Buy-to-let investment
Rent control in Lyon and Villeurbanne: the rent the lender will take into account
Rent control in Lyon and Villeurbanne: where it applies, how to read the capped reference rent, and the rent the lender will take into account.
For as long as the experiment lasts, a residential tenancy agreement signed in Lyon or Villeurbanne since 1 November 2021 cannot exceed the capped reference rent set by the prefectural decree, save for a justified supplement. For a lender, this cap limits the rent in the file; it then applies the discount that the High Council for Financial Stability imposes on it, at a level that it sets itself.
By Sandy MASCART, mandataire d'intermédiaire en opérations de banque et en services de paiement ORIAS 26000541 sous le mandat de CDV PATRIMOINE & ASSURANCE (ORIAS 14005573)
Key points
- For as long as the experiment lasts, the cap covers two municipalities, Lyon and Villeurbanne, and only tenancies signed since 1 November 2021.
- The cap is read in the prefectural decree in force at the time of signing the tenancy, by zone, number of rooms, period of construction and type of letting.
- The experiment ends in November 2026, unless a new law is passed: its term is verified on the date of the tenancy, not on the date of the purchase.
- For a lender, the starting rent of a controlled property is at most the capped reference rent, excluding any rent supplement.
- The High Council for Financial Stability imposes a discount on rents for lenders; each institution sets the level itself.
- A sound rental financing plan stands without a rent supplement and without a promise of yield.
In Lyon and Villeurbanne, a rented property is subject to a maximum rent authorised by a prefectural decree for its zone, number of rooms, era, and type of tenancy. This cap also limits the rent in your loan application: read it in advance. A key step in rental investment.
Rent control: Lyon and Villeurbanne only
The decree of 2 September 2021 designates these two municipalities, for leases signed from 1 November 2021, until the end of the experiment. The other municipalities in the Metropolis do not have this cap.
Encadré. Le décret n° 2021-1143 du 2 septembre 2021 met le dispositif en place sur le territoire des communes de Lyon et de Villeurbanne ; les services de l’État dans le Rhône le déclarent en vigueur pour les baux signés depuis le 1er novembre 2021. C’est une expérimentation : l’article 140 de la loi du 23 novembre 2018 l’ouvre « pour une durée de huit ans à compter de la publication de la présente loi », publiée au Journal officiel du 24 novembre 2018. Elle s’achève donc en novembre 2026, sauf prorogation par une loi nouvelle. Les loyers de référence eux-mêmes sont fixés par un arrêté préfectoral révisé chaque année : au 20 septembre 2026, l’arrêté n° DDT 69-2025-10-23-00004 du 29 octobre 2025, applicable aux baux signés à compter du 1er novembre 2025.
- En vigueur depuis le
- Source
- Légifrance
Encadré. Le décret n° 2021-1143 du 2 septembre 2021 met le dispositif en place sur le territoire des communes de Lyon et de Villeurbanne ; les services de l’État dans le Rhône le déclarent en vigueur pour les baux signés depuis le 1er novembre 2021. C’est une expérimentation : l’article 140 de la loi du 23 novembre 2018 l’ouvre « pour une durée de huit ans à compter de la publication de la présente loi », publiée au Journal officiel du 24 novembre 2018. Elle s’achève donc en novembre 2026, sauf prorogation par une loi nouvelle. Les loyers de référence eux-mêmes sont fixés par un arrêté préfectoral révisé chaque année : au 20 septembre 2026, l’arrêté n° DDT 69-2025-10-23-00004 du 29 octobre 2025, applicable aux baux signés à compter du 1er novembre 2025. Le même arrêté fixe des loyers de référence par secteur : ceux de Villeurbanne ne sont pas ceux de Lyon, et un plafond lu pour l’une des deux communes ne vaut pas pour l’autre.
- En vigueur depuis le
- Source
- Légifrance
- Check the municipality at the address: Caluire-et-Cuire, Vaulx-en-Velin, Tassin-la-Demi-Lune or Écully are not concerned. In a tight market, the change between two tenants remains controlled.
- The decree on the day of signing the lease counts: it is revised each year.
- The scheme has an end date: rental close to this date? Ask the question before the purchase offer.
The properties concerned
According to the Metropolis of Lyon: unfurnished or furnished properties as a main residence, mixed use, shared tenancies with multiple leases, mobility lease; at the first rental, upon change of tenant and at renewal.
Excluded: social housing, SEM, Anah-conventioned, 1948 law, seasonal rentals, certain furnished properties as a residence with services. Short term: Lyon financing, tourist furnished property. In Villeurbanne: home loan in Villeurbanne.
Calculate the ceiling for your property
The decree sets a reference rent excluding charges per square metre by zone, according to the number of rooms, the period of construction, and whether the property is unfurnished or furnished. The increased reference rent is the ceiling for the base rent.
| Entry | Where to read it | Common pitfall |
|---|---|---|
| Zone | Map annexed to the decree, or the verification tool of the Métropole | Assuming that a district forms a single zone |
| Number of rooms | Description of the lot, floor plan | Counting the surface area instead of the rooms |
| Period of construction | Deed of sale, dated statement, statement from the building manager | Confusing the date of construction with the date of renovation |
| Unfurnished or furnished | Current lease or proposed tenancy agreement | Applying the unfurnished reference to a furnished property |
Rent of the relevant box × surface area, with the legal increase applied: this is your ceiling. Two lots in the same building can differ significantly. The lease mentions the reference and the increased rent: it can be verified in a few seconds.
The rent supplement
It presupposes an exceptional location or comfort, a base rent already at the ceiling, and justification in the lease; the tenant can challenge it. It is excluded for an uninhabitable dwelling, classified F or G (the energy inefficient properties) or where the opposite building is too close.
Above the ceiling
The tenant can refer the matter to the conciliation commission and then to the judge, or to the prefect, who can order the repayment and a fine. For the bank, a rent that can be challenged does not count.
The bank's discount on rents
The High Council of Financial Stability requires that rents be taken gross, including future rents, and that a discount for rental risk be applied to them. Its level is discretionary.
Your rent passes through two filters:
- Legal: at most the increased reference rent.
- Bank: the discount, then the debt-to-income ratio (rental income and debt-to-income ratio, the rule of the High Council).
Empty or let property: which rent to present?
- Sold vacant: an estimate below the cap, presented as such.
- Sold occupied: a tenancy agreement signed since 1 November 2021 remains contestable; if older, it is regularised upon renewal. Retain the lower of the two (the occupied property).
- Furnished: a different category, a different tax regime (the LMNP).
A plan that fits within the cap
The capped rent, discounted by the lender, sets the contribution of the transaction to your capacity. A plan that only works with a supplement does not work.
- The cap of the decree, without any supplement.
- The rent retained after the discount: request it.
- Non-recoverable charges: council tax, service charges, insurance, management.
- Vacancy.
- The gap borne by your budget.
The instalment: the formula for the monthly payment. A monthly payment is not equivalent to a rent:
Three checks before the purchase offer
- The exact category of the decree, and its date.
- The term of the scheme, compared with the first tenancy agreement.
- The current tenancy agreement: rent, clauses, supplement.
Have your plan checked by telephone to ensure it fits within the cap.
Create your file with a rent that the bank can verify.
Sources
- Légifrance — /jorf/id/JORFTEXT000044015017
- Les services de l'État dans le Rhône — Encadrement des loyers
- Métropole de Lyon — S'informer sur l'encadrement des loyers
- Légifrance — /jorf/article_jo/JORFARTI000044178686
- Décision D-HCSF-2021-7 — Légifrance
- Article L. 313-5 du code de la consommation — Légifrance
Read next
- How much can I borrow? Mortgage capacity in Lyon
- Financing a rental investment in Lyon: what the bank actually looks at Financing a rental investment in Lyon: the rent the bank takes into account, the expected down payment, the mode of operation and the structure that holds up.
- Rental income: how the bank calculates your debt-to-income ratio as an investor Weighting of rents, classical or differential method, disposable income: why two banks calculate an investor's capacity differently.
- Buying an occupied property: financing a home sold with its tenant A let property is purchased with its tenancy: the rent the lender retains, the documents to require from the seller, and the timeline if you wish to occupy it.
- Investing in LMNP: financing a furnished property, and what the bank actually considers LMNP financing: the same loan as unfurnished letting, but furniture is excluded from the loan, rents must be proven, and the tax return is scrutinised.
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