Buying an apartment to rent it out, investing your savings in a SCPI, financing a project through crowdfunding: real estate investment is no longer limited to a single formula. The 2024 market has reshuffled the cards, with shorter windows of opportunity and increased volatility in transaction volumes. Adapting your real estate investment strategy to this context requires a precise understanding of where to place each euro, and why.
Multi-support allocation: comparing yield and risk between SCPI, crowdfunding, and direct purchase
You may have noticed that most guides talk about rental investment as if there were only one way to do it? In reality, three vehicles coexist with very different risk profiles.
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Direct purchase remains the most well-known. You buy a property, rent it out, and receive rent. The yield depends on the purchase price, location, and property management. The downside: a high entry ticket, notary fees, and low liquidity (selling takes time).
Yield SCPI typically serve between 4.3% and 4.5% gross according to data compiled by Mon Cercle Immo. They allow you to invest without managing tenants or renovations. The capital is pooled across several buildings, which dilutes the risk of vacancy. However, subscription fees and taxation on rental income reduce the net yield.
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Real estate crowdfunding shows significantly higher gross yields, often exceeding 8%. This figure is attractive, but it reflects a higher risk: the capital is locked for the duration of the project, and the developer’s default can lead to partial or total loss. To take advantage of these differences, you can discover the Conseil Invest website which details the possible trade-offs between these vehicles.
The most robust strategy in 2024 is to spread your capital across at least two supports rather than concentrating everything on a single property. A simple example: place the majority in SCPI for regularity, and a fraction in crowdfunding to boost overall yield.
Thermal sieves and DPE: turning a regulatory constraint into a profitability lever
The gradual restrictions on renting low-energy performance housing change the game for rental investment. A property rated F or G on the DPE will soon no longer be able to be rented out without prior renovation.
What many perceive as a hindrance is actually a negotiation lever when buying. Thermal sieves are negotiated at prices significantly lower than the rest of the market. The price gap allows for financing an energy renovation while remaining below the targeted profitability threshold.
The mechanism works in three steps:
- Acquire a poorly rated property on the DPE, negotiating the price down due to the obligation of works that weighs on the seller
- Carry out renovation works (insulation, heating system change) by mobilizing aids like MaPrimeRénov’, which the government has increased
- Re-rent the property with an improved DPE, allowing for a higher rent and attracting tenants sensitive to energy bills
The final profitability depends on the actual cost of the works compared to the discount obtained. If the discount covers at least two-thirds of the renovation budget, the operation generates net asset value as soon as it is re-rented.
Real estate market volatility in 2024: adapting your purchase timeline
JLL data on the French residential market shows that transaction volumes fluctuate in spurts, with shorter windows of opportunity than before. Waiting for the “right moment” to buy means monitoring two concrete indicators.
The first is the evolution of borrowing rates. After the marked increase of previous years, a stabilization has begun. Each decrease, even modest, in the average 20-year rate changes borrowing capacity by several thousand euros. Simulating your financing each quarter allows you to detect the moment when the monthly payment/rent expected ratio shifts in favor of the investor.
The second indicator is the stock of properties available in the targeted area. When the number of listings increases without prices dropping, the market is still absorbing demand. When the stock swells and selling times lengthen, the margin for negotiation widens.
Why does this timeline matter so much? Because in 2024, a delay of a few months in signing can represent several points of profitability over the total holding period of the property.
Taxation of rental investment: choosing the right regime from the start
The choice of tax regime determines the net yield of your investment, sometimes more than the rent itself. Two main options are available to investors in unfurnished rentals: micro-foncier and the real regime.
The micro-foncier applies a flat-rate deduction on rental income. It is suitable for simple situations, without works or high charges. The real regime allows for the deduction of actual charges (loan interest, works, insurance, management) from rental income. When the charges exceed the flat-rate deduction, the real regime significantly reduces taxation on the rents received.
For furnished rentals, the LMNP status (non-professional furnished lessor) offers a mechanism for accounting depreciation of the property. This mechanism reduces the taxable income without cash outflow, improving the actual net yield.
- Unfurnished rental with few charges: micro-foncier is sufficient and simplifies the declaration
- Unfurnished rental with renovation works: the real regime allows for creating a property deficit that can be offset against global income
- Furnished rental: the LMNP under the real regime allows for the depreciation of the property and furniture, reducing the taxable base for several years
A common pitfall is choosing your tax regime after the purchase, without having simulated both options. Simulating the taxation before signing the compromise prevents discovering too late that another regime could have saved several hundred euros per year.
Real estate investment in 2024 rewards those who diversify their supports, exploit discounts related to the DPE, and adjust their timeline to financing conditions. The tax regime chosen at the outset weighs as heavily as the purchase price on the final profitability, making it the last variable to lock in, but certainly not the least decisive.