The Jeanbrun scheme, which came into effect with the 2026 finance law, reshuffles the cards of rental investment in France. This new status for private landlords, which replaces the Pinel scheme, removes restrictive zoning and introduces a tax depreciation mechanism applicable across the entire territory. Understanding its workings allows for the identification of regional markets with high potential.
Jeanbrun Depreciation: the tax lever that changes profitability calculations
The Jeanbrun scheme allows for the depreciation of 80% of the acquisition price of the property, at a rate between 3.5% and 5.5% per year depending on the level of rent charged (intermediate, social, very social). This mechanism works for both new RE2020 properties and heavily renovated older ones, provided that the renovations represent at least 30% of the price and achieve an energy performance rating (DPE) of class A, B, or C.
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The advantage lies outside the overall cap on tax niches. For a highly taxed investor, this feature radically changes the balance between real estate and financial investments. Previous schemes were hindered by this cap, limiting the real interest for taxpayers to high marginal brackets.
An older property with heavy renovations in a medium-sized city can now yield a net return after tax that exceeds that of a new apartment in the metropolitan area, as long as the Jeanbrun depreciation is included in the calculation.
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The depreciation absorbs a significant portion of the taxation on rental income. Browsing the listings of big real estate on Big Immo allows for the identification of properties eligible for this type of arrangement in areas where the price per square meter remains accessible.
Energy Inefficient Properties and Rental Exclusion: Where to Find Exploitable Discounts
Properties rated F or G on the DPE are now excluded from the rental market. This ban creates a mechanical discount phenomenon on energy-intensive properties that their owners can no longer, or do not want to, renovate. In certain medium-sized cities, these properties represent a significant portion of the older housing stock.
For a buyer willing to undertake energy renovation work, this situation presents an entry point at a reduced price. The calculation is based on three variables:
- The price differential between a G-rated property and an equivalent C or D-rated property in the same neighborhood, which can reach several tens of percent
- The actual cost of the work needed to achieve a DPE that allows for re-rental, including national and local aids (MaPrimeRénov’, CEE)
- Eligibility for the Jeanbrun scheme if the renovation reaches the threshold of 30% of the acquisition price and a target DPE of A, B, or C
We recommend prioritizing sectors where rental demand remains strong (university towns, dynamic employment areas) and where the stock of energy inefficient properties is significant. The DPE discount is a buying signal, not a deterrent, provided that the renovation budget is controlled before signing.
Property Deficit and Unfurnished Rental: The 2026 Reform to Incorporate into Your Simulations
The 2026 reform of the property deficit modifies the allocation rules for unfurnished rentals. Combined with the new provisions on depreciation, it opens a tax corridor that classic LMNP arrangements did not allow access to.
The LMNP itself is undergoing adjustments that reduce the attractiveness of furnished rentals for long-term holding strategies. An investor planning to hold a property for more than fifteen years now has a strong incentive to seriously compare unfurnished rental with property deficit and furnished rental with LMNP depreciation.
This shift is not trivial. For years, the actual LMNP was presented as the optimal default regime. The new tax landscape requires recalculating each project based on the intended holding period, the investor’s tax profile, and the type of property.
SCPI and Paper Real Estate: An Underestimated Regional Alternative
Physical real estate is not the only entry point. SCPI invested in French regional real estate offers diversified exposure without the constraints of direct management. The SCPI market in France remains active, with vehicles specialized in regional offices, healthcare, or logistics.
SCPI is not a risk-free investment. Liquidity remains limited, entry fees weigh on short-term returns, and the valuation of shares directly depends on the underlying real estate market. We consider them as a portfolio complement, not as a substitute for direct investment for those seeking total control over their asset.
The main interest lies in geographical pooling. An investor based in a large metropolis where prices are high can, through a regional SCPI, capture the yield from markets they do not know locally, without having to manage tenants or renovations.
Criteria for Selecting a Regional Real Estate Opportunity in 2026
Filtering listings without a framework leads to emotional decisions. Here are the criteria we systematically apply:
- The net rental yield after tax, incorporating the Jeanbrun scheme or property deficit depending on the chosen arrangement
- The current DPE rating of the property and the estimated cost to reach class C, which conditions both the rental and tax eligibility
- The rental tension in the sector, measured by the vacancy rate and the average re-rental time
- The price per square meter relative to the market rent, which determines the initial gross yield
A solid regional real estate project in 2026 relies on the alignment of these four parameters. A good gross yield does not compensate for a catastrophic DPE if the renovations absorb all the margin.
The French real estate market is entering a phase where taxation, energy performance, and location interact more complexly than before. Articulating these three parameters in each simulation remains the foundation of a profitable regional investment.