Rental investment: what are the arrangements?

Verified 12 April 2024 - Directorate for Legal and Administrative Information (Prime Minister)

You get a tax advantage if you make a rental investment. The benefit depends on when you make that investment. The new or old dwelling must be rented empty, as the main residence, under certain conditions. The end of entries in existing devices is fixed to the December 31, 2024.

Tableau - Comparison of rental investment schemes
Device Name	Pinel	Denormandy	Rent affordable (Cosse) Tax Deduction	Benefits Loc Tax reduction
Type of dwelling	Nine In the future state of completion With renovation (or rehabilitation) works representing at least 25% of the total cost	Old with improvement or transformation works representing at least 25% of the total cost	Recent or old, with or without work	Recent or old, with or without work
Time limit for subscription	Until December 31, 2024	Until December 31, 2027	Until 28 February 2022 (can no longer be subscribed)	Until December 31, 2024
Localization in restricted areas	Yes (areas A, AA or B1)	Yes (in some municipalities only)	Yes (per agreement with theAnah)	Yes (per agreement with theAnah)
Tax advantage	Tax reduction	Tax reduction	Deduction of property income (variable according to the location of the dwelling)	Tax reduction (variable depending on rent level)
Duration of the rental	Initial commitment of 6 or 9 years (renewable for 3 years)	Initial commitment of 6 or 9 years (renewable for 3 years)	6 or 9 year commitment	6-year commitment
Rent limits	Yes, different depending on the location of the accommodation	Yes, different according to the location of the housing (same as for the Pinel device)	Yes (3 levels of choice: intermediate, social, very social)	Yes (3 levels of choice: intermediate, social, very social)
Resource ceilings for the tenant	Yes, different depending on the location of the accommodation	Yes, different according to the location of the housing (same as for the Pinel device)	Yes	Yes
Accumulation with other device	Yes with Denormandie for another accommodation (up to 2 for the same year)	Yes with Pinel for another accommodation (up to 2 for the same year)	No	No
Overseas investment	Yes, with specific rules	Yes, with specific rules	Yes, with specific rules	Yes, with specific rules
Global cap on tax loopholes	Yes	Yes	No	Yes
Special features	Collective housing only Pinel + device from 2023 Special scheme for the Brittany region	Meet energy performance criteria	Compulsory signature of an agreement with theAnah Meet energy performance criteria Increased tax benefit in the event leasehold intermediation	Compulsory signature of an agreement with theAnah Meet energy performance criteria Increased tax benefit in the event leasehold intermediation

FYI

the Duflot device can no longer be subscribed since September 2014. It is replaced by the Pinel device.

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