A new law has passed for the one month mobility lease in Paris.
It’s been a hot topic for much of 2018. And with the year almost over, it’s fantastic news for property owners.
We take a look at what this means if you’re planning to rent out your property in the medium term.
Shorter rentals now permitted
We reported on this issue just a few months ago. But what was speculation at that time, has now passed into law, with immediate effect.
Known as the ‘loi Elan,’ it means shorter rentals are now officially permitted in Paris. Of course it’s good news, but as you would expect, there are also firm restrictions in place.
What you need to know…
The new law opens up the rental market for those living in Paris for shorter periods. This could be business trips, studying, an apprenticeship, or seasonal work. It’s for those who have ‘mobility,’ so not those looking to become a permanent resident.
Other specifications include:
- The lease can be from one to ten months. It can be extended for one time only, but for no more than ten months in total.
- The properties must come fully furnished. This is so the tenant can live without the need to bring in their own personal furniture.
- There are rent ‘ceilings’ in central areas of the capital. However, they won’t apply if the property has special characteristics that justify a higher rate. Also, it is up to the tenant, not the landlord, to signal any excesses.
- Simplified paperwork. Documents that are annexed to the lease may now be delivered electronically instead.
- Finally, there is no security deposit allowed.
The last point is a bit unusual. Of course a deposit is normal for rentals in most markets around the world. Under this new law, landlords may therefore slightly increase their rents, to cover any possible damages normally covered by a security deposit.
It’s early days, and it may not be the perfect solution for everyone. But it’s another option on the table, giving both owners and tenants greater flexibility.
Taking advantage of the mobility lease in Paris
Not sure about whether you can take advantage of this new mobility lease in Paris? If you’re a property owner looking to rent out in the medium term, or want to rent yourself, we can help.
Our team of experts are on hand to guide you through it all. So whatever your needs, don’t hesitate to get in touch with 56Paris today.
Photo: Arthur Weidmann