Taxation and property

Housing: in 730, the number of landlords with two properties on short-term let has fallen

In the figures presented this year, there has been a fall of almost 2 per cent in the number of taxpayers declaring rental income from contracts of up to 30 days for multiple properties

by Cristiano Dell'Oste

28 July 2026

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3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Action and reaction: few things can influence taxpayers’ behaviour as much as the tax increase. Proof of this is the fact that, already in the second year of the 26 per cent flat-rate tax, there has been a decline in the number of property owners offering more than one property for short-term let.

The CAF Acli survey – updated on 17 July and covering 1.19 million employees and pensioners – shows that, in the Form 730 returns submitted this year, only 9.6 per cent of those declaring income from short-term lettings have dedicated two or more properties to this activity (all others have only one). The 2026 tax return provides a snapshot of the choices made in 2025. It shows a 1.7 per cent fall compared with the forms submitted last year relating to 2024. At the same time, the proportion of those who combine short-term letting of a single flat with the traditional letting of one or more houses has risen by 3.5%.

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Given that, from 2024, the flat-rate tax on income generated from second homes let on a short-term basis has been increased from 21 per cent to 26 per cent, it is easy to imagine that there has been an initial, slight shift towards long-term let arrangements. Rather than the ‘4+4’ open-market tenancy agreement – which has been in decline for years – the main contenders are the ‘3+2’ agreed-rent tenancy agreement, student lets and – above all – the transitional tenancy agreement, which has a duration of up to 18 months and, in 2025, accounted for 28.9 per cent of new contracts registered with the tax authorities (source: OMI Residential Report).

In municipalities with more than 10,000 inhabitants, the transitional rent must remain within the levels set by local agreements between property owners’ and tenants’ organisations; however, it is taxed at a flat rate of 10 per cent (rather than the 21 per cent rate applicable in smaller towns). The 10 per cent flat-rate tax also applies to rent-controlled tenancies and student accommodation, which is a sub-category of the former.

The reasons

We can therefore examine the reasons that led some people to opt, for example, for a temporary tenancy rather than short-term (up to 30 days) for a ‘second home’:

you avoid the 26% flat-rate tax;
you limit the time commitment and reduce the potential financial loss from rent arrears;
you avoid any higher waste collection charges for short-term rental properties, as set by the local council;
no CIN is required and there is no need to comply with other legal obligations, nor to manage the property ‘actively’ (bookings, check-ins, cleaning, etc.), which must be carried out by the owner or entrusted to a specialist operator;
you avoid the property being counted amongst those intended for short-term letting for the purposes of the presumption of business activity, which requires you to register for VAT (in 2025, the maximum number of ‘private’ flats was four; from 2026, this has been reduced to two).

The example

A great deal depends on the level of income and the capped rent, in any case. Let’s take an example. On an annual short-let rental income of 10,000 euros, the 26 per cent flat-rate tax and various costs (management, cleaning, service charges and so on, assumed at 20%) leave a net profit of 5,400 euros, from which IMU must then be deducted (which we’ll assume to be the same for all types of tenancy, for simplicity’s sake). With a contract taxed at 10 per cent and lower miscellaneous costs (5 per cent), the same net income can be achieved with a rent of 6,400 euros. If, on the other hand, the flat-rate tax is 21 per cent, the rent required to yield the same net figure is at least €7,300. These are simplified calculations, but they help to put the figures into perspective.

The data

Data from Caf Acli indicate that the percentage of those declaring short-term rental income remained constant – just under 1 per cent – between 2025 and 2026. These are provisional figures for the current tax year, to be confirmed once the final accounts are drawn up. Everything suggests, however, that this is an initial sign of a shift in the mix of contracts, rather than a widespread re-evaluation of investment choices. In short, we are still dealing with a market of ‘small-scale’ players, in which nine out of ten taxpayers (90.4 per cent) dedicate just one property to short-term letting, and in which only two of these nine own other investment properties under long-term arrangements.

Certainly, one is left with the impression that the 26 per cent flat-rate tax yields far less for the State than the amount of controversy it generates and the behaviour it encourages. It is estimated that in the 2024 tax year it generated 17 million in additional revenue and was applied by just under 40,000 landlords. These figures are, however, set to fall if the trend continues.

Cristiano Dell'OsteCaposervizio
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Luogo: Milano
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Argomenti: norme, tributi, fisco, immobiliare
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