Gross rental yields in Philippines: Manila and Cebu

The average gross rental yield in the Philippines stands at 5.19% (Q1, 2024). Previously, in Q3, 2023 the average gross rental yield stood at 5.12%.

  Last Updated: Feb. 16, 2024
METRO MANILA - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Taguig City  
Studio & 1-Bedroom $193,219 $805 5.00%
2-Bedroom $425,798 $1,610 4.54%
3-Bedroom $697,736 $2,683 4.61%
4+Bedroom $2,554,244 $7,156 3.36%
Manila City  
Studio & 1-Bedroom $87,396 $394 5.41%
2-Bedroom $134,180 $895 8.00%
3-Bedroom $259,415 $1,297 6.00%
Mandaluyong City  
Studio & 1-Bedroom $89,453 $447 6.00%
2-Bedroom $158,869 $626 4.73%
3-Bedroom $357,813 $1,431 4.80%
Pasig City  
Studio & 1-Bedroom $169,961 $537 3.79%
2-Bedroom $255,746 $895 4.20%
3-Bedroom $383,297 $1,342 4.20%
4+Bedroom $1,071,133 $2,326 2.61%
Quezon City  
Studio & 1-Bedroom $80,508 $358 5.34%
2-Bedroom $143,125 $626 5.25%
3-Bedroom $247,911 $1,074 5.20%
Pasay City  
Studio & 1-Bedroom $121,656 $537 5.30%
2-Bedroom $225,422 $895 4.76%
3-Bedroom $375,704 $1,521 4.86%
Paranaque City  
Studio & 1-Bedroom $91,164 $411 5.41%
2-Bedroom $107,344 $537 6.00%
3-Bedroom $285,556 $1,767 7.43%
San Juan City  
Studio & 1-Bedroom $116,289 $537 5.54%
3-Bedroom $470,525 $1,431 3.65%
Metro Manila avg. Rental Yields 5.04%
CEBU CITY - Apartments COST ($) YIELD (p.a.)
TO BUY MONTHLY RENT
Cebu City (all locations)  
Studio & 1-Bedroom $93,183 $447 5.76%
2-Bedroom $239,735 $1,163 5.82%
3-Bedroom $432,239 $1,610 4.47%
Cebu City (all locations) avg. Rental Yields 5.35%
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).