Real estate investment in 2024 is no longer just about buying an apartment to rent it out. The massive withdrawal of individual investors from traditional rentals, the scheduled end of the Pinel scheme, and the arrival of new tax frameworks are reshaping the decisions. What indicators today allow us to distinguish a profitable operation from a project that is stagnating?
Rental investment or primary residence: the decisive data
The most striking trend in recent years is the shift towards what some analysts call owner investment. Individuals are turning away from traditional rentals to prioritize the purchase of their primary residence, seen as a safer asset investment in the face of increasing regulatory constraints.
This movement can be explained by several simultaneous factors: tightening energy standards, rent controls in high-demand areas, and rising interest rates that have reduced borrowing capacity. At the same time, the shortage of rental housing in several urban areas creates a paradox: demand for rentals remains strong, but supply is decreasing as private landlords exit the market.
Before choosing between rental and primary residence, it is essential to cross-reference several data points specific to your situation. To deepen this reflection, investment advice on Immo B helps structure a project tailored to each asset profile.
| Criterion | Rental Investment | Purchase of Primary Residence |
|---|---|---|
| Main Objective | Supplementary income, wealth building | Reduction of housing costs, stability |
| Regulatory Constraints | Energy Performance Certificate (DPE), rent controls, decent housing standards | New construction standards (RE2020) |
| Taxation by 2026 | New private landlord status (Jeanbrun scheme) | Capital gains tax exemption after long-term ownership |
| Main Risk | Rental vacancy, unpaid rents | Loss of professional mobility |
| Liquidity | Average (variable resale time) | Low (occupied residence) |
Real estate taxation after Pinel: what the private landlord status changes
The end of the Pinel scheme leaves a void that the legislator is trying to fill. The private landlord status, known as the Jeanbrun scheme, which is set to begin in 2026, relies on a depreciation mechanism allowing for up to 80% of the purchase price to be deducted from rental income. The trade-off: rents below market rates and a commitment to lease for at least nine years, with ceilings on rents and tenant resources.
This framework modifies the investment logic. Where Pinel offered an immediate tax reduction, the new scheme encourages thinking in terms of a cycle of at least nine to fifteen years. Accounting depreciation replaces the direct tax incentive.
Changes examined in the Senate in 2026
The Housing Recovery Plan, examined in the Senate in the summer of 2026, introduces two notable relaxations. Renting to a family member becomes possible while retaining the tax advantage, provided that resource ceilings are respected. For older properties, the threshold for renovation work initially set at 30% of the purchase price is removed, and energy requirements are lowered.
These adjustments make the scheme more accessible to investors targeting older properties with renovations, a segment where acquisition prices remain lower and negotiation margins wider.
Rental profitability in 2024: the factors that weigh down returns
The gross profitability displayed in listings often masks expense items that erode net returns. Three variables deserve particular attention before any purchase.
- Energy performance of the property: thermal sieves (DPE F and G) are gradually being banned from rental. A poorly rated property requires renovation work whose cost can absorb several years of rent. Conversely, these properties are negotiated at significantly lower prices, which can restore the margin if the renovations are managed well.
- Rental vacancy and local market pressure: in high-demand areas, the housing shortage reduces the risk of vacancy but also limits rent increases due to controls. Conversely, in relaxed areas, rents are free but the risk of vacancy increases.
- Management and condominium fees: management delegated to an agency typically represents a percentage of the rent that directly reduces net returns. Condominium fees, especially in older buildings, can fluctuate significantly after a vote on works in a general assembly.
Thermal sieves: opportunity or trap for investors
Purchasing a property with low energy performance is a calculated gamble. The reduced acquisition price allows for entry into the market at a lower cost. Energy renovation, supported by aids like MaPrimeRénov’, can significantly improve the DPE and thus the rental value of the property.
The risk lies in the estimation of the renovation costs. A discrepancy of a few thousand euros on the initial quote is enough to shift the operation from a reasonable return to a loss-making investment for several years. Having an energy audit conducted before purchase allows for an objective assessment of the actual budget for bringing the property up to standard.
SCPI and alternatives to direct purchase: diversify without managing
For investors who wish to expose themselves to real estate without management constraints, SCPI (Sociétés Civiles de Placement Immobilier) offer an entry point with a lower ticket than direct purchase. Recent data shows a renewed interest in SCPI in 2025-2026, following a period of valuation correction.
The main advantage remains the pooling of risk: the assets are spread over several dozen properties, in varied locations and types. Liquidity, although higher than that of a directly held property, is still constrained by the secondary market for shares.
Real estate crowdfunding represents another avenue for diversification, with shorter commitment durations but a different level of risk, linked to the solidity of the developer and the advancement of the financed project.
Real estate investment in 2024-2025 hinges on the ability to anticipate tax and regulatory changes over a ten-year horizon. The choice between traditional rentals, primary residence, and collective vehicles like SCPI depends on the asset profile, management risk tolerance, and especially the actual budget once renovations and charges are factored in.
