Studio or 2 Rooms to Let? Return and Risk in 2026

Studio or 2 rooms to let? A studio requires less capital and usually gives higher rent per metre, but in new developments it is also more expensive per metre, changes tenants more often and stands empty longer. A two-room flat costs more, but attracts more stable tenants and is easier to sell later. Below we compare the two floor areas at the median prices from our offer in Warsaw and Wroclaw and at NBP (National Bank of Poland) rental rates – with a calculation of gross and net yield.

Key facts

• In our offer studios are more expensive per metre than 2-room flats: in Wroclaw the median is 17 782 PLN/m² against 16 000 PLN/m², in Warsaw 24 501 PLN/m² against 18 600 PLN/m² (as at 27.09.2026).
• The average rental rate according to the NBP in the first quarter of 2026 is 85,1 PLN/m² in Warsaw and 67,5 PLN/m² in the group of six large cities (including Wroclaw), excluding service charges and utilities.
• In our calculations gross yield comes out at about 4,9–5,3% and net at about 3,2–3,8% – under the assumptions made, 2 rooms do slightly better in both cities.
• Tax on rent is the same regardless of floor area: flat rate 8,5% of revenue up to 100 000 PLN a year and 12,5% on the excess.
• With a loan and a 20% down payment, the median studio needs about 119–134 thousand PLN, and 2 rooms about 132–151 thousand PLN.

Price per m²: why a studio is more expensive per metre

A small flat has the same "expensive" elements as a larger one: a bathroom, a kitchenette with installations, the entrance door, a share of the staircase and lift. Spread over 30 m² they give a higher price per metre. Developers also know there is investor demand for studios, so they do not need to discount them.

According to TM Invest offer data as at 27.09.2026, in Wroclaw the median price per metre of a studio is 17 782 PLN, and of a 2-room flat 16 000 PLN – a difference of about 11%. In Warsaw the difference looks much bigger: 24 501 PLN/m² against 18 600 PLN/m². Here, however, the median of studios is strongly pushed up by the City Centre district – that is 71 of the 225 available studios, with a median of 33 600 PLN/m². Excluding the City Centre, the median of studios in Warsaw falls to 19 706 PLN/m², that is about 6% above two-room flats. The same effect shows in the prices of whole units: the median studio in Warsaw is 824 404 PLN, and without the City Centre 668 702 PLN.

There is also a difference in supply. In our offer studios are about 10% of available flats in Warsaw (225 of 2237) and about 13% in Wroclaw (265 of 2114). Two-room flats are several times more numerous: 859 in Warsaw and 738 in Wroclaw. We show the distribution of studio floor areas and the budget for furnishing them in the guide how to furnish a studio flat, and prices across the whole range of floor areas in the article how much a flat costs in Wroclaw.

Rental rate per m²: what the NBP data say

In its quarterly information on the housing market the NBP gives average rental rates per square metre. In the first quarter of 2026 they were 85,1 PLN/m² in Warsaw (+2,6% q/q) and 67,5 PLN/m² in the group of six large cities – Gdansk, Gdynia, Krakow, Lodz, Poznan and Wroclaw (−3,3% q/q). The rates do not include service charges or utility fees. These are the latest NBP data available in September 2026.

In this set the NBP does not publish separate rates for Wroclaw or a breakdown by floor area. That is why in the calculations we assume two things: for Wroclaw – the average of 6 cities (67,5 PLN/m²), and for studios – a rate per metre 10% above the average. Small flats let for more per metre because the tenant pays above all for a self-contained unit, not for each metre. If there is no such premium in a specific location, the studio's yield falls – we show this below.

Studio or 2 rooms – a comparison of yield in Warsaw and Wroclaw

The comparison rests on median prices from our offer and on NBP rates. For Warsaw we calculate the studio excluding the City Centre, so as not to compare the centre with the rest of the city. Assumptions for net yield:

• vacancy: a studio 1 month a year, 2 rooms half a month (more frequent turnover of small units),
• flat tax 8,5% on the rent received,
• owner's costs (insurance, property tax, minor repairs): 1500 PLN a year for a studio, 1800 PLN for 2 rooms,
• tenant-change costs (refresh, cleaning, advert): 1000 PLN a year for a studio, 500 PLN for 2 rooms,
• initial outlay: price + finishing at 2000 PLN/m² + equipment of 20 thousand PLN (studio) or 25 thousand PLN (2 rooms).

Parameter	Warsaw – studio	Warsaw – 2 rooms	Wroclaw – studio	Wroclaw – 2 rooms
Median price	668 702 PLN	755 824 PLN	595 638 PLN	662 405 PLN
Median floor area	30,1 m²	39,4 m²	32,4 m²	40,8 m²
Median price per m²	19 706 PLN	18 600 PLN	17 782 PLN	16 000 PLN
Estimated rent (monthly)	2820 PLN	3350 PLN	2410 PLN	2750 PLN
Gross yield	5,1%	5,3%	4,9%	5,0%
Net income per year	about 25 900 PLN	about 33 000 PLN	about 21 800 PLN	about 26 600 PLN
Net yield (on the outlay)	3,5%	3,8%	3,2%	3,5%
20% down payment with a loan	about 133 700 PLN	about 151 200 PLN	about 119 100 PLN	about 132 500 PLN

Example – Wroclaw, studio: 32,4 m² × 67,5 PLN × 1,1 ≈ 2410 PLN a month. Per year 28 920 PLN, which at a price of 595 638 PLN gives 4,9% gross. After deducting a month of vacancy, 26 510 PLN of revenue remains, the 8,5% flat tax is about 2250 PLN, owner's and turnover costs 2500 PLN – net about 21 760 PLN. Initial outlay: 595 638 + 64 800 (finishing) + 20 000 (equipment) ≈ 680 400 PLN, that is 3,2% net.

What if the studio has no premium per metre? At a rate equal to the NBP average, rent falls to about 2560 PLN in Warsaw and 2190 PLN in Wroclaw, and net yield to about 3,1% and 2,9%. The difference in favour of the two-room flat then grows clearly. A studio in Warsaw's City Centre (median 1 145 606 PLN, 33,1 m²), on the same assumptions, gives only about 3,2% gross – in the centre you pay for location, and rent does not rise in proportion to price. We describe the detailed model of the rate of return in the article on rental yield of a flat.

Want to compare specific studios and two-room flats to let? We will help you choose an investment flat from a developer – in most cases with no commission for the buyer, because the developer usually pays our fee.

Demand, tenant turnover and vacancy

A studio goes to singles, students, people in a first job and posted workers. That is a broad group, so the unit usually finds a tenant quickly, but tenants change more often: a change of job, a relationship, a move away. Every change means a few weeks without rent, refreshing the walls and time for viewings. In university cities such as Wroclaw you must also reckon with seasonality – the most interest comes before the academic year.

A two-room flat is let by couples, young families, people working remotely (the second room as a study) and two people sharing costs. Agreements usually last longer, and tenants take more care of a unit in which they plan to stay. This matters for the result: half a month less vacancy a year is about 4% more of the annual rent.

Demand is also affected by the cost of credit. The NBP notes that in the first quarter of 2026 the cost of servicing a housing loan equalled the cost of renting – some tenants, especially couples, may therefore switch to buying. How financing changes the investor's calculation we write about in the article buy-to-let flat on a mortgage.

Equipment, wear and ease of sale

Finishing and furnishing a studio costs less in zlotys, but more per metre – the kitchenette, bathroom and appliances are in both floor areas, and they absorb the largest part of the budget. In a studio everything is in one room, so furniture and walls wear faster, and with each change of tenant something more often has to be refreshed.

On exiting the investment, a two-room flat has a wider group of buyers: an investor, a couple for their own use and a single person who wants a separate bedroom will buy it. A studio is bought mainly by investors and singles, so its liquidity depends more on investor sentiment and the cost of credit. When selling within 5 years remember the tax – details in the article tax on selling a flat within 5 years.

Tax and down payment – what is the same and what differs

Tax on private letting does not depend on floor area. Since 2023 the only form has been the flat rate on recorded revenue: 8,5% up to 100 000 PLN of revenue a year and 12,5% on the excess. Two rooms give higher rent, but with a single unit you are still far from the 100 thousand PLN threshold. You do not deduct costs (finishing, interest). We describe the full rules in the article tax on flat rental.

What does differ is the down payment. The KNF's Recommendation S allows banks to finance up to 80% of the property's value (up to 90% with additional security). Requirements for a loan for a buy-to-let flat differ between banks, so in the calculations we assume a 20% down payment. For the median studio in Wroclaw that is about 119 thousand PLN, for 2 rooms in Warsaw – about 151 thousand PLN. On top of that you need to plan funds for finishing, equipment and purchase costs.

Letting by the room – a third way?

Letting by the room usually gives a higher total rent than letting the whole unit, but requires a larger flat – in a typical new "two-room" flat of about 40 m² the second room is a living room with a kitchenette, so little is left to divide into rooms. It makes sense rather with 3 rooms or more. Revenue from such letting is still private letting, taxed at the same flat rate. You must, however, reckon with greater turnover, conflicts between flatmates and management time. If you plan to move walls, first check whether the work requires notification and whether the new rooms will keep access to a window and ventilation. Short-term rental is a separate subject with its own rules – we describe it in the article short-term rental – regulations.

In our offer: where the numbers work best

City averages hide large differences between districts. According to TM Invest offer data as at 27.09.2026, the cheapest 2-room flats per metre are in Wroclaw's Fabryczna district (median 511 792 PLN for 37,4 m², 13 890 PLN/m²) and in Warsaw's Białołęka (553 358 PLN for 39,1 m², 14 400 PLN/m²). At the NBP average rate, 2 rooms in Fabryczna would give about 5,9% gross – but rents on the outskirts can be below the city average, so before buying check listings in the area. The choice of districts for letting is discussed separately for Wroclaw and Warsaw, and you will find the whole offer in the catalogues of developments in Wroclaw and in Warsaw.

Frequently asked questions

Summary

A studio is a lower entry threshold and higher rent per metre, but also a higher price per metre, more frequent turnover and a narrower market on sale. A two-room flat requires about 13–17 thousand PLN more down payment, and in our calculations gives about 0,3 percentage points higher net yield and more stable tenants. In Warsaw avoid comparing with the City Centre – there studios are priced as a premium location, not as an investment flat. You will find a broader picture of investing in flats in the guide a flat as an investment.

Looking for a studio or 2 rooms to let in Warsaw or Wroclaw? We will select a flat from a developer for your budget and investment goal – in most cases with no commission for the buyer, because the developer usually pays our fee.

Legal position as at September 2026. Market data: NBP for the first quarter of 2026 and the TM Invest catalogue of 27.09.2026. The calculations are indicative, rest on the assumptions described and are not an investment recommendation or tax advice.

Sources

• NBP – Information on housing prices and the situation on the residential and commercial real estate market in Poland in the first quarter of 2026 (rental rates).
• Act on the Flat-Rate Income Tax on Certain Income of Individuals – consolidated text Dz.U. 2025 item 843 (Art. 12(1)(4)(a)).
• Personal Income Tax Act – consolidated text Dz.U. 2026 item 592 (Art. 9a(6)).
• podatki.gov.pl – settlement of rental income (recorded flat-rate tax).
• KNF – Recommendation S (recommendation 15.5, LtV ratio).
• Flat prices: TM Invest development catalogue, as at 27.09.2026.