For years, short-term Airbnb has been the holy grail of Parisian rental investors. But with Loi Le Meur 2026, change of use complications, the 90-night cap and the rise of operating costs, medium-term letting (civil lease, mobility lease) is gaining ground. Real comparison, numbers in hand.
1. The hypothesis: a Paris 11th T2
To compare, let's take a real case:
- Property: T2 of 45sqm, 6th floor without elevator, Bastille area
- Status: secondary residence held by an investor
- Estimated value: 530,000€
- Tasteful furnishing: 15,000€
2. Scenario A: Short-term Airbnb (after change of use)
The owner has obtained the change of use (cost: 75,000€ of compensation paid to a specialist operator). He rents the property year-round on Airbnb.
- Average price/night: 220€ (varies between 180€ low season and 320€ high season)
- Average occupancy: 75% (gross 274 nights/year)
- Gross annual revenue: 220 × 274 = 60,280€
Costs to deduct:
- Concierge management fees (18%): -10,850€
- Cleaning between stays (~80 stays × 80€): -6,400€
- Linen, supplies, water, electricity: -2,400€
- Light maintenance: -1,500€
- Specific insurance: -1,200€
Annual net revenue: ~37,930€
3. Scenario B: Medium-term (civil lease, executives)
The owner positions the property in civil lease, targeting executives on assignment in Paris. Average duration: 6-month rentals.
- Monthly rent: 3,300€ (free rent thanks to the civil lease)
- Average rotation: 2 tenants per year (one 6-month rental on average + 2-week vacancy)
- Effective rented duration: 11 months/year
- Gross annual revenue: 3,300 × 11 = 36,300€
Costs to deduct:
- Concierge management fees (13%): -4,720€
- Cleaning between rentals (2/year × 200€): -400€
- Light maintenance and repairs: -800€
- Specific insurance: -400€
Annual net revenue: ~29,980€
4. The verdict on raw revenue
At first glance, short-term wins on revenue: 37,930€ vs 29,980€, i.e. +27% in favour of Airbnb. But the analysis must go beyond raw revenue.
5. The hidden factors: the change-of-use cost
Don't forget that scenario A required 75,000€ of upfront compensation. Amortised over 10 years (ROI horizon), that's 7,500€/year to deduct.
- Real Airbnb scenario: 37,930 - 7,500 = 30,430€/year
- Medium-term scenario: 29,980€/year
The gap shrinks to 1.5%. And we haven't yet integrated the most important factors.
6. Risk and complexity
The hidden cost of short-term Airbnb is risk and complexity:
- Regulatory risk: tightening of rules (90 nights, additional sanctions, possible bans on certain blocks). Loi Le Meur 2026 has just reinforced this.
- Operational complexity: 80+ check-ins per year, dozens of cleanings, daily incidents.
- Property wear: in 5 years, the property requires a complete refresh (10-15k€).
- Reviews and reputation: a single bad review can drop occupancy.
The medium-term, on the other hand:
- Confirmed regulatory stability
- 2 contracts/year max, ultra-simple management
- Property kept in pristine condition by qualified tenants
- Solvency guaranteed by the company / embassy
7. Tax optimisation: equality
Both scenarios are eligible for the LMNP status (real regime). Depreciation and deductions function identically. No fiscal advantage between the two.
8. Summary table
| Criterion | Airbnb | Medium-term |
|---|---|---|
| Net annual revenue (after compensation) | 30,430€ | 29,980€ |
| Initial complexity (change of use) | 75,000€ | 0€ |
| Operational complexity | Very high | Low |
| Regulatory risk | High | Low |
| Property wear | Strong | Weak |
| 5-year scalability | Limited | Easy |
The verdict 2026
For revenue alone, the two strategies converge. But for net adjusted revenue, complexity, risk, and 5-10 year prospects, the medium-term wins clearly.
Our recommendation in 2026: medium-term letting becomes the preferred strategy for most Parisian owners, especially in central arrondissements where the change of use cost is prohibitive. Short-term Airbnb remains relevant for primary residences (90-night cap) or for properties already with change of use granted. Full Concierge structures both setups — short-term and medium-term — based on the most relevant strategy for your property.