Rental market: a slight lull that solves nothing

An Improving Offer but a Still Locked Market

The rise in available supply is one of the few pieces of good news this fall. After several semesters of continuous decline, the number of rental property listings has increased by 1.1% year-on-year. This slight uptick marks the end of a contraction cycle brought about by higher standards, landlords' mistrust of a market deemed too complex, and the persistently high cost of credit, which keeps many households renting. Nonetheless, this modest recovery falls far short of meeting the ever-growing demand.

In many university cities, the fall of 2025 once again turned into an obstacle course. Students and young professionals find themselves competing for scarce, often expensive, and sometimes poorly maintained properties. The result is unsurprising: rents continue to climb, rising an average of 2.5% year-on-year, reaching 806 euros. Real estate inflation is no longer confined to Paris or the French Riviera; it is spreading to mid-sized cities like Dunkirk, Roubaix, and Béziers, where rents are increasing by 6.6% to 8% despite a rise in the number of available properties.

This trend perpetuates a vicious cycle. Households unable to secure credit remain renters longer, stalling the residential mobility chain. Simultaneously, some landlords, facing the costs of energy retrofitting or the prospect of new regulations, prefer to withdraw their properties from the traditional rental market. Others opt for seasonal rentals, which are more profitable and less restrictive. In such a context, the signs of recovery in supply are largely absorbed by stronger opposing forces.

A Fragmented Market: Winning Geographies and High-Pressure Areas

Territorial disparities are widening further. Some regions show a clear improvement in their rental supply. In Brittany, it has increased by 8.6%, while the Pays de la Loire reports a 7% rise, both accompanied by a relative moderation in rents. The level remains attractive, ranging between €12.4 and €12.8 per square meter, which enhances the appeal of these areas, already favored for their quality of life.

Conversely, Île-de-France stands apart, where rents—already very high at an average of €26 per square meter—only increase modestly but continue to rise by 1.6%. In Nouvelle-Aquitaine, the supply slightly recovers by 2.4%, but the balance remains fragile. The situation is even more strained in the PACA and Auvergne-Rhône-Alpes regions, where rents exceed a 4% increase in a context of dwindling supply.

In metropolitan areas, the situation is stark: Paris, Marseille, Toulouse, and Nice see their rental stock decrease by between 2.1% and 7.9%, while rents increase from 2.2% to 6.4%. In tourist areas, the trend is even more pronounced. In Antibes, rents jump by 5.5%, in Cannes by 4.2%, even as the supply contracts. The most dramatic situation is in Biarritz, where the supply plummets by 30.2% in a year. The massive withdrawal of energy-inefficient housing and conversion to short-term rentals largely explain this precipitous drop.

These regional contrasts paint a clear picture: the French market is not only strained, but it is now segmented between areas capable of replenishing their supply and those that are permanently saturated. In the latter, rent increases are becoming structural, and the difficulties in accessing housing are intensifying year after year.