The electricity conversion coefficient in the calculation of the DPE has changed from 2.3 to 1.9 since January 1, 2026. This change alters the projected profitability of certain properties without any work being done. A real estate project that ignores this data starts off with a false spreadsheet.
DPE 2026 and rental value: recalculate before buying
The lowering of the electricity conversion coefficient allows homes previously classified as F or G to improve their energy label. An update can be requested for free via the DPE-Audit Observatory of Ademe. For an investor, this changes two parameters at once: the applicable rent and eligibility for rental.
The rents of properties classified A to D are increasing, while those of F and G properties are significantly decreasing. The rental value gap between a reclassified E property and a G property is widening. We recommend systematically requesting the DPE update before modeling rental yield.
Buying a property classified as F with electric heating without checking its potential reclassification is akin to overpaying for risk. Conversely, a reclassification to E or D removes the upcoming rental ban and repositions the property in a rising rent segment. The listings available on the Immobilier Barbe website allow for comparison of energy labels of properties for sale and identification of these reclassification opportunities.
Financing rental property loans: interest rate context and bank selectivity
Interest rates for new housing loans have risen again at the beginning of 2026, following a relaxation observed in 2024 and 2025. The Banque de France and the ACPR confirm that access to credit remains selective for rental investment. The share of this segment in the total production of housing loans decreased in 2025.
This selectivity translates into stricter requirements regarding disposable income, debt-to-income ratio, and down payment. A rental investment file will be scrutinized more rigorously than a primary residence file, even with equivalent incomes.
Structuring your bank file for a rental loan
The leverage of credit remains relevant, but we observe that banks now prioritize three criteria more than others:
- The disposable income after expenses (and not just the gross debt ratio), which penalizes profiles already having a significant primary residence loan.
- The quality of the targeted property: a well-classified home on the DPE (A to D) obtains smoother financing than a thermal sieve requiring renovations.
- The history of regular savings over the past twelve months, demonstrating a budget management capacity independent of gross income.
Presenting a realistic rental forecast, including vacancy rates and condominium fees, enhances the credibility of the file. A projected occupancy rate of 100% systematically triggers an alert on the analyst’s side.
Tax regime for rentals: LMNP, real regime, and considerations to know
The choice between the micro-BIC regime and the real regime in LMNP directly affects net profitability. The real regime allows for the deduction of property depreciation, loan interest, renovations, and management fees. For an old property requiring renovation, the real regime often reduces tax on rents to zero for several years.
We observe that many investors remain in micro-BIC by default, due to not having modeled the comparison. The flat-rate deduction of micro-BIC seems simple, but it becomes unfavorable as soon as actual expenses exceed this flat rate, which is common on a purchase with a loan and renovations.
IFI and second homes: a valuation trap
Rental investment falls within the scope of the IFI as soon as the net real estate assets exceed the threshold. The valuation considered is not the purchase price but the market value as of January 1. A property bought at a discount in a recovering market can see its IFI value increase rapidly, eroding net yield. Incorporating the IFI into the profitability calculation from the prospecting phase avoids unpleasant surprises starting from the third year of ownership.
Tight rental market: where vacancy remains low and why
The scarcity of rental offers keeps vacancy low in sought-after areas. The decline in rental investment in credit production has mechanically reduced the number of new homes available for rent. This contraction in supply supports rents in tight markets.
The rental tension is not uniform. Well-classified homes on the DPE capture demand, while energy-intensive properties struggle to find buyers, even in historically tight areas. The DPE has become both a regulatory risk and a factor of rental value.
Resale and capital gain: anticipating the liquidity of the property
A rental property purchased for its yield must also be evaluated from the resale perspective. Liquidity depends on the local market, the quality of the property, and its energy label. A property classified A to D sells faster and with a smaller discount than a property classified F or G, even in a generally favorable market.
The rental real estate project is not just a gross yield spreadsheet. Real profitability incorporates the DPE, taxation, credit costs, and liquidity at resale. Neglecting any of these parameters skews the entire calculation, and the conditions of 2026 make each of them more discriminating than they were two years ago.
