Gross rental yields in Philippines: Manila and Cebu

The average gross rental yield in Philippines stands at 5.21% (Q2, 2023).

  Last Updated: July 12, 2023
METRO MANILA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Taguig City  
Studio & 1-Bedroom $182,982 $732 4.80%
2-Bedroom $384,261 $1,555 4.86%
3-Bedroom $695,330 $2,745 4.74%
4+Bedroom $2,744,724 $3,660 1.60%
Manila City  
Studio & 1-Bedroom $88,164 $366 4.98%
2-Bedroom $129,601 $640 5.93%
3-Bedroom $274,472 $1,455 6.36%
Mandaluyong City  
Studio & 1-Bedroom $86,790 $384 5.31%
2-Bedroom $146,389 $823 6.75%
3-Bedroom $319,016 $1,189 4.47%
Pasig City  
Studio & 1-Bedroom $128,087 $494 4.63%
2-Bedroom $164,683 $769 5.60%
3-Bedroom $365,963 $1,372 4.50%
4+Bedroom $512,348 $2,196 5.14%
Quezon City  
Studio & 1-Bedroom $82,342 $329 4.79%
2-Bedroom $133,577 $640 5.75%
3-Bedroom $224,152 $915 4.90%
Pasay City  
Studio & 1-Bedroom $128,087 $467 4.38%
2-Bedroom $219,458 $823 4.50%
3-Bedroom $428,543 $1,830 5.12%
Paranaque City  
Studio & 1-Bedroom $81,584 $366 5.38%
2-Bedroom $103,385 $549 6.37%
3-Bedroom $233,302 $1,830 9.41%
San Juan City  
Studio & 1-Bedroom $99,637 $549 6.61%
2-Bedroom $133,577 $1,098 9.86%
3-Bedroom $439,156 $1,464 4.00%
Metro Manila avg. Rental Yields 5.41%
CEBU CITY - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Cebu City (all locations)  
Studio & 1-Bedroom $91,491 $457 5.99%
2-Bedroom $205,412 $915 5.35%
3-Bedroom $475,752 $1,464 3.69%
Cebu City (all locations) avg. Rental Yields 5.01%
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 and Lamudi

Research Methodology: To conduct this research, we searched for studio, 1-bedroom, 2-bedroom, 3-bedroom, and 4-bedroom apartments in the two largest cities of Philippines. We used the Lamudi website for both buying and renting prices to determine the average gross rental yields (Monthly Rent x 12 / Purchase Price).

For instance, if the monthly rent is $500 and the purchase price is $100,000, the calculation would be: $500 (Monthly Rent) x 12 / $100,000 (Purchase Price) = 6% (Gross Rental Yield).