In rental mode, annual operating costs for a Paris apartment amount to approximately 10–15% of gross rental income (excluding tax): property tax (taxe foncière, €2,000–€6,000, borne by the owner and non-transferable to tenants), non-occupying landlord insurance (PNO, €200–€400), rent guarantee insurance (GLI, 2.5–4% of rent — largely a formality with institutional tenants in prime arrondissements), property management fees (5–8%), CFE business property tax (€200–€800), and accountancy fees for LMNP filings (€800–€1,500). All operating costs are deductible expenses under the LMNP régime réel.