Housing rents charged to tenants in both the private and social sectors are tracked in the INSEE consumer price index (CPI). Over the recent period, they have changed less rapidly than other household consumer prices. On the one hand, the Rent Reference Index (RRI), used as a base for rent reviews relating to current leases, was capped between Q3 2022 and Q1 2024 by the so-called “purchasing power” law passed in the summer of 2022. On the other hand, in the private housing stock, the elasticity of rents to the RRI has been around 0.5 since 2022, whereas it was more like two-thirds in the 2010s. This slowdown in rents compared to the RRI is due to lower residential mobility in recent years, stricter supervision of rents when re-letting, and fewer rent reviews for tenants on current leases. In the social housing stock, however, rent reviews based on the RRI are still more or less systematic. When compared to average income, the weighting of rents at a constant structure has fallen since 2022 but is expected to pick up a little by mid-2025. Over the period of the forecast, housing rents look set to slow but are still buoyed up in the social housing sector...