Rental yield 2026 – Wrocław and Warsaw, calculated on examples

Gross rental yield is the annual rent divided by the price of the flat. According to NBP for Q1 2026 the average rental rate was PLN 85.1/m² in Warsaw and PLN 67.5/m² in the group of six large cities including Wrocław, which for new flats from our offer gives about 4–7% gross and about 3–5% net. Below we show the formulas, the list of costs and a calculation for eight specific flats in Warsaw and Wrocław.

Key points

• Gross yield = annual rent ÷ purchase price × 100%. Net = rent after vacancies, tax and costs ÷ the total cost of the investment (price + finishing + transaction costs).
• Average rental rates per NBP (Q1 2026, excluding service charges and utilities): Warsaw PLN 85.1/m², 6 large cities (including Wrocław) PLN 67.5/m².
• NBP's estimated capitalisation rate: 5.95% in Warsaw and 6.24% in the group of 6 cities; return on equity without a loan (ROE) — 3.5% and 3.7%.
• Private letting is taxed as a flat-rate tax (ryczałt): 8.5% of revenue up to PLN 100,000 a year, 12.5% on the excess — with no deduction of costs.
• In our examples net yield came out from 3.1% (Wola) to 4.9% (Białołęka) — the lower the price per m², the higher the yield.

How to calculate rental yield – gross, net and cash-on-cash

The rate of return on renting out a flat is the ratio of annual rental income to the money you have tied up in the property. In practice three measures are used — and it is worth knowing which one the seller, portal or calculator gives.

• Gross yield = (monthly rent × 12) ÷ flat price. A quick filter for comparing offers, but always overstated — it ignores costs, tax and gaps in letting.
• Net yield = (rent actually received − tax − owner's costs) ÷ (price + finishing and furnishing + transaction costs). This is the measure that tells you how much your capital really earns, and it is worth comparing with a deposit or bonds.
• Cash-on-cash (with a loan) = annual cash flow after paying instalments ÷ down payment and costs paid out of your own pocket. A loan can raise this measure or push it below zero — depending on the interest rate. We calculate this in detail in the article A flat bought with a mortgage to let (in Polish).

The inverse of net yield is the payback period: at 4% net the capital returns in about 25 years (100 ÷ 4), not counting any change in the flat's value. Growth in property prices is a separate, uncertain source of profit — the overall balance of opportunities and risks is described in the guide A flat as an investment in 2026.

What costs reduce rental yield?

The difference between gross and net is usually 1–2 percentage points. It is made up of:

• Tax on rental income — a flat-rate tax of 8.5% on revenue up to PLN 100,000 and 12.5% on the excess. You pay it on the whole rent, with no deduction of costs. Utility charges and community fees that the tenant bears under the contract are not your revenue. Details: Tax on rental income 2026.
• Property tax — in Warsaw and Wrocław in 2026 PLN 1.25/m² of usable area a year, i.e. about PLN 30–50 for a studio or a small 2-room flat. More: Property tax on a flat.
• Administration charges and the renovation fund — NBP's rates do not include service charges, because they are usually passed on to the tenant. If you pay them yourself (or during a vacancy), deduct them from revenue.
• Vacancy — gaps between tenants. In its calculations NBP assumes 95% occupancy, i.e. about 2.5 weeks of vacancy a year.
• Insurance, repairs and replacing furnishings — irregular but certain costs. In the calculation we set aside a reserve of 5% of annual rent for them (our assumption).
• Finishing and furnishing — you usually buy a flat from a developer in stan deweloperski (the developer's standard, without interior finishing), and the rental market requires a unit ready for living. Indicative ranges and budgets are in the article How much flat finishing costs 2026.
• Transaction costs — the notary fee, court fees for the land register; when buying from a developer, as a rule no PCC. At a price of PLN 450–850k this is about PLN 2–3k. The full calculation: Costs of buying a flat from a developer.

Rental rates and rates of return in Warsaw and Wrocław – NBP data

The most reliable public data on rents is collected by NBP in the BaRN database and published in the quarterly "Information on flat prices". The latest available edition covers Q1 2026. Warsaw is analysed separately, and Wrocław belongs to a group of six cities (6M) together with Gdańsk, Gdynia, Kraków, Łódź and Poznań — NBP does not give a separate figure for Wrocław alone in the text of the report.

Indicator (Q1 2026)	Warsaw	6 cities (including Wrocław)
Average rental rate	PLN 85.1/m²	PLN 67.5/m²
Change in the rate y/y	+3.3%	+12.0%
Average transaction price (50% primary market, 50% secondary)	PLN 17,159/m²	PLN 13,345/m²
Estimated capitalisation rate	5.95%	6.24%
Payback period	16 years 10 months	16 years 8 months
ROE without a loan (LTV 0%)	3.5%	3.7%

It is worth noting the difference between the capitalisation rate (about 6%) and ROE (about 3.5%). The former is, in simplified terms, the ratio of rent to price; the latter already takes into account the 8.5% flat-rate tax, operating costs and depreciation of the building. It is a good illustration of how far net yield departs from gross.

Rental yield on examples from our catalogue

We chose eight available studios and 2-room flats from different districts — according to the TM Invest offer as of 27 September 2026. The assumptions of the calculation:

• rent = size × the average NBP rate (Warsaw PLN 85.1/m², Wrocław — we take the average of the group of 6 cities, PLN 67.5/m²);
• 95% occupancy (as in NBP's model), 8.5% flat-rate tax, property tax of PLN 1.25/m², a reserve for insurance and repairs of 5% of rent; service charges are covered by the tenant;
• finishing in the mid-range standard: Warsaw PLN 2,500/m², Wrocław PLN 2,200/m² (the middle of ranges from company price lists, September 2026); furniture and appliances may require an additional budget;
• transaction costs = the maximum notary fee with VAT and court fees, purchase for cash.

Project	Flat	Price	Rent / month	Gross yield	Total cost	Net income / year	Net yield
Wrocław, Krzyki – Apartamenty Krakowska 8	2 rooms, 38.87 m²	608,316	2,624	5.2%	696,100	25,748	3.7%
Wrocław, Stare Miasto – Lokum Porto (bud. E, F, H)	1 room, 26.64 m²	479,000	1,798	4.5%	539,560	17,643	3.3%
Wrocław, Psie Pole – Lokum la Vida	2 rooms, 40.80 m²	609,000	2,754	5.4%	701,032	27,024	3.9%
Wrocław, Fabryczna – Aleja Platanowa 2 (under construction)	2 rooms, 37.21 m²	453,218	2,512	6.7%	537,838	24,649	4.6%
Warsaw, Białołęka – Eco Berensona etap II	2 rooms, 34.69 m²	503,005	2,952	7.0%	591,741	28,978	4.9%
Warsaw, Praga-Północ – Konopacka	1 room, 26.20 m²	497,800	2,230	5.4%	565,298	21,890	3.9%
Warsaw, Mokotów – Rytm Mokotowa 2A	1 room, 28.29 m²	495,075	2,407	5.8%	567,791	23,628	4.2%
Warsaw, Wola – NU2!	2 rooms, 34.24 m²	845,058	2,914	4.1%	933,510	28,605	3.1%

The main caveat: we assumed one rate for the whole city. In reality rents differ between districts, and small flats usually achieve a higher rate per m² than larger ones. The result for Białołęka is therefore rather optimistic, and for Wola, Mokotów and studios rather cautious. Before buying, check current rental listings near the specific building.

A step-by-step example: 2 rooms in Krzyki

• Rent: 38.87 m² × PLN 67.5 = PLN 2,624 a month, i.e. PLN 31,488 a year. Gross yield: 31,488 ÷ 608,316 = 5.2%.
• Revenue at 95% occupancy: PLN 29,914. Minus 8.5% flat-rate tax (PLN 2,543), property tax (PLN 49) and the 5% reserve (PLN 1,574) = PLN 25,748 of net income.
• Total cost: PLN 608,316 + finishing PLN 85,514 (38.87 m² × PLN 2,200) + transaction costs of about PLN 2,270 = PLN 696,100.
• Net yield: 25,748 ÷ 696,100 = 3.7%. Payback period without counting any change in the flat's value — about 27 years.

Looking for a flat that works out well for letting? Our experts will compare offers from Wrocław and Warsaw for price per m², location and completion date. Help buying a flat from a developer is for the buyer most often without a commission — the fee is usually paid by the developer.

Where is rental yield higher – Wrocław or Warsaw?

On average the differences are small: NBP estimates the capitalisation rate at 5.95% in Warsaw and 6.24% in the group of 6 cities. In the capital rents are about 26% higher, but transaction prices are about 29% higher, so the advantages cancel out. The result is decided above all by the price per m² of the specific flat, not by the city itself.

• A cheaper metre means a higher return. In our examples flats at PLN 12–15k/m² (Białołęka, Fabryczna) did best, and the weakest, at almost PLN 25k/m², was in Wola. The median price in our offer is PLN 18,000/m² in Warsaw and PLN 15,736/m² in Wrocław.
• A prestige location protects value, not rent. Śródmieście or Wola give easier letting and liquidity on sale, but current yield is lower there.
• The completion date matters. A flat under construction (e.g. Aleja Platanowa 2, completed from Q4 2028) is cheaper but earns no rent for several years.

We discuss separately the districts and sizes that work best for letting: a flat to let in Wrocław and a flat to let in Warsaw (in Polish). A comparison of smaller and larger units is in the text A studio or 2 rooms to let? (in Polish).

Rental yield when buying with a mortgage

A loan reduces your down payment, but interest has to be covered from the rent. NBP's model for Q1 2026 shows that with half financed by a loan (LTV 50%) ROE was 1.0% in Warsaw and 1.5% in the group of 6 cities, and at LTV 80% it was negative: −6.4% and −5.3%. In other words — at current rates heavily leveraged letting usually requires top-ups from your own pocket, and you earn mainly on a possible rise in the flat's value. We present the full calculation with the instalment and cash-on-cash in the article A flat bought with a mortgage to let (in Polish).

Frequently asked questions

Summary

Rental yield in Warsaw and Wrocław today averages about 6% gross and 3.5–4% net, and the differences between the cities are smaller than between specific flats. The result is decided by the price per m², the cost of finishing and the real rental rate in the given area. Before you buy, calculate net on your own numbers — the gross from an advert is only a starting point.

Want to check a specific flat? We will help you choose and buy a flat from a developer — most often without a commission for the buyer, the fee is usually paid by the developer. If you are planning financing, book a consultation with a mortgage expert — we will compare offers from several banks and calculate how the instalment affects the return on the investment.

Legal status as of September 2026. The calculations are indicative and are based on NBP's average rates and the assumptions described in the text; actual rents and costs may differ. The text is not an investment recommendation or tax advice.

Sources

• Information on flat prices and the situation on the residential and commercial real estate market in Poland in Q1 2026 (in Polish) – National Bank of Poland (chapter 7: rental rates, capitalisation rate, ROE).
• Quarterly information on the real estate market (in Polish) – NBP.
• Act on the flat-rate income tax on certain revenues earned by natural persons (in Polish) – consolidated text Dz.U. 2025 item 843 as amended (Art. 12(1)(4)).
• Settling revenue from private letting (in Polish) – Ministry of Finance, podatki.gov.pl.
• Announcement of the Minister of Finance on the upper limits of monetary rates of local taxes and fees in 2026 (in Polish) – M.P. 2025 item 726; resolutions of the Warsaw City Council (XXIX/1066/2025) and the Wrocław City Council (XXV/500/25).
• Regulation on maximum notary fees (in Polish) – consolidated text Dz.U. 2024 item 1566.
• Act on court costs in civil cases (in Polish) – consolidated text Dz.U. 2025 item 1228.
• Finishing costs: indicative ranges from price lists of finishing companies from Warsaw and Wrocław, September 2026.
• Flat prices: TM Invest project catalogue, as of 27 September 2026.