The Fundamental Choice: Meublé or Nu?
Every landlord of a French residential property faces a fundamental choice: let it furnished (meublé) or unfurnished (nu or vide). This choice determines the applicable legal framework, the tenant protection regime, the notice periods, the deposit cap, and — most significantly — the entire tax treatment. The two regimes are mutually exclusive: a property cannot be simultaneously meublé and unfurnished, and the characterisation turns on substance (what is actually in the property), not on what the lease says.
Legal Regime: Side by Side
| Feature | Meublé (furnished) | Nu / Vide (unfurnished) |
|---|---|---|
| Governing law | L. 89-462 Art. 25-3 et seq. (as amended by loi ALUR) | L. 89-462 Art. 1–24 (as amended by loi ALUR) |
| Mandatory furnishings | 11 categories — Décret 2015-981 | None |
| Minimum lease term | 1 year (9 months for students) | 3 years (6 years for corporate landlord) |
| Renewal | Automatic 1-year renewal | Automatic 3-year renewal |
| Tenant notice | 1 month, any time | 3 months (reduced to 1 month in certain situations) |
| Landlord notice | 3 months — 3 permitted grounds | 6 months — same 3 permitted grounds |
| Security deposit cap | 2 months' rent hors charges | 1 month's rent hors charges |
| Charges method | Forfaitaires (flat) — most common | Réelles (actual) — must regularise annually |
| Mandatory lease template | Décret 2015-587 | Décret 2015-588 |
| Bail mobilité available? | Yes — 1–10 months, no deposit | No |
Tax Treatment: The Critical Difference
The tax treatment of meublé vs unfurnished income is the single most important differentiator for landlords. Meublé income is taxed as BIC (bénéfices industriels et commerciaux), which unlocks amortissement (depreciation) under régime réel. Unfurnished income is taxed as revenus fonciers (property income), which does not allow depreciation. This difference can amount to tens of thousands of euros in tax savings per year for a high-value property — often reducing BIC taxable income to near-zero for many years.
| Tax feature | Meublé (BIC) | Nu (Revenus fonciers) |
|---|---|---|
| Tax category | BIC — industrial and commercial profits | Revenus fonciers — property income |
| Simplified regime threshold | €77,700 (long-term) or €15,000 (Airbnb) | €15,000 (micro-foncier) |
| Simplified regime allowance | 50% (long-term) or 30% (Airbnb) | 30% |
| Depreciation (amortissement) | Available under régime réel | Not available |
| Typical effective tax on €20,000 income | Near zero (with amortissement) | €6,000–€8,000 (at 30% flat + social levies) |
| Loss carry-forward (non-professional) | 10 years — meublé income only | 10 years — can offset other property income |
| Professional loss offset (LMP) | Immediate against all income | Not available |
| Capital gains regime | Immobilier — taper to 0% at 22/30 years | Immobilier — same taper to 0% |
| Social levies | 17.2% (or 7.5% EU/EEA) | 17.2% (or 7.5% EU/EEA) — identical |
| IFI treatment | Standard immobilier (LMP: possible professional exemption) | Standard immobilier |
Which Tenant Profile Suits Each Regime?
Meublé lets (particularly furnished primary-residence leases and bail mobilité) are popular with expats, corporate assignees, students, and anyone whose stay in France is time-limited or uncertain. Unfurnished lets attract tenants looking for a permanent home who want to bring their own furniture and establish themselves for 3+ years. For a non-resident landlord, the meublé regime is almost always preferable if the market supports it: the BIC/amortissement advantage, the shorter 1-year minimum term, the 1-month tenant notice, and the absence of annual charges regularisation all favour the landlord. The only trade-off is furnishing the property to the statutory standard — a one-time cost typically trivial compared to annual tax savings.
Unfurnished lets remain the right choice in specific situations: properties in markets where meublé demand is low (rural areas, some provincial towns); properties where the landlord cannot furnish to the statutory standard; properties acquired for long-term family tenants who prefer to bring their own furniture; and situations where the landlord anticipates significant renovation-related losses they want to offset against other property income — possible under revenus fonciers (10-year carry-forward against other property income) but not under LMNP BIC.
Can You Switch Between the Two Regimes?
A landlord letting unfurnished can only convert to a meublé let when the existing lease ends — they cannot convert mid-tenancy without the tenant's agreement. To do so, the landlord must give the tenant notice on the correct grounds and wait for the lease to expire, then refurnish the property and let it as a meublé. Alternatively, if the current tenant agrees, the parties can mutually terminate the existing lease and enter into a new meublé lease.
A landlord letting meublé can convert to unfurnished more easily — simply remove the furniture and offer an unfurnished lease at the next renewal. The tax consequences of switching from meublé to unfurnished should be considered: any suspended amortissement under régime réel is lost, and the landlord transitions from BIC to revenus fonciers going forward.
Our English-speaking French lawyers advise on the optimal letting strategy for non-resident landlords, including complete BIC vs revenus fonciers tax modelling for your specific property and income level.
Speak with a French Property LawyerThis article is for general information only. It does not constitute legal advice. Always seek qualified French legal advice.
Key Legal References
Meublé regime governing law: furnished primary-residence rental lease, minimum 1-year term, 1-month tenant notice, 2-month deposit cap.
Nu regime governing law: unfurnished primary-residence rental lease, minimum 3-year term, 3-month tenant notice, 1-month deposit cap.
BIC taxation of meublé income: all furnished rental income taxed as bénéfices industriels et commerciaux, not revenus fonciers.
Revenus fonciers: unfurnished rental income taxed as property income. No amortissement available.
Micro-foncier: simplified regime for unfurnished rental income below €15,000 — 30% flat allowance.
Amortissement (depreciation): available for meublé landlords under régime réel, reducing taxable BIC income, sometimes to near-zero.
