Rental investment in 2026: which schemes are still available

The Pinel scheme is closed: no further investments have been possible since January 1, 2025. Three tax incentives remain open, according to official websites: the Denormandie and Loc'Avantages schemes until December 31, 2027, and the Relance Logement scheme, also known as the "Jeanbrun" scheme, for investments made between February 21, 2026, and December 31, 2028. These schemes operate differently. The first two offer a tax reduction. The third allows you to deduct depreciation from your rental income.

This page provides an overview. It does not cover property deficits, the Censi-Bouvard scheme, the Malraux scheme, or historic monuments. It also does not provide the annual deduction limit for the Housing Recovery scheme: this information should be verified on the official website (see below).

The devices in a table

The dates are those of the official pages consulted on 17/10/2026. A subsequent text may modify them: check them before signing.

Pinel: closed to new transactions

Service-public.gouv.fr states: "You can no longer make rental investments using the Pinel scheme since January 1, 2025." The transactions concerned are those carried out between September 2014 and December 31, 2024. According to economie.gouv.fr, investments made during this period continue to benefit from the scheme.

If you already own a Pinel property, the question is therefore not "is the Pinel scheme still possible?", but "is my rental commitment being respected, and can I extend it?". These two questions each have their own page.

Denormandie: the old building to be renovated

The Denormandie scheme concerns the purchase of an older property to renovate for rental purposes. The service-public.gouv.fr website states: "The investment is open until December 31, 2027."«

• Reduction rate : 12 % for a 6-year commitment, 18 % for 9 years, 21 % for 12 years.
• Ceilings : an acquisition cost capped at €300,000, and €5,500 per m² of living space.
• Works "The works must represent at least 25 % of the total cost of the operation."«
• Location : the accommodation must be located in a concerned municipality, for example a "City Centre" municipality or one that has concluded a territorial revitalization operation agreement (ORT), or in a condominium in serious difficulty.
• Overall cap According to service-public.gouv.fr, the Denormandie scheme is subject to this cap. The amount of this cap is not listed in the pages consulted for this article.

Loc'Avantages: rent lower than the market

With Loc'Avantages, you sign an agreement with the National Housing Agency (Anah) and rent below market price. The economie.gouv.fr website indicates that the scheme is available until December 31, 2027, and that applications must be submitted between March 1, 2022, and December 31, 2027.

Other conditions include renting an unfurnished property for at least six years and a minimum energy performance certificate (EPC) rating of E for an agreement without renovations, and D with renovations. According to service-public.gouv.fr, Loc'Avantages is subject to the overall cap on tax benefits.

Housing stimulus («Jeanbrun»): an amortization, not a reduction

This scheme is provided for by the finance law for 2026. Service-public.gouv.fr specifies that the investment must be made between February 21, 2026 and December 31, 2028, and that the benefit "takes the form of a deduction from your property income".

Main conditions noted (full conditions can be found on the service-public.gouv.fr website):

• a dwelling in a collective building, new, or old with works of at least 30 % of the purchase price which achieve an EPC of A or B; ;
• an unfurnished rental, as the tenant's main residence, for 9 years; ;
• a rental agreement within 12 months of completion or acquisition; ;
• a tenant who is neither a member of your tax household, nor a relative or in-law up to and including the 2nd degree.

This scheme cannot be combined with the Denormandie scheme for the same property. Opting for depreciation excludes the micro-property tax regime. Non-resident taxpayers can benefit if their rental income is taxable in France. This scheme is not subject to the overall cap on tax benefits.

Two points to note. First, this page does not include the annual deduction limit: this should be verified on the official website before making any decisions. Second, service-public.gouv.fr indicates that a bill, "currently being debated in Parliament, provides for more flexible access to the scheme," and that its page will be updated after the law is passed and published in the Official Journal. The rules may change.

Expired devices

According to impots.gouv.fr, the Duflot scheme applied to transactions from January 1, 2013, to August 31, 2014, and the Scellier scheme to those from January 1, 2009, to December 31, 2012 (March 31, 2013, under certain conditions). For "Affordable Rental," service-public.gouv.fr indicates that it ended in March 2022.

Numerical example (fictitious profile)

Situation. Marc and Isabelle, French tax residents, are considering purchasing a 40 m² studio apartment in need of renovation in 2027, located in a municipality eligible for the Denormandie scheme. Purchase price: €180,000. Renovation costs: €70,000. These amounts are hypothetical.

Calculation assumption. In this example, the basis for the reduction is the total cost of the operation (acquisition and works), limited by two caps of €300,000 and €5,500 per m². The service-public.gouv.fr website mentions a "capped acquisition cost of the dwelling at €300,000" and a "cap of €5,500 per m² of living space" without specifying the basis: this information should be confirmed with the official source before any actual calculations are performed.

Issue. In this scenario, what basis does the reduction use, and what ceiling applies?

Strategy. First check the share of the work, then the two ceilings of the base.

• Total cost of the operation: €250,000.
• Part of the work: 28 %, above the threshold of 25 %.
• €300,000 ceiling: respected.
• Maximum price per square meter: €5,500 × 40 m² = €220,000. This is the one that applies.

Result. The base amount used is €220,000, not €250,000. Depending on the chosen lease commitment: €26,400 discount for 6 years (12 %), €39,600 for 9 years (18 %), €46,200 for 12 years (21 %). Over 9 years, in this scenario, the price cap per square meter reduces the discount by €5,400 compared to a base amount of €250,000 (€45,000).

These profiles are fictitious. The calculation stops at the basis of the reduction. It does not indicate the actual tax savings that would result: this depends on your situation and the overall cap, the amount of which is not shown here.

What changes depending on your situation

• Your tax residence. The pages read for this article only detail the situation of non-residents for the Housing Recovery scheme.
• The type of property. Whether it's an old property to be renovated, a new one in a multi-unit building, or an existing dwelling that you are contracting with: these are not the same arrangements.
• The rent level you are willing to accept : it sets the Loc'Avantages rate and the Relance logement amortization rate.
• The location of the property, which conditions the Denormandie scheme.
• Your commitment period : 6, 9 or 12 years depending on the scheme and the target rate.
• The overall cap, applicable to Denormandie and Loc'Avantages, not to the Relance logement scheme, according to service-public.gouv.fr.

The rule depends on your situation. No results are guaranteed.