year horizon and at a 15-year horizon. The tipping point between net tax gain and additional cost at resale depends on the pace of appreciation in the local market. In areas where prices stagnate, depreciation can turn against the investor.
For those looking to invest with Monde Immobilier, simulating net-net returns (after holding tax and exit tax) becomes a prerequisite for any commitment decision.
Rental Investment Strategy in the Old: Creating Value Through Renovation
Renovated old properties remain the most direct lever for generating rental yield. Buying below market price, coupled with targeted renovations, allows for the reconstruction of a margin that new properties no longer offer in most metropolitan areas.
The technical challenge lies in choosing the renovations that truly create value. Three areas concentrate the bulk of the return on investment:
- Energy renovation (insulation, heating system change) that removes the property from energy sieves and secures its regulatory rental viability in the medium term.
- Optimization of living spaces (attic conversion, room redistribution) that increases rent per square meter without altering the land footprint.
- Bringing electrical and sanitary standards up to code, often underestimated, which reduces vacancy rates and downward negotiations from tenants.
We observe that investors budgeting renovations at more than 25% of the purchase price must verify the consistency between the target rent and local market ceilings. An over-optimized property in a medium-sized city will not find a buyer at the expected price.
SCPI and Stone-Paper: Balancing Yield and Capital Liquidity
SCPI (Société Civile de Placement Immobilier) provides an alternative for profiles that refuse direct rental management. The yield distributed remains attractive compared to bond investments, but the liquidity of shares in a bearish market poses a real risk.
During negative collection phases, some SCPI apply discounts on the withdrawal value. An investor needing to recover their capital quickly then suffers a direct loss. Before subscribing, three parameters deserve thorough examination:
- The financial occupancy rate: below 90%, the distribution capacity deteriorates quickly.
- The sectoral and geographical diversification of the portfolio, which mitigates exposure to a single market cycle.
- The retained earnings (accumulated reserves), an indicator of the SCPI’s ability to maintain its dividend during lean periods.
Real estate crowdfunding, often presented as a complement, does not fall under the same logic. It is a short-term bond investment, exposed to the risk of promoter default. Mixing SCPI and crowdfunding in the same portfolio does not constitute diversification, as both depend on the same real estate cycle.
Effort Rate and Banking Leverage: The HCSF Constraint as a Strategic Variable
The rule from the High Council for Financial Stability limits the effort rate to 35% of income, all loans combined, unless exempted. This constraint is not just a simple filter for credit access: it determines the maximum size of the real estate portfolio achievable by an investor.
According to Ludovic Huzieux, CEO of Artémis brokerage, the share of investors in loan applications has fallen to 8% in the early months of 2026, down from about 20% a few years ago. This decline directly reflects the combined effect of rising monthly payments and the HCSF ceiling.
To increase leverage, we recommend focusing on two axes. First, extend the loan duration to reduce the monthly payment and free up residual borrowing capacity. Second, prioritize properties whose rent covers at least 70% of the monthly payment, allowing banks to favorably weigh rental income in the calculation of the effort rate.
Borrower insurance, often overlooked, also weighs in the equation. Delegating insurance can reduce the overall cost of credit by several thousand euros over time, mechanically improving the net profitability of real estate investment.
The strategy that works in 2026 relies less on the choice of a tax scheme than on the joint mastery of banking leverage, exit taxation, and the intrinsic quality of the property. An investor who ignores any of these three parameters exposes themselves to a real return well below their initial projections.
