Taxation, the government attacks the Airbnb niche

The finance bill (PLF) for 2025, unveiled on October 10, provides for a reform of the taxation of furnished rentals, a system until now very advantageous for owners. Currently, the latter benefit from an attractive tax regimeallowing them to deduct part of the value of the property and expenses (works, furniture) via depreciation. However, the government is now proposing to reintegrate this depreciation into the calculation of the capital gain on resale, which would increase taxes for owners.

Borrowing rates noted on 10/15/2024

A previously advantageous tax system

The furnished rental regime, in particular via the status of non-professional furnished rental company (LMNP), offers significant tax advantages. Thanks to depreciation, owners can deduct expenses linked to the operation of their rental property, thus significantly reducing their tax base. According to a parliamentary report, around 70% of beneficiaries of this scheme do not have to pay taxes on their rental income.

These advantages encourage many investors to turn to furnished rentals, whether long or short term (via Airbnb, for example). This regime makes it possible to generate higher returns, especially since rents for furnished accommodation are often higher than those for unfurnished rentals. However, this mechanism is now accused of contributing to a shortage of accessible rental housingespecially in tense areas.

Rebalancing the rental market

The proposed reform aims to curb the attractiveness of furnished rentals, seen as a distorting factor in the rental market. The government wishes to reintroduce previously deducted depreciation into the calculation of the capital gain on resale.. For example, as reported by BFM, if an owner resells his property for €200,000 after having deducted €20,000 thanks to depreciation, he will now be taxed on a capital gain of €120,000 instead of the current €100,000. .

The objective is to redirect owners towards bare rentalconsidered more stable for tenants. In large cities like Paris or Lyon, the supply of bare rentals has stagnated, while that of furnished rentals has increased significantly, in particular due to seasonal rental platforms according to Challenges.

A risk for the investment?

This reform raises fears among investors and real estate professionals. “The project could triple the taxable basis of capital gains, which risks discouraging owners,” explains Stéphane Desquartiers, founder of SD Conseils for BFMTV. Depending on the context linked to real estate rates, increasing taxes could slow down real estate purchase projects.

Furthermore, by reducing the attractiveness of furnished rentals, some fear a drop in the supply of housing, particularly for students and young people assets. The debate is therefore launched, with parliamentary discussions to come, to determine whether this reform will be adopted as is or amended to protect investors without harming the balance of the rental market.