Buying a rented apartment in Paris: the complete guide for informed investors

1. Why buy a property with a tenant already in place?

An apartment sold with a tenant in place attracts fewer buyers than an equivalent vacant property - most buyers are looking to move in quickly. Mechanically, this creates an opportunity for rental investors.

A. A discount on the purchase price

As demand is lower for occupied properties, prices are generally lower than for vacant properties. This discount is far from insignificant:

• approximately 5% for a furnished rented property
• up to 10% for an unfurnished rented property

It also depends on the condition of the property, its location and the remaining lease term - all factors that can be used during negotiations. On a €500,000 property, this represents savings of €25,000 to €50,000.

B. Rental income from day one

Upon signing the final deed of sale, the current lease is automatically transferred to you. You start receiving rent immediately, without searching for a tenant, without vacancy periods and without the stress of tenant selection.

C. A stronger financing application

You do not need to estimate a hypothetical rent to convince your bank: you already have a real lease, a known rent amount and a payment history. The profitability of your investment is documented from the start.
The existing lease allows you to analyze:

• the actual rental income,
• charges,
• tenant stability,
• payment history,
• potential net profitability.

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2. Buying as an investment or to live in: two different situations

A. For a pure rental investment

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With the real estate price adjustment observed since 2023, many investors are gradually returning to the Paris market.

Already rented properties are particularly attractive to:

• investors looking for immediate income,
• long-term investors,
• non-residents,
• buyers looking to secure their investment.

Small apartments, furnished properties and well-located assets remain particularly sought after in central Paris districts.

B. For a primary residence purchase

You benefit from the same purchase discount, but you will have to wait until the lease expires before recovering the property. Rules vary depending on the type of property:

• Furnished (1-year lease) : notice must be sent 3 months before the lease expiry date. If nothing is done, the lease is automatically renewed for one year.
• Unfurnished (3-year lease) : you must wait 2 years from the date of acquisition before giving notice, with a 6-month notice period. If forgotten, the lease is automatically renewed for 3 years.

Notice must be based on a legal reason (occupancy for personal use, legitimate and serious reason) and sent by registered letter with acknowledgment of receipt or by bailiff.

Good to know: "civil code leases" (secondary residences, corporate leases) are not subject to the July 6, 1989 law and offer greater flexibility. Everything depends on what is written in the lease.

3. Key points to check before signing

A. The tenant file

You do not know the tenant yet: check their financial reliability, the absence of disputes with the previous owner, and the regularity of payments over at least the last 6 months. This analysis is also required to subscribe to rent default insurance (GLI).

Also ask about their intentions: are they planning to stay or move out soon?

B. The current lease

Upon signing, the lease is transferred to you as it is and you are bound by its clauses. Make sure it includes:

• a termination clause (in the event of tenant default)
• a joint liability clause (if there are several occupants)
• a rent review clause (IRL indexation)

C. Insurance

Request the tenant’s home insurance certificate (mandatory annual renewal). On your side, subscribe to non-occupying owner insurance (PNO). You can also ask the seller to transfer their policy to you through an amendment to the contract.

D. The property energy rating (DPE)

The Energy Performance Diagnosis is now central to any rental investment purchase decision. The regulatory schedule is as follows:

• Since August 2022 : prohibition on increasing rents for all properties rated F and G
• Since January 2025 : prohibition on renting out or renewing leases for all properties rated G
• As of January 1st, 2028 : prohibition on renting out or renewing leases for all properties rated F

Choosing a property with a good energy rating is essential to secure its long-term marketability and avoid expensive renovation work.

4. Frequently asked questions about buying a rented property

5. Our expertise with rented properties in Paris

Book-A-Flat regularly assists with:

• sales of rented properties,
• investment acquisitions,
• French and international investors,
• non-resident property owners.

Our dual expertise in real estate transactions and rental management allows us to accurately assess:

• tenant quality,
• rent consistency,
• actual profitability,
• the property’s investment potential.

A. We know the properties we sell

Book-a-Flat Invest is our division specialized in the sale of rented properties. We have managed and rented these apartments for years: we know their actual profitability, rental history, charges and potential. We provide all this information so you can make the most informed decision possible.

B. We know both owners and tenants

This dual knowledge allows us to make each transaction smoother: visits are organized efficiently, information flows quickly, and the quality of the existing tenant is data we know first-hand.

C. We manage the legal aspects of the ownership transfer

Lease transfer, departure notice, return of the security deposit: we handle all administrative formalities related to the transfer of an occupied property, so you are not left alone dealing with complex procedures.