With tighter short-term rental rules and booming corporate demand, medium-term rental (civil lease, mobility lease) is emerging as a credible alternative to traditional Airbnb. But which is really more profitable? A costed simulation on a Paris one-bedroom.
The basis of the comparison
To compare the two strategies objectively, we take a representative case: a 45 m² one-bedroom in Paris 11, furnished to premium standards, close to the metro, for a second home with a change of use (Airbnb) or a civil lease (medium term).
Scenario 1: Short-term rental (Airbnb)
Base assumptions
- Average price per night: €180 (depending on the season, €140–250)
- Annual occupancy rate: 72% (263 nights)
- Cleaning charged: €60 per stay, ~50 stays a year
Income and costs
| Item | Annual amount |
|---|---|
| Gross night revenue (263 × €180) | €47,340 |
| + Cleaning fees (recharged to guests) | €3,000 |
| = Gross income | €50,340 |
| – Airbnb platform commission (3%) | –€1,420 |
| – Management fees (18% incl. VAT) | –€8,520 |
| – Operational cleaning | –€3,000 |
| – Linen & consumables | –€1,800 |
| – Tourist tax (collected for the city) | –€2,200 |
| – Co-ownership charges + property tax | –€3,100 |
| – PNO insurance + miscellaneous | –€600 |
| Net income before tax | €29,700 |
Airbnb taxation (LMNP actual-expenses regime)
After depreciation of the property (about €15,000 a year for a Paris one-bedroom worth €450,000), taxable profit is close to zero for the first 10 years. Estimated tax: ~€500/year.
Net income after tax: ~€29,200/year
Scenario 2: Medium-term rental (civil lease)
Base assumptions
- Monthly rent (civil lease, free rent): €2,100 (i.e. €47/m² — above the controlled market)
- Occupancy rate: 95% (3 average leases a year, 2–3 weeks of vacancy between each)
Income and costs
| Item | Annual amount |
|---|---|
| Rent received (€2,100 × 11.4 months) | €23,940 |
| – Management fees (13% incl. VAT) | –€3,112 |
| – Co-ownership charges + property tax | –€3,100 |
| – PNO insurance + miscellaneous | –€600 |
| – Occasional maintenance | –€400 |
| Net income before tax | €16,728 |
Medium-term taxation (LMNP actual-expenses regime)
Same logic as for short-term rental. Taxable profit is zero or negative for the first 10 years. Estimated tax: €0.
Net income after tax: ~€16,728/year
Verdict: is Airbnb more profitable?
On paper, yes. €29,200 vs €16,728: Airbnb generates ~€12,500 more per year. But this raw comparison hides important realities that need to be factored in:
Hidden costs of short-term rental
- Permanent change of use: €250,000 to €450,000 of upfront investment (compensation) for a one-bedroom in Paris 11. To be written off over 15–20 years.
- Faster wear and tear: 50+ turnovers a year vs 3 in medium-term rental. Furniture and equipment to be replaced 3–4 times more often.
- Stress and the unexpected: negative reviews, guest disputes, AirCover claims, incident management.
- Regulatory risk: Airbnb rules in Paris get stricter every year. A 90-night limit or a specific tax in the medium term is a credible scenario.
Hidden advantages of medium-term rental
- No change of use: an immediate saving of several hundred thousand euros.
- Ultra-stable income: 3 leases a year, guaranteed monthly payments, vacancy < 5%.
- Minimal wear: adult, respectful tenants (executives, expatriates); the property is far better looked after than with short-term rental.
- No day-to-day management: no weekly guest check-ins, no cleaning between stays, no guest escalations.
- Legal certainty: not exposed to changes in short-term rental regulation.
The real gap narrows — and often reverses
Once you factor in the written-off cost of compensation (€15,000–20,000 a year) and premature wear of the property (€5,000–8,000 a year), the difference between Airbnb and medium-term rental falls to just €2,000–5,000 a year. For an owner without the upfront capital for the commercial rights, medium-term rental becomes far more profitable.
Decision table
| Your situation | Recommended strategy |
|---|---|
| Main residence | Airbnb 90 nights (simple, profitable) |
| Second home with a change of use | Airbnb or medium-term (case by case) |
| Second home without a change of use | Medium-term (civil / mobility lease) |
| Small floor area (< 30 m²) | Medium-term or long-term |
| Large family home (> 80 m²) | Long-term LMNP (stability + returns) |
| You live outside Paris / abroad | Medium-term (no day-to-day management) |
The winning balance, in our view
For most of the Paris owners we support at Full Concierge in 2026, medium-term rental under a civil lease is the best compromise:
- Net returns close to Airbnb once hidden costs are factored in
- No upfront investment in commercial rights
- Income as stable as a standard lease
- Wear on the property kept under control
- Complete peace of mind for the owner
We are also seeing a gradual shift in our portfolio: in 2023, 70% of our properties were short-term Airbnb lets. In 2026, the split is 40% Airbnb, 45% medium-term and 15% long-term. That is no coincidence.
A tailored analysis for your property
Every property is unique. The optimal strategy depends on the location, the floor area, your personal tax situation and your wealth objectives. Our free comparative simulation takes all these factors into account and calculates the precise 10-year impact of each scenario.
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