The Jeanbrun Plan: The Deliberate Return of Private Landlords to Housing Policy
Long marginalized, private rental investors are once again becoming key players in housing policy. Introduced in the 2026 Finance Bill, the Jeanbrun measure marks a turning point: it finally recognizes the rental housing sector as an economic activity in its own right, by reinstating depreciation allowances and restoring the profitability of intermediate-income and social housing.
A clear philosophy: recognizing landlords as producers of housing
The Jeanbrun program is based on a simple observation: without private investors, the supply of rental housing cannot meet demand. By allowing landlords to write off up to 80% of the value of their property (excluding land), lawmakers explicitly recognize housing as a means of production, just like a business asset.
This approach breaks with previous measures, which focused more on tax reductions than on the economic structure of the investment. The goal here is not to “subsidize” the purchase, but to align the tax system with the economic reality of the landlord, who bears financial risk, expenses, renovation costs, and regulatory constraints.
Who is eligible, and for which properties?
The program applies from the day after the publication of the 2026 Finance Act through December 31, 2028. It applies to multi-unit residential properties located throughout France, regardless of zoning, whether owned directly or through an SCI subject to income tax. Entities subject to corporate income tax are excluded, as are arrangements involving the separation of ownership and usufruct, except in cases involving a surviving spouse.
Two main categories of properties are eligible. For new construction, this refers to off-plan purchases. For existing homes, the property must undergo renovations totaling at least 30% of the purchase price and resulting in a major renovation, with a final energy performance rating (DPE) of A or B. Properties that were already renovated prior to purchase are eligible only if they have never been occupied since the completion of the renovations.
A Strict but Clear Rental Commitment
Eligibility for the program is contingent upon a nine-year rental commitment that must be effective and continuous. The property must be rented unfurnished, as a primary residence, within a maximum of twelve months following completion or acquisition.
Tenants must meet income limits, which vary depending on whether the property is rented as a “intermediary,” “social,” or “very social” housing unit. The law also imposes a clear prohibition: the housing unit may not be rented to a member of the taxpayer’s household, nor to a relative or in-law up to the second degree. This rule, designed to prevent abuse, is nonetheless a subject of debate in light of intergenerational solidarity.
How does the Jeanbrun depreciation system work?
This is the core of the program. The lessor may depreciate 80% of the property’s value—excluding land and expenses—over the entire operating period, up to the limit of that value. Depreciation begins on the first day of the month in which the property is completed or acquired.
The rates vary depending on the nature of the rental arrangement and the type of property. For new construction, the annual depreciation rate is 3.5% for intermediate-income rentals, 4.5% for public housing, and 5.5% for low-income housing, with respective deduction caps of €8,000, €10,000, and €12,000 per tax household. For existing homes, the rates are lower but still significant: 3%, 3.5%, and 4%, depending on the rent level.
Another major innovation: these depreciation deductions can be applied to total income, rather than solely to property income. This is a structural change that helps restore after-tax profitability, particularly for households that are already heavily taxed.
A scheme that can be combined with others… under certain conditions
The Jeanbrun scheme cannot be combined with the main existing tax schemes: Loc’Avantages, Denormandie, Malraux, or Historic Monuments. However, it does align with general tax provisions, particularly the extension of the doubling of the property loss deduction limit—raised to 21,400 euros through December 31, 2027—for energy-efficiency renovation work.
This provision reinforces the overall coherence of the legislation: encouraging the development of rental housing while accelerating the renovation of the existing housing stock.
Progress Welcomed, but Limitations Acknowledged
Industry professionals welcome this major step forward for rental investments, while highlighting several areas for improvement. In the existing housing stock, the scope of the required renovations automatically limits the number of eligible properties. In social and very low-income housing, the savings burden remains high, despite the tax benefits.
Finally, the ban on renting to one’s children or grandchildren highlights the tension between tax considerations and family interests. These are all issues that the industry hopes to see addressed in the future.
A Turning Point for Rental Investment
With the Jeanbrun program, lawmakers are changing course. It is no longer a matter of temporary tax-incentive programs, but rather a structural framework based on the real housing economy. For private landlords, this sends a strong signal: rental investment is once again becoming a core pillar of housing policy.
