Philippines: rental yields in Manila range from moderate to good

Residential Valuation Specialist | November 12, 2022

Last Updated: Sept. 21, 2022
METRO MANILA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Taguig City
Studio $110,086 $511 5.57%
1-Bedroom $131,131 $681 6.23%
2-Bedroom $223,093 $1,192 6.41%
3-Bedroom $502,384 $2,044 4.88%
4+Bedroom $2,469,346 $2,895 1.41%
Manila City
Studio $68,162 $272 4.80%
1-Bedroom $80,080 $341 5.10%
2-Bedroom $93,665 $545 6.98%
3-Bedroom $247,956 $988 4.78%
4+Bedroom $443,051 $2,725 7.38%
Mandaluyong City
Studio $62,266 $273 5.25%
1-Bedroom $73,274 $392 6.42%
2-Bedroom $117,579 $579 5.91%
3-Bedroom $332,288 $1,704 6.15%
4+Bedroom $500,988 $2,045 4.90%
Pasig City
Studio $59,641 $256 5.14%
1-Bedroom $69,866 $375 6.44%
2-Bedroom $115,875 $545 5.65%
3-Bedroom $238,566 $1,176 5.91%
4+Bedroom $451,571 $1,363 3.62%
Quezon City
Studio $54,516 $256 5.63%
1-Bedroom $61,346 $307 6.00%
2-Bedroom $105,651 $477 5.42%
3-Bedroom $190,682 $852 5.36%
4+Bedroom $545,293 $2,215 4.87%
Pasay City
Studio $85,202 $341 4.80%
1-Bedroom $102,243 $426 5.00%
2-Bedroom $195,965 $682 4.17%
3-Bedroom $274,351 $1,363 5.96%
4+Bedroom $511,213 $2,215 5.20%
Paranaque City
Studio $56,233 $204 4.36%
1-Bedroom $68,076 $307 5.41%
2-Bedroom $92,461 $426 5.53%
3-Bedroom $187,445 $852 5.45%
4+Bedroom $570,854 $2,556 5.37%
San Juan City
Studio $69,864 $324 5.56%
1-Bedroom $76,682 $426 6.67%
2-Bedroom $124,395 $767 7.40%
3-Bedroom $374,889 $1,108 3.55%
Metro Manila avg. Rental Yields 5.40%
CEBU CITY - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Cebu City (all locations)
Studio $54,850 $273 5.96%
1-Bedroom $98,834 $426 5.17%
2-Bedroom $134,619 $767 6.84%
3-Bedroom $333,408 $1,108 3.99%
Cebu City (all locations) avg. Rental Yields 5.49%
All yields are gross - i.e., before taxes, repair costs, ground rents, estate agents fees, and any other costs. Net yields (what you´ll really earn) are typically around 1.5% to 2% lower.
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

Get updated rental yields data for 75 countries

The demand for property prices in the Philippines is hampered. Thus, condominium property prices dropped off. Records have shown that these prices declined due to the Covid-19 impact.

Rental yield returns in Manila are good, with them ranging between 3.55% to 7.40%, with a city average of 5.40%. Usually smaller properties tend to have higher rental yields, but this is not the case in Manila. Return rates are mostly similar on all apartment sizes.

Round trip transaction costs are high for foreign buyers in the Philippines (though the surcharge is unlikely to be permanent). See our Property transaction costs analysis for Philippines and Property transaction costs in Philippines, compared to the rest of Asia.