Traditional Furnished Rentals: The Recovery is Underway

At the end of the first trimester of 2021, Lodgis, the leader of the Île-de-France region’s traditional furnished rental market, has published their assessment of the market for this period. Despite the still present context of the health crisis, which has had numerous impacts on this sector, the end is in sight and Lodgis is preparing for a strong summer period. Among the highlights is the confirmed success of the Mobility Lease: + 131% compared to the last trimester of 2020.
Other important points in comparison to the last trimester of 2020:

Alexis Alban’s Analysis (Deputy General Director of Lodgis)

“The situation in the first trimester of 2021 is obviously very different from that of the first trimester of 2020, before the health crisis. Against all expectations, it is also very different from the situation we observed at the end of 2020.
Mobility is limited and this has had an impact on the furnished rental market. The two parties at the biggest disadvantage at the start of the year were the students who didn’t have a face-to-face start date for their classes and non-professional mobility (relocation, family reasons, etc.), which has been delayed.
Despite everything, the trend is positive and the numbers are encouraging: a stabilization or even an increase in rents, European tenants have returned, companies are gradually getting back into operation and the mobility lease is on the rise. While supporting, within a clear legislative framework, changes in the use of the property to which tenants must comply, the Mobility Lease meets the expectations of owners: it allows them to rent their furnished property for shorter periods while benefiting from the advantages of traditional furnished rentals. It also frees them from the constraints of tourist rentals, which are now much more regulated and complicated to set up. We are convinced of the success of this type of lease and are now waiting for it to integrate new housing options in the medium term.
We are delighted to see the end of the crisis taking shape. We are receiving more and more rental requests for the start of the school year and are already preparing for the near future with a strong mobility perspective over the summer: life projects, mobility, the start of school in September for students, the return of foreign clients, which is synonymous with a gradual return to normalcy, should assert themselves in the coming months.”

Rents: a contained decrease and encouraging figures

Rental prices per square meter are still down compared to the first trimester of 2020: - 8.6%. Lodgis, however, notes a positive change in rental prices between the end of 2020 and the first trimester of 2021 (+ 1.4%), driven by prices in central Paris.
“After the strategic and temporary rent cuts implemented at the end of 2020 due to the crisis, it is important to note that the slight rise in rents, observed at the start of the trimester, did not prevent owners from finding tenants for their property. This suggests that a return to normal rental prices should not have a significant impact on demand,” , explains Alexis Alban.

The confirmed success of traditional furnished rentals with French tenants

French clients continue to represent a significant proportion of rental tenants: 60% in the first trimester of 2021, at a level equivalent to that of the first trimester of 2020. “These figures reflect a real and lasting enthusiasm among French tenants for traditional furnished rentals," , explains Alexis Alban. "At Lodgis, we have adapted considerably to potential French clients. The return of mobility for French citizens on site in France despite the context also explains this figure. The situation remains fluid, however, we note movement of tenants who leave their property early for a better property at a better price. The successive confinements have also caused inter-regional movement in France (students for example, who leave their accommodation during the confinement) or even internationally (to countries where the situation is improving).” 

The proportion of European and American tenants remains stable between the last trimester of 2020 and the first trimester of 2021: + 0.8% for Europe and -1.4% for North America. Lodgis, on the other hand, notes a further drop in the number of tenants from Asia (-2 points compared to the end of 2020).

Professional mobility is challenged but is on the rise

The proportion of mobile professionals is on the rise (+ 6%) and represents 59% of tenants in the first trimester of 2021. On the student side, Lodgis notes a decrease of 7% but an upturn in mobility for internships compared to the last trimester of 2020. Rentals for students still represent 27.9% of total rentals.

The surge in main residence leases and rental terms

The principal residence lease was the most popular in the first trimester of 2021, with 32.8% of leases signed being of this type. The mobility lease, despite a strong recovery during the first trimester (+131%), represents 30% of leases signed, compared to 38% in the first trimester of 2020. “We are following these developments very closely,” indicates Alexis Alban. “The latest decisions from the Cassation Courts on short-term furnished rentals have had an impact on the market. They provide a framework for furnished rental practices, which is a good thing. They also give much deserved value to the mobility lease, a real response and recognition of increasingly important mobility, which we welcome. However, we believe that these judgments do not go far enough: we must integrate all options and new options in particular in this changing context, which will continue to evolve in the years to come. The mobility lease still needs to evolve, in particular by broadening the grounds for eligibility."

The average rental period has increased by one month compared to the same period last year. This increase is explained by the context of the health crisis. The average rental period was 7.4 months in the first trimester of 2021, compared to 6.3 months in the first trimester of 2020.

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