The intermediate and affordable housing market in France

In France, intermediate rental housing (LLI, logement locatif intermédiaire) is new-build housing with capped rents, created by the ordinance of 20 February 2014 to attract institutional investors. It targets middle classes too well off for social housing but squeezed by open-market rents in large cities. According to CDC Habitat, its rents are 10% to 15% below market prices, for two- or three-room flats close to employment areas.

As at 31 December 2024, 3,709 homes under a bail réel solidaire (BRS) had been delivered in France since 2017, and 20,532 were planned, committed or on sale, according to Foncier Solidaire France data cited by the Wikipedia encyclopaedia. The BRS separates the land, held by an organisme de foncier solidaire (OFS, a solidarity land trust), from the building bought by the household: the purchase price of the affordable home falls by 20% to 50%, in return for a monthly fee.

Demand for affordable housing in France is rising because social housing stock is no longer enough: according to La Gazette des communes (May 2024), there were 6.5 applications per HLM (social housing) allocation in 2023, versus 3.8 in 2013. Employers are worried too: in the Sud region, Le Journal des entreprises (March 2026) reports that the lack of affordable housing is holding back recruitment, and that construction starts fell by nearly half in the Var compared with 2019.

Intermediate housing in France is dominated by two public or joint-management groups. CDC Habitat, a subsidiary of the Caisse des Dépôts (the French public financial institution), manages 573,465 homes and aims to secure financing for 45,000 intermediate homes by 2029 through Ampère Gestion. In’li, a subsidiary of Action Logement, claims first place in Île-de-France with 44,271 homes at the end of 2025. In the regions, Espacil delivered 1,461 social, intermediate or social home-ownership homes in Brittany in 2023, according to Le Journal des entreprises.

Intermediate housing production in France is suffering from the retreat of investors. According to Challenges (September 2025), new-build sales to investors fell from 50,000 to 60,000 a year to under 10,000 in 2025, after the end of the Pinel scheme. According to Le Moniteur (April 2026), Eiffage Immobilier’s bulk sales fell by about 50% in 2025, as social landlords refocused on social housing at the expense of intermediate rental housing.

A PDF report in French, 2026 edition, organised in six chapters: definition and scope of intermediate and affordable housing, market size and dynamics, household demand, operators and investors, regulatory and tax framework, market outlook.

Publications from sector operators (CDC Habitat, Ampère Gestion, in’li), Foncier Solidaire France data on the bail réel solidaire, the business press and trade press articles from the IndexPresse database. Every figure comes with its source and period.

Yes. The study is updated before it is sent, within 48 hours at most: it includes the latest published data, and every figure comes with its source and period.

Social and intermediate landlords, developers, institutional investors and asset managers, local authorities and land trusts, as well as consultants and bankers who need to understand the intermediate and affordable housing market in France.

By email, as a PDF, within 48 hours of payment. Our analysts use that time to add the latest available data before sending. You then find it in your My studies area.

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