With more than 3 million students in France, investing in LMNP student residences may seem like an obvious way to generate regular rental income. In reality, this arrangement remains attractive, but only if the commercial lease, location, and manager are analyzed objectively. The LMNP in serviced residences allows you to pool the risk, delegate rental management, and take advantage of tax benefits, but it does not automatically make every project a success. Some programs are oversold, with optimistic returns and minimized expenses. In this article, we will examine the figures, how it works in practice, and the risks involved to determine when this type of rental investment still makes sense... and when it is better to refrain.