A landlord renting out a studio rated G for three years discovers in January 2025 that their property is now prohibited from being rented. The energy performance diagnosis (DPE), long seen as an administrative formality, has become a gatekeeper for the rental market. This reality illustrates how much the rules of the game in real estate have changed, and why strategies that worked until recently need to be reassessed.
DPE and thermal sieves: the real entry cost for investing in rentals
Since January 1, 2025, properties rated G on the energy performance diagnosis can no longer be offered for rent. Properties rated F will follow in 2028, and those rated E in 2034. We are no longer talking about a commercial signal to reassure a tenant, but a legal condition for collecting rents.
The reform of the DPE calculation, which came into effect in July 2024, particularly affected small spaces. Studios and T1 apartments, overrepresented among F and G labels, have seen their ratings reassessed. For an investor targeting student or furnished rentals, the budget for energy renovation work is now an integral part of the financing plan, just like the purchase price.
Browsing the real estate site of Zenith Actu, one regularly finds analyses detailing the impact of these constraints on actual rental profitability. Buying a thermal sieve at a discounted price remains an opportunity, provided that the costs of insulation and ventilation work are accurately estimated before signing.
- Check the DPE label before any purchase offer, not after: a property rated F or G implies mandatory work in the short or medium term.
- Request multiple energy renovation quotes and integrate them into the net yield calculation, taking into account available aids (MaPrimeRénov’, CEE).
- Anticipate the regulatory timeline: a property rated E purchased today must be compliant by 2034, which allows time but requires planning.
Le Meur Law and seasonal rentals: what changes concretely for landlords
The Le Meur law, enacted on November 19, 2024, has redefined the framework for furnished tourist rentals. Municipalities now have enhanced powers regarding registration, quotas, and change of use. The maximum rental duration for a primary residence can be reduced from 120 to 90 days per year.
For income received from 2025 onwards, the taxation of unclassified tourist rentals has become significantly less favorable. The micro-BIC regime now has a 30% deduction with a revenue cap of 15,000 euros. A project whose profitability relied solely on Airbnb or a similar platform must be recalculated.
The “all seasonal” model without classification is no longer financially viable. It is observed that investors who diversify between traditional and seasonal rentals, or who have their furnished property rated with stars, maintain a better margin. Feedback on this point varies according to local markets, but the trend is clear in tight areas.
Mortgage rates in 2024: a window that has opened slightly
The real estate market experienced a significant slowdown in activity in 2024. Successive cuts in the European Central Bank’s key rates have led to a gradual decline in mortgage rates.
After a first half that continued the trends of 2023, the drop in volumes stabilized in the second half. A low plateau seems to have been reached, which opens the prospect of a recovery in 2025. For buyers, this stabilization means that financing conditions are becoming negotiable again, especially for long durations.
On the price side, the decline that began in recent years has given way to a gradual stabilization, with marked territorial disparities. The southwest of France has seen more significant contractions, while some metropolitan areas have fared better. Comparing prices per square meter between neighboring municipalities can sometimes yield several points of yield without changing employment areas.
Negotiating your mortgage in this context
The margin for negotiation with banks has widened since the end of 2024. It is now possible to obtain more favorable conditions by presenting a solid file: significant personal contribution, professional stability, and above all, a property whose DPE does not pose a problem in the medium term. Banks are more hesitant to finance thermal sieves without a detailed work plan.
Real estate appraisal and selling price: adjusting expectations to the real market
Many sellers still set their selling price based on references from 2021-2022. In the field, properties that sell are those whose price reflects the reality of the local market. A realistic appraisal shortens the selling time by several months.
Buyers are comparing more than before: they consult price databases, check the DPE, and factor in the cost of renovations in their offers. A property rated D or E with an adjusted price negotiates faster than a property rated B listed above market value.
- Have an appraisal conducted by two independent professionals to cross-check evaluations.
- Consult recent sales data in the same neighborhood rather than departmental averages.
- Incorporate the energy state of the property as a factor of depreciation or appreciation in the appraisal.
The real estate market of 2024 has laid the groundwork for a new cycle. The DPE, rental taxation, and mortgage rates now form a triangle that every buyer or investor must master before positioning themselves. Properties that find buyers are those whose sellers have accepted the market as it is, not as it was.
