An F-rated house, sold 25% cheaper than an equivalent D-rated one, banned from renting out as early as 2028 — and yet sought after by investors. The paradox comes down to one word: the Jeanbrun scheme. This new private-landlord status (statut du bailleur privé), created by the French 2026 finance act, turns a thermal sieve (passoire thermique — an energy-inefficient F- or G-rated home) into a depreciation engine: you buy at a discount, you renovate, you rent, and each year you deduct a fraction of the price from your rental income. Provided, that is, that the property falls within the scheme.
And that is exactly what is being decided right now. In its original version, the Jeanbrun scheme excluded older detached houses and required heavy renovation (at least 30% of the acquisition price) to reach an A or B rating. A bill, adopted at first reading by the French National Assembly on 28 May 2026, proposes to widen this scope considerably. If it is finally voted into law, buying an energy sieve to rent it out would become one of the most tax-advantageous operations of 2026. Here is the new calculation — and why, at this stage, it remains conditional.
A G-rated house sells on average 25% cheaper than a D-rated house — according to 2024 sales data published by Notaires de France (annual report, December 2025). For flats, the gap is 12%. This is the starting point of any "discounted purchase + works + Jeanbrun" operation.
What this article covers
How the Jeanbrun scheme works (depreciation, commitment period, rent caps), the real state of the easing bill as it stands — voted only at first reading in the Assembly, not yet by the Senate —, what opening the scheme to older houses and switching to a "DPE class-gain" criterion would change, a full investor simulation (discounted purchase, works, depreciation), the cumulative conditions to meet and the pitfalls that can wipe out the entire tax advantage.
The Jeanbrun scheme: depreciation in exchange for a rental commitment
The Jeanbrun scheme is a tax mechanism for rental investment created by the French 2026 finance act, in force since 21 February 2026. It succeeds the Pinel scheme, ended since late 2024. Its logic breaks with Pinel's: where Pinel granted a flat-rate tax reduction calculated on the purchase price, Jeanbrun is based on depreciation — the annual deduction of a fraction of the property's value from the landlord's rental income.
The principle: in exchange for an unfurnished-rental commitment of at least nine years, at capped rents, the owner depreciates each year a share of the acquisition price. The scheme applies across the whole country, with no zoning condition, to homes acquired or completed after publication of the 2026 finance act and up to 31 December 2028.
Depreciation rates and ceilings
The annual depreciation rate depends on the effort made on the rent: the more social the rent, the higher the rate. The annual depreciation ceiling follows the same logic. The orders of magnitude published from the 2026 finance act text are as follows — they depend on whether the property is new or old and remain to be confirmed in the implementing texts.
| Rent level | Rent discount vs market | Annual depreciation rate (indicative) | Annual ceiling |
|---|---|---|---|
| Intermediate | ≈ −15% | 3% to 3.5% | €8,000 |
| Social | ≈ −30% | 3.5% to 4.5% | €10,000 |
| Very social | ≈ −45% | 4% to 5.5% | €12,000 |
Depreciation is deducted from rental income: it reduces the taxable base and therefore the tax, up to the landlord's marginal income tax rate (TMI — taux marginal d'imposition, the highest income-tax bracket of the household). The nine-year rental commitment comes with tenant income ceilings and a ban on renting to a member of the tax household — the classic rules of subsidised rental investment.
Profile: an investor at a 30% or 41% marginal tax rate, already a landlord or a first-time investor, ready to buy a discounted property and undertake an energy renovation to put it back into long-term rental under rent caps.
Easing the Jeanbrun scheme: where does the text really stand?
This is the heart of the matter, and caution is essential: widening the Jeanbrun scheme to energy sieves is not yet voted into law. In its original version (2026 finance act), Jeanbrun applies exclusively to homes located in collective buildings and requires, for renovated older property, works amounting to at least 30% of the acquisition price and reaching an A or B rating on the DPE (Diagnostic de Performance Énergétique — the French Energy Performance Certificate).
A bill "for the mobilisation of existing housing in response to the housing crisis", carried by rapporteure Valérie Létard, was adopted at first reading by the National Assembly on 28 May 2026, by 85 votes to 29. This text is part of the broader "Relance logement" (housing recovery) bill announced by the Prime Minister on 23 April 2026, which notably plans to re-authorise the renting of F- and G-rated sieves in exchange for a works commitment (three years for a house, five years for a home in a homeowners' association), with the goal of returning 650,000 to 700,000 homes to the rental market by 2028.
The three changes envisaged for Jeanbrun
If the bill is finally adopted, three changes would transform the "energy-sieve purchase + Jeanbrun" operation. As the text voted in the Assembly stands:
| Parameter | Jeanbrun original version (2026 finance act) | Version envisaged (Assembly text, 28/05/2026) |
|---|---|---|
| Type of property | Collective buildings only | Extended to older detached houses |
| Works threshold | ≥ 30% of the acquisition price | Floor lowered to 20% of the acquisition price (down from 30%) |
| Energy criterion | Reach an A or B rating | Gain of at least 2 DPE classes for an F/G, 1 class for an E |
The change of logic is major. The requirement to reach an A or B rating effectively excluded most sieves: a G-rated house almost never reaches A or B in a single renovation. The "two-class gain" criterion, by contrast, is achievable — moving from G to E, or from F to D, is a realistic target with a coherent works bundle. Lowering the works floor from 30% to 20% of the acquisition price, voted by amendment to account for properties with very different prices per square metre, would open the scheme even further.
⚠️ Warning: as at the date of publication, these three parameters are at the stage of a text adopted at first reading in the Assembly. The text still has to be examined by the Senate, then possibly go through a joint committee, before promulgation. The thresholds, scope and energy criteria may still change. Do not sign any operation betting on these rules until the law is promulgated and its implementing decrees published.
The operation's triangle: discount, works, depreciation
The appeal of buying an energy sieve to rent it out does not rest on a single advantage, but on stacking three levers that combine. This is the mechanism to quantify before deciding.
Lever 1 — The purchase discount (green value)
A poor DPE pushes the price down. According to Notaires de France (2024 sales data, report published in December 2025), a G-rated house sells on average 25% cheaper than a D-rated house, and a G-rated flat 12% cheaper than a D-rated one. This discount — the negative counterpart of "green value" (valeur verte) — is the operation's first engine: you buy the energy defect at a knock-down price, then you fix it.
The discount, however, is neither uniform nor guaranteed: it depends on local market tightness, the type of property (larger on houses than on flats) and the scale of the works expected. In a tight market, a sieve may even sell at almost the price of a sound property, for lack of supply. That is why the real discount is measured property by property.
Lever 2 — The works and their subsidies
Energy renovation works are at once the entry condition for Jeanbrun (class gain), the lifting of the rental ban, and a partly funded item. Several subsidies combine: MaPrimeRénov' (the national grant from the French National Housing Agency, ANAH, reserved in 2026 to full-scale renovation for structural works such as wall insulation), Energy Saving Certificates (CEE — Certificats d'Économies d'Énergie, bonuses funded by energy suppliers), the eco-PTZ (zero-rate loan up to €50,000) and the reduced 5.5% VAT on works. All require an RGE-certified company (Reconnu Garant de l'Environnement).
Lever 3 — Jeanbrun depreciation
Once the property is renovated and rented, depreciation deducts a fraction of the price from rental income each year, reducing tax up to your marginal rate. On a €200,000 property depreciated at 3.5% per year, that is €7,000 of taxable base wiped out each year — i.e., at a 30% marginal rate and with 17.2% social charges, a saving of around €3,300 per year, within the applicable annual ceiling and subject to the final rules.
Saving: it is the stacking that creates profitability — discount at purchase (capital), works subsidies (reduced renovation cost) and depreciation (reduced tax each year during the commitment). None of these levers, on its own, is enough; together, they can turn a rental-banned sieve into a tax-optimised asset.
Case study: a G-rated house bought to be rented (illustrative)
Let's take an illustrative case — the amounts are indicative, within realistic market ranges, and replace neither a simulation nor the opinion of an adviser. And remember that the Jeanbrun "older houses" strand depends on the law being finally voted. You spot a village house rated G, of which an equivalent rated D would sell for around €200,000 in the area (local DVF reference). With the G discount observed by the notaries (≈ 25%), it is on the market at around €150,000.
Scenario — G-rated house bought at a discount, renovated to gain two classes (G to E), then rented under Jeanbrun
| Item | Detail | Amount |
|---|---|---|
| Purchase price (discounted G house) | ≈ €200,000 − 25% (G/D discount, Notaires 2024) | €150,000 |
| Renovation works | Bundle targeting a 2-class gain (G to E) | €45,000 |
| Estimated works subsidies | MaPrimeRénov' (full-scale renovation) + CEE | −€15,000 |
| Total cost price | Purchase + works − subsidies | €180,000 |
| Annual depreciation (illustrative) | ≈ 3.5% of the price, €8,000 cap | ≈ €6,300/yr |
Read it this way: you commit €180,000 of cost price for a property whose sound equivalent is worth €200,000, you have lifted the rental ban by crossing the class threshold, and each year you wipe out part of your rental income through depreciation. At a 30% marginal rate, €6,300 depreciated represents around €2,970 of income tax and social-charge saving per year. The operation's real yield depends on the applicable capped rent, the financing cost and the exit taxation — all variables to be quantified item by item, not approximated.
The mistakes that bring down the tax advantage
Mistake no. 1 — Buying while betting on a law not yet promulgated
Extending Jeanbrun to older houses and easing the works criterion are, as things stand, only a text adopted at first reading in the Assembly. Signing a sale agreement on a G-rated house assuming you will benefit from Jeanbrun means taking a real regulatory risk: if the Senate amends the text or promulgation is delayed, your operation can lose its tax foundation. Secure your structure on the law in force, not on a bill.
Mistake no. 2 — Confusing the Jeanbrun status with the simple lifting of the ban
The "Relance logement" bill provides two distinct things: on one hand, re-authorising the renting of F/G homes in exchange for a works commitment (3 or 5 years); on the other, the Jeanbrun tax advantage. Being able to rent again does not mean benefiting from depreciation. Jeanbrun imposes its own conditions (unfurnished rental, 9 years, rent and income caps). Do not mix up the two regimes.
Mistake no. 3 — Underestimating the works needed for the class gain
Moving from G to E, or from F to D, requires a coherent works bundle (insulation, heating, ventilation), not an isolated action. An undersized quote that fails to reach the required class gain deprives you of both the lifting of the ban and eligibility for the scheme. Have the expected class gain estimated item by item before buying, not after.
⚠️ Warning: first check your 2026 rating. The reform of the primary-energy conversion coefficient for electricity (the 2.3 factor reduced to 1.9 in the 3CL-DPE methodology, ministerial order of 13 August 2025 published in the Official Journal on 26 August 2025, in force on 1 January 2026) moved many electrically heated homes out of classes F and G with no works. A "sieve" spotted on an old listing may no longer be one — which radically changes the negotiable discount and the possible class gain.
Mistake no. 4 — Forgetting exit taxation and the commitment period
Jeanbrun depreciation has a counterpart: it reduces the cost price used to calculate the capital gain on resale, and the nine-year commitment locks the property in. Exiting too early forfeits the advantage and may trigger clawbacks. A Jeanbrun operation must be reasoned over the whole cycle — purchase, holding, resale — not on the annual tax saving alone.
Cost your operation before you buy
Mon Simulateur Immobilier DPE discount simulator
Before negotiating an energy sieve, measure the discount genuinely expected on the property: the simulator combines the energy class (F or G), the type of property (house or flat), the local market price and the location to estimate the price gap against a sound property — the basis of any "discounted purchase + works + Jeanbrun" operation.
To go further: cost the works and the DPE class gain and check your 2026 rating after the coefficient reform.
Conclusion
Buying an energy sieve to rent it out can become, in 2026, one of the most tax-efficient operations — provided you stack the three levers correctly (purchase discount, works subsidies, Jeanbrun depreciation) and meet the scheme's conditions. But the decisive strand for older houses — widening the scope, removing the works threshold, the class-gain criterion — remains, at this stage, pending the final vote on the bill adopted at first reading on 28 May 2026. Until the law is promulgated, the operation must be reasoned on the law in force.
The first variable to secure remains the purchase discount: it is what funds the works risk and what determines the profitability of the whole. The Mon Simulateur Immobilier DPE discount simulator lets you estimate it property by property, combining class, type of home and local market, to negotiate on figures rather than intuition — to be cross-checked against the discounts observed city by city.
