Gross rental yields in Philippines: Manila and Cebu

The average gross rental yield in Philippines stands at 5.12% (Q3, 2023).

  Last Updated: Oct. 4, 2023
METRO MANILA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Taguig City  
Studio & 1-Bedroom $176,173 $705 4.80%
2-Bedroom $387,580 $1,550 4.80%
3-Bedroom $678,793 $2,643 4.67%
4+Bedroom $2,466,418 $4,933 2.40%
Manila City  
Studio & 1-Bedroom $79,278 $352 5.33%
2-Bedroom $130,805 $705 6.47%
3-Bedroom $213,169 $1,321 7.44%
Mandaluyong City  
Studio & 1-Bedroom $86,325 $423 5.88%
2-Bedroom $153,469 $617 4.82%
3-Bedroom $387,580 $1,321 4.09%
Pasig City  
Studio & 1-Bedroom $176,173 $529 3.60%
2-Bedroom $246,642 $793 3.86%
3-Bedroom $396,389 $1,321 4.00%
4+Bedroom $1,268,443 $2,079 1.97%
Quezon City  
Studio & 1-Bedroom $78,879 $353 5.37%
2-Bedroom $132,130 $617 5.60%
3-Bedroom $229,025 $881 4.62%
Pasay City  
Studio & 1-Bedroom $119,797 $476 4.77%
2-Bedroom $220,519 $881 4.79%
3-Bedroom $387,580 $1,762 5.46%
Paranaque City  
Studio & 1-Bedroom $97,071 $388 4.80%
2-Bedroom $102,127 $529 6.22%
3-Bedroom $207,003 $1,762 10.21%
San Juan City  
Studio & 1-Bedroom $96,895 $543 6.72%
2-Bedroom $164,096 $916 6.70%
3-Bedroom $431,623 $1,762 4.90%
Metro Manila avg. Rental Yields 5.16%
CEBU CITY - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Cebu City (all locations)  
Studio & 1-Bedroom $88,086 $440 5.99%
2-Bedroom $211,407 $1,057 6.00%
3-Bedroom $458,049 $1,233 3.23%
Cebu City (all locations) avg. Rental Yields 5.00%
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).