What rental yield can you expect in Belgrade? (2026)

Everything you need to know about rental yields in Belgrade is in this article, backed by fresh 2026 data and local market sources.

We break down gross and net yields, highlight the best and worst neighborhoods for returns, and explain the real costs that eat into your profits.

We constantly update this blog post to reflect the latest market conditions in Belgrade's rental market.

And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Belgrade.

Who is the author of this content?

INVESTROPA

A team specialized in real estate investing in European countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Belgrade. If you’d like to learn more about us, you can check our presentation page.

What are the rental yields in Belgrade as of 2026?

What's the average gross rental yield in Belgrade as of 2026?

As of early 2026, the average gross rental yield for residential properties in Belgrade sits around 4.7%, which means investors can expect to earn roughly that percentage of their purchase price back in annual rent before expenses.

That said, yields across Belgrade's rental market typically range from about 4% to 5.8% depending on the neighborhood and property type, so there is real variation depending on where and what you buy.

Compared to other Central and Eastern European capitals, Belgrade's gross yields are competitive, sitting slightly above cities like Ljubljana or Zagreb where yields often fall below 4%.

The single biggest factor shaping Belgrade's gross rental yields right now is the gap between purchase prices in prestige areas versus outer neighborhoods, because rents do not rise as fast as prices in the most desirable locations.

What's the average net rental yield in Belgrade as of 2026?

As of early 2026, the average net rental yield for residential properties in Belgrade comes in around 3.5%, which is what remains after you account for vacancy, taxes, and recurring costs.

The typical difference between gross and net yields in Belgrade runs about 1 to 1.5 percentage points, meaning roughly a quarter to a third of your gross income goes toward expenses.

The expense that takes the biggest bite out of Belgrade landlords' returns is the rental income tax, which Serbia's tax authority confirms at 20% of rental income, making it the largest single cost after vacancy.

Net yields for most standard investment properties in Belgrade fall between 2.8% and 4.6%, with the lower end reflecting prestige areas with higher costs and the upper end representing well-managed properties in outer neighborhoods.

By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Belgrade.

We made this infographic to show you how property prices in Serbia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.

What yield is considered "good" in Belgrade in 2026?

A "good" gross rental yield in Belgrade by local investor standards is generally anything at or above 5.5%, which typically means buying in outer but well-connected neighborhoods or focusing on smaller, high-demand units.

The threshold that separates average-performing properties from high-performing ones in Belgrade sits around 5% gross, because at that level you have enough cushion to cover costs and still beat a basic savings account after expenses.

How much do yields vary by neighborhood in Belgrade as of 2026?

As of early 2026, the spread between the highest-yield and lowest-yield neighborhoods in Belgrade can reach 3 to 4 percentage points, which is a significant gap that makes location one of the most important investment decisions.

The neighborhoods that typically deliver the highest rental yields in Belgrade are outer but well-connected areas like Mirijevo, Karaburma, and Borča, where purchase prices stay low but steady local demand keeps rents relatively strong.

On the other end, the lowest yields in Belgrade tend to appear in prestige locations like Stari Grad's Dorćol district, prime streets in Vračar near Hram, and the Belgrade Waterfront development in Savski Venac.

The main reason yields vary so much across Belgrade neighborhoods is that purchase prices in prestigious areas rise much faster than rents, while in outer areas, prices drop faster than rents do, creating better yield math for investors.

By the way, we've written a blog article detailing what are the current best areas to invest in property in Belgrade.

How much do yields vary by property type in Belgrade as of 2026?

As of early 2026, gross rental yields across different property types in Belgrade range from roughly 3% for large houses in prestige areas up to 7% for well-bought studios in outer neighborhoods.

Studios and small one-bedroom apartments currently deliver the highest average gross rental yield in Belgrade because they command strong rent per square meter while keeping the total purchase price accessible.

Large houses and villas in prestige areas like Dedinje and Senjak deliver the lowest average gross rental yield in Belgrade, often struggling to reach even 4% because their high purchase prices are not matched by proportionally higher rents.

The key reason yields differ between property types in Belgrade is that rent per square meter drops as unit size increases, while larger properties also carry higher maintenance costs and longer vacancy periods between tenants.

By the way, you might want to read the following:

• What rental yields can you expect for an apartment in Belgrade?

What's the typical vacancy rate in Belgrade as of 2026?

As of early 2026, the average residential vacancy rate in Belgrade sits around 6%, which translates to roughly three weeks per year when a typical rental property might sit empty between tenants.

Vacancy rates across Belgrade neighborhoods range from about 4% in the most liquid areas up to 9% or more in outer locations with less tenant demand or properties with issues like poor heating or no elevator.

The main factor driving vacancy rates in Belgrade right now is the shift toward a more tenant-friendly market compared to 2022 and 2023, which means renters have more choices and landlords face more competition.

Belgrade's vacancy rate is roughly in line with other major Southeastern European cities, though it remains lower than many Western European capitals where rental markets have softened more significantly.

Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Belgrade.

What's the rent-to-price ratio in Belgrade as of 2026?

As of early 2026, the average monthly rent-to-price ratio in Belgrade is approximately 0.39%, which means a property costing 100,000 euros would typically rent for around 390 euros per month.

A rent-to-price ratio of 0.45% or higher is generally considered favorable for buy-to-let investors in Belgrade, because that level translates to a gross yield above 5%, giving you a better buffer for costs and vacancy.

Belgrade's rent-to-price ratio compares favorably to more expensive capitals like Vienna or Munich where ratios often fall below 0.25%, though it sits slightly below some emerging market cities in the Balkans.

We have made this infographic to give you a quick and clear snapshot of the property market in Serbia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.

Which neighborhoods and micro-areas in Belgrade give the best yields as of 2026?

Where are the highest-yield areas in Belgrade as of 2026?

As of early 2026, the top three highest-yield neighborhoods in Belgrade are Mirijevo in Zvezdara municipality, Karaburma in Palilula, and Borča also in Palilula, all offering yields that can exceed the city average by 1 to 2 percentage points.

In these top-performing areas like Mirijevo, Karaburma, and Borča, investors can realistically expect gross rental yields in the 5.5% to 7% range when properties are purchased at reasonable prices.

The main characteristic these high-yield Belgrade neighborhoods share is lower purchase prices combined with steady local demand from students, young couples, and commuters who need affordable housing with decent transport links.

You'll find a much more detailed analysis of the areas with high profitability potential in our property pack covering the real estate market in Belgrade.

Where are the lowest-yield areas in Belgrade as of 2026?

As of early 2026, the top three lowest-yield neighborhoods in Belgrade are the Belgrade Waterfront development in Savski Venac, the Dorćol area in Stari Grad, and the prime streets around Hram in Vračar.

In these low-yield areas, gross rental yields typically fall in the 3% to 4.5% range, which is roughly 1 to 2 percentage points below Belgrade's citywide average.

The main reason yields are compressed in these prestigious Belgrade neighborhoods is that property prices have risen much faster than rents, as buyers pay a premium for status, lifestyle, and liquidity that does not translate into higher rental income.

Buying a property in a low-yield area is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Belgrade.

Which areas have the lowest vacancy in Belgrade as of 2026?

As of early 2026, the top three neighborhoods with the lowest residential vacancy rates in Belgrade are Novi Beograd's central blocks near business districts, the walkable core of Vračar, and the inner parts of Zvezdara near Đeram.

In these low-vacancy areas, landlords typically experience vacancy rates in the 4% to 6% range, meaning properties rarely sit empty for more than two or three weeks per year.

The main demand driver keeping vacancy low in these Belgrade neighborhoods is their combination of jobs, transport connections, and daily amenities, which creates a deep and consistent pool of renters year-round.

The trade-off investors face when targeting these low-vacancy areas is that the same strong demand that keeps properties rented also drives up purchase prices, which typically means accepting a lower gross yield in exchange for stability.

Which areas have the most renter demand in Belgrade right now?

The top three neighborhoods currently experiencing the strongest renter demand in Belgrade are Novi Beograd with its office clusters and modern buildings, Vračar for its walkability and classic Belgrade lifestyle, and the inner parts of Voždovac near Autokomanda.

The renter profile driving most of the demand in these areas is young professionals working in nearby offices, couples looking for urban convenience, and students attending nearby universities or hospitals.

In these high-demand Belgrade neighborhoods, well-priced rental listings typically get filled within one to two weeks, compared to three to four weeks in less popular areas.

If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Belgrade.

Which upcoming projects could boost rents and rental yields in Belgrade as of 2026?

As of early 2026, the top three upcoming infrastructure projects expected to boost rents in Belgrade are the Belgrade Metro Line 1 running from Makiš to Mirijevo, the Expo 2027 development in Surčin, and the continued expansion of Belgrade Waterfront along the Sava River.

The neighborhoods most likely to benefit from these projects are Mirijevo and Železnik for the metro line, Surčin and parts of Novi Beograd for Expo 2027, and areas along the Sava waterfront as the Belgrade Waterfront development expands.

Investors in areas near these projects might realistically expect rent increases of 5% to 15% over the next few years, with the largest gains coming once construction becomes visible and connectivity improves.

You'll find our latest property market analysis about Belgrade here.

What property type should I buy for renting in Belgrade as of 2026?

Between studios and larger units in Belgrade, which performs best in 2026?

As of early 2026, studios and small one-bedroom apartments outperform larger units in Belgrade when measuring pure rental yield and occupancy rates, making them the better choice for investors focused on returns.

Studios in Belgrade typically yield around 5% to 6% gross (roughly 550 to 660 euros or 600 to 720 dollars per 10,000 euros invested annually), while two-bedroom apartments often fall to 4% to 5% gross.

The main factor explaining this difference is that rent per square meter is significantly higher for smaller Belgrade units, while their lower total price makes them accessible to more investors and their size appeals to the largest renter pool.

That said, larger two-bedroom apartments can be the better investment choice in Belgrade if you are targeting families or expat professionals who typically sign longer leases and cause fewer turnovers, reducing your vacancy and management costs over time.

What property types are in most demand in Belgrade as of 2026?

As of early 2026, the most in-demand property type in Belgrade is modern apartments in well-managed buildings, particularly in Novi Beograd, where tenants prioritize reliable heating, parking, and contemporary finishes.

The top three property types ranked by current tenant demand in Belgrade are modern apartments in newer buildings, renovated older apartments in walkable central areas like Vračar, and functional family apartments near schools and transport in Voždovac and Zvezdara.

The primary demographic trend driving this demand pattern in Belgrade is the growing preference among young professionals and couples for turnkey living spaces that require no renovation and offer predictable monthly costs.

One property type currently underperforming in demand in Belgrade is older unrenovated apartments in buildings without elevators or with outdated heating systems, which struggle to attract quality tenants even at lower rents.

What unit size has the best yield per m² in Belgrade as of 2026?

As of early 2026, the unit size range that delivers the best gross rental yield per square meter in Belgrade is 30 to 55 square meters, which covers studios through compact one-bedroom apartments.

For that optimal unit size in Belgrade, the typical gross rental yield per square meter works out to roughly 10 to 12 euros monthly (about 11 to 13 dollars or 1,180 to 1,400 dinars), compared to 7 to 9 euros for larger units.

Smaller units below 30 square meters can face limited demand from tenants wanting more space, while larger units above 55 square meters see their rent per square meter drop because tenants are not willing to pay proportionally more for extra rooms.

By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Belgrade.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Serbia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.

What costs cut my net yield in Belgrade as of 2026?

What are typical property taxes and recurring local fees in Belgrade as of 2026?

As of early 2026, the annual property tax for a typical rental apartment in Belgrade ranges from roughly 15,000 to 50,000 dinars (about 130 to 430 euros or 140 to 470 dollars), depending on the zone and the city's valuation base for that area.

Beyond property tax, Belgrade landlords must also budget for rental income tax at 20% of rental income, which is the most significant recurring charge and is calculated using the Serbian Tax Administration's official formula.

Together, property tax and rental income tax typically represent 20% to 25% of gross rental income for Belgrade landlords, making tax planning essential for accurate net yield projections.

By the way, we cover all the hidden fees and taxes in our property pack covering the real estate market in Belgrade.

What insurance, maintenance, and annual repair costs should landlords budget in Belgrade right now?

The estimated annual landlord insurance cost for a typical rental property in Belgrade runs roughly 5,000 to 15,000 dinars (about 45 to 130 euros or 50 to 140 dollars), with water damage coverage being particularly important given the age of much of Belgrade's building stock.

Belgrade landlords should budget approximately 0.8% to 1.5% of property value annually for maintenance and repairs, which works out to roughly 800 to 1,500 euros per year for a 100,000 euro property.

The repair expense that most commonly catches Belgrade landlords off guard is water-related damage from aging pipes and moisture issues, especially in older buildings where plumbing infrastructure may not have been updated in decades.

In total, Belgrade landlords should realistically budget 1,000 to 2,000 euros annually (about 1,100 to 2,200 dollars or 117,000 to 234,000 dinars) for insurance, maintenance, and repairs combined to protect their net yield from unexpected costs.

Which utilities do landlords typically pay, and what do they cost in Belgrade right now?

In Belgrade, tenants typically pay their own utility consumption for water, electricity, and heating, though landlords often cover fixed building charges and sometimes include certain standing fees in the rent depending on the lease agreement.

When landlords do cover some utility costs in Belgrade, the estimated monthly expense runs 40 to 90 euros (about 45 to 100 dollars or 4,700 to 10,500 dinars) for building charges and standing fees, with district heating being the largest variable if included.

What does full-service property management cost, including leasing, in Belgrade as of 2026?

As of early 2026, full-service property management in Belgrade typically costs 8% to 12% of monthly rent (roughly 40 to 80 euros or 45 to 90 dollars for a 500 euro rental), which covers tenant communication, maintenance coordination, and rent collection.

On top of ongoing management, Belgrade property managers typically charge a tenant-placement fee of 50% to 100% of one month's rent (roughly 250 to 500 euros or 275 to 550 dollars for a 500 euro rental) each time they find a new tenant.

What's a realistic vacancy buffer in Belgrade as of 2026?

As of early 2026, Belgrade landlords should set aside roughly 6% to 8% of annual rental income as a vacancy buffer, which provides a reasonable cushion for the reality that even well-located properties experience some downtime.

This translates to roughly 3 to 5 vacant weeks per year for a typical Belgrade rental property, though well-priced units in high-demand areas like Novi Beograd or Vračar may see less vacancy while properties in outer areas or with issues may see more.

What sources have we used to write this blog article?

Whether it's in our blog articles or the market analyses included in our property pack about Belgrade, we always rely on the strongest methodology we can … and we don't throw out numbers at random.

We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.

Source	Why it's authoritative	How we used it
City Expert (rent data)	City Expert is a major Serbian housing platform that publishes rent trends based on thousands of real listings across Belgrade.	We used it to anchor typical long-term rent levels in euros per square meter for central versus outer Belgrade neighborhoods. We treated it as our primary rent thermometer for 2026 yield calculations.
City Expert (price data)	This source compiles municipality-level pricing and distinguishes between new and old building stock using official transaction data.	We used it to set base transaction-price levels by municipality including Stari Grad, Vračar, and Novi Beograd. We then adjusted these forward to early 2026 using recent market signals.
Serbian Tax Administration	This is Serbia's official tax authority and the primary reference for how rental income is legally taxed.	We used it to confirm the 20% rental income tax rate and to model realistic tax drag on net yields. We also used it to explain how Belgrade landlords typically calculate their after-tax returns.
City of Belgrade Secretariat for Public Revenues	This is the official city body responsible for assessing and collecting annual property tax and local fees in Belgrade.	We used it to support our section on local recurring charges and to explain where property owners interact with the city on tax matters.
Official Gazette of Belgrade	This is the official gazette where Belgrade publishes binding tax decisions and property valuation rates by zone.	We used it to prove that Belgrade updates property tax valuation bases annually. We used it to explain why property tax costs differ significantly between central and outer zones.
City of Belgrade (Beoinfo)	This is the official city communications channel for tax deadlines and payment instructions in Belgrade.	We used it to illustrate that property tax is paid on a quarterly schedule. We used it to keep our guide practical for what landlords actually need to do.
BVK Belgrade Waterworks	BVK is Belgrade's official water and sewerage utility and publishes regulated tariffs including fixed monthly charges.	We used it to anchor water and sewer costs for landlords and to show what is variable versus fixed. We used it to build a realistic utilities budget for net yield calculations.
EPS (Electric Power Industry of Serbia)	EPS is Serbia's dominant power utility and this page contains official tariff announcements tied to regulator decisions.	We used it to explain that electricity rates changed from October 2025. We used it as input to our conservative landlord-paid utilities scenario.
Beogradske elektrane	This is Belgrade's official district heating operator which posts tariff updates and billing rules for connected buildings.	We used it to ground our heating cost discussion, especially for older stock connected to district heating. We used it to explain why "heating included" can significantly affect net yield.
PwC Tax Summaries (Serbia)	PwC is a globally recognized tax and accounting firm and their tax summaries are widely used references for tax structure.	We used it to cross-check that rental income falls into Serbia's flat-rate tax categories. We triangulated it with the Serbian Tax Administration's calculator for accuracy.
Ministry of Construction, Transport and Infrastructure	This is the official Serbian ministry page describing the Belgrade Metro Line 1 route, stations, and project scope.	We used it to identify micro-areas likely to benefit from new metro stations including Mirijevo and Železnik. We used it to keep our upcoming projects section specific to Belgrade.
Expo Belgrade 2027 (official site)	This is the official information hub for Expo 2027 and all related development plans in Belgrade.	We used it to confirm that Expo 2027 is a major multi-year demand and infrastructure driver. We used it to identify Surčin and connected corridors as areas to watch for rent growth.
Expo Belgrade 2027 (news)	This is a primary-source update from the Expo organizers about actual construction progress and what is being built.	We used it to support the claim that the Expo site includes pavilions, access roads, and residential components. We used it to justify "construction-phase rental demand" predictions.
CBRE Belgrade Residential Figures	CBRE is a global real estate consultancy and their "Figures" reports are standardized professional market snapshots.	We used it as a cross-check for market direction in 2025 including activity levels, supply trends, and overall sentiment. We used it for triangulation rather than as a sole numerical source.
Welcome to Serbia (4zida data)	This national portal explicitly attributes its numbers to 4zida listing data, making its methodology transparent.	We used it only as a listing-price indicator to sanity-check our early 2026 price range. We treated it as an upper-bound check against transaction-based averages.