Authored by the expert who managed and guided the team behind the Serbia Property Pack
Everything you need to know before buying real estate is included in our Serbia Property Pack
If you're considering investing in Serbian real estate, understanding rental yields is essential to making a smart decision.
This article breaks down current gross and net yields, neighborhood variations, and the costs that affect your bottom line in Serbia's property market.
We update this blog post regularly to reflect the latest data from official Serbian sources and local market platforms.
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 Serbia.
Insights
- The average gross rental yield in Serbia sits around 5.3% in early 2026, but Belgrade's prime districts like Vračar and Stari Grad often compress yields to around 4% due to premium pricing.
- Studios and one-bedroom apartments in Serbia consistently deliver the highest yields, often 0.5 to 1.5 percentage points above larger units, thanks to strong demand from students and young professionals.
- Net yields in Serbia typically land around 3.7% after accounting for the 20% rental income tax (applied after a 25% expense deduction), vacancy, and building charges.
- Belgrade's middle-ring neighborhoods like Zvezdara, Voždovac, and Zemun offer gross yields above 6%, outperforming central areas where prices have risen faster than rents.
- The Belgrade Metro Line 1 and EXPO 2027 are expected to boost rental demand in areas like Čukarica, Makiš, and Surčin once infrastructure improvements materialize.
- Vacancy rates in Serbia range from about 5% to 8% in Belgrade, with areas near universities and hospitals experiencing the tightest rental markets.
- Full-service property management in Serbia typically costs around 10% of collected rent, plus roughly one month's rent as a leasing fee when finding new tenants.
- Novi Sad and Niš often deliver higher gross yields than Belgrade because purchase prices remain more moderate while rental demand stays solid.
What are the rental yields in Serbia as of 2026?
What's the average gross rental yield in Serbia as of 2026?
As of early 2026, the estimated average gross rental yield across residential properties in Serbia is approximately 5.3%.
Most typical rentable homes in Serbia fall within a realistic gross yield range of about 4.3% to 6.8%, depending on city, neighborhood, and unit size.
This puts Serbia slightly above many Western European markets but in line with other Central and Southeastern European countries, where yields between 4% and 7% are common for residential investments.
The single most important factor influencing gross rental yields in Serbia right now is location, specifically the price premium in Belgrade's central districts compared to secondary cities like Novi Sad and Niš, where purchase prices are lower relative to achievable rents.
What's the average net rental yield in Serbia as of 2026?
As of early 2026, the estimated average net rental yield in Serbia is approximately 3.7% across all residential property types.
This means landlords in Serbia typically see a gap of roughly 1.5 to 1.6 percentage points between gross and net yields once taxes, vacancy, and operating costs are factored in.
The expense category that most significantly reduces gross yield in Serbia is the rental income tax, which applies at 20% after a standardized 25% expense deduction, effectively taking about 15% of gross rent for individual landlords.
Net yields in Serbia realistically range from about 2.8% to 5.0%, with the lower end reflecting prime Belgrade properties with full management and the higher end achievable through self-management in value-oriented neighborhoods.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Serbia.
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 Serbia in 2026?
In early 2026, local investors in Serbia generally consider a gross rental yield of 6% or higher to be "good" for a standard long-term residential rental.
The threshold that separates average-performing properties from high performers in Serbia is roughly 5% net yield, which usually requires either a well-located value property, a smaller unit type, or tight cost management through self-management.
How much do yields vary by neighborhood in Serbia as of 2026?
As of early 2026, the spread in gross rental yields between Belgrade's highest-yield and lowest-yield neighborhoods is roughly 1.5 to 2.5 percentage points, with similar but slightly narrower variation in Novi Sad and Niš.
The neighborhoods delivering the highest rental yields in Serbia are typically middle-ring areas with solid renter demand but non-premium prices, such as Zvezdara (Mirijevo), Palilula (Karaburma), Voždovac, and parts of Zemun in Belgrade, or Detelinara and Novo Naselje in Novi Sad.
Conversely, the lowest-yield neighborhoods are prestige locations where buyers pay for status and walkability, including Stari Grad (Dorćol), Vračar, and Savski Venac in Belgrade, or Centar and Liman in Novi Sad.
The main reason yields vary so much across Serbian neighborhoods is that purchase prices in prime areas have grown faster than rents, compressing yields, while outer areas maintain better rent-to-price ratios.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Serbia.
How much do yields vary by property type in Serbia as of 2026?
As of early 2026, gross rental yields in Serbia range from roughly 4% for larger family apartments and houses in prime areas to over 6.5% for well-located studios and one-bedroom units.
Studios and compact one-bedroom apartments currently deliver the highest average gross rental yields in Serbia, often adding 0.5 to 1.5 percentage points compared to larger units.
Larger family apartments and detached houses in suburban areas tend to deliver the lowest average gross yields in Serbia, partly because higher capital requirements dilute the return and vacancy periods can be longer.
The key reason yields differ between property types in Serbia is that smaller units attract a deeper renter pool of students, singles, and young professionals, allowing landlords to charge more rent per euro invested.
By the way, you might want to read the following:
What's the typical vacancy rate in Serbia as of 2026?
As of early 2026, the estimated average residential vacancy rate in Serbia is approximately 6% for long-term rentals, meaning most landlords should expect around two to four weeks of vacancy per year.
Vacancy rates across Serbian neighborhoods realistically range from about 4% in high-demand central areas near universities and hospitals to around 9% in less-connected or oversupplied districts.
The main factor driving vacancy rates in Serbia right now is proximity to employment hubs and transit connections, with areas near major office clusters, universities, and hospitals experiencing the tightest rental markets.
Serbia's vacancy rates are broadly comparable to other Central and Southeastern European capitals, though Belgrade's well-connected neighborhoods tend to outperform more peripheral Serbian cities.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Serbia.
What's the rent-to-price ratio in Serbia as of 2026?
As of early 2026, the estimated average rent-to-price ratio in Serbia is approximately 0.0044 monthly (or 0.053 annually), which corresponds to the 5.3% gross yield figure.
Buy-to-let investors in Serbia generally consider a monthly rent-to-price ratio above 0.005 (or 6% annually) favorable, and this ratio directly translates to gross rental yield since they measure the same relationship between rent and purchase price.
Serbia's rent-to-price ratio is competitive compared to Western European capitals where ratios often fall below 0.003 (under 4% yield), but similar to other Southeastern European markets like Bulgaria or Romania.
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 Serbia give the best yields as of 2026?
Where are the highest-yield areas in Serbia as of 2026?
As of early 2026, the top three highest-yield areas in Serbia are Zvezdara (especially Mirijevo), Palilula (especially Karaburma), and parts of Voždovac in Belgrade, along with Detelinara and Novo Naselje in Novi Sad.
These high-yield areas in Serbia typically deliver gross rental yields in the range of 5.5% to 6.8%, with some well-bought properties in Mirijevo or Karaburma exceeding 6.5%.
The main characteristic these high-yield neighborhoods share is that they offer solid, consistent renter demand from working professionals and families while purchase prices remain well below Belgrade's prime districts.
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 Serbia.
Where are the lowest-yield areas in Serbia as of 2026?
As of early 2026, the top three lowest-yield areas in Serbia are Stari Grad (Dorćol), Vračar, and Savski Venac (including Belgrade Waterfront-adjacent zones) in Belgrade, plus Centar in Novi Sad and Medijana in Niš.
These low-yield areas in Serbia typically deliver gross rental yields in the range of 3.5% to 4.5%, with some premium new builds near Belgrade Waterfront falling below 4%.
The main reason yields are compressed in these Serbian neighborhoods is that buyers pay a prestige premium for status, walkability, and liquidity, but rents do not increase proportionally to justify the higher purchase prices.
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 Serbia.
Which areas have the lowest vacancy in Serbia as of 2026?
As of early 2026, the top three neighborhoods with the lowest residential vacancy rates in Serbia are Novi Beograd (near Studentski Grad campus), central Vračar, and Liman in Novi Sad.
These low-vacancy areas in Serbia typically experience vacancy rates between 3% and 5%, meaning landlords often fill units within one to two weeks of listing.
The main demand driver keeping vacancy low in these Serbian neighborhoods is proximity to universities, hospitals, and major employment centers, which continuously generate a steady stream of renters.
The trade-off investors typically face when targeting these low-vacancy areas is that purchase prices are higher, which compresses gross yields even though occupancy is more reliable.
Which areas have the most renter demand in Serbia right now?
The top three neighborhoods currently experiencing the strongest renter demand in Serbia are Novi Beograd (especially near business districts and Studentski Grad), Voždovac in Belgrade, and Liman in Novi Sad.
The renter profile driving most of the demand in these areas consists of young professionals working in Belgrade's growing corporate sector, university students, and small families seeking well-connected locations with good transit access.
Rental listings in these high-demand Serbian neighborhoods typically get filled within one to three weeks when priced at market rates, with particularly desirable units sometimes receiving multiple inquiries within days.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Serbia.
Which upcoming projects could boost rents and rental yields in Serbia as of 2026?
As of early 2026, the top three upcoming projects expected to boost rents in Serbia are the Belgrade Metro Line 1, the EXPO 2027 infrastructure development, and the continued expansion of Belgrade Waterfront.
The neighborhoods most likely to benefit from these projects are Čukarica and Makiš (along the metro corridor), Surčin (EXPO 2027 focus area), and Savski Venac near the expanding Waterfront development.
Investors might realistically expect rent increases of 5% to 15% in areas directly served by new metro stations or EXPO-related infrastructure once these projects are completed, though the full impact will take several years to materialize.
You'll find our latest property market analysis about Serbia here.
Get fresh and reliable information about the market in Serbia
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What property type should I buy for renting in Serbia as of 2026?
Between studios and larger units in Serbia, which performs best in 2026?
As of early 2026, studios and one-bedroom apartments perform better than larger units in Serbia in terms of both rental yield and occupancy rates.
Studios in Serbia typically deliver gross yields of 5.5% to 6.5% (roughly 550 to 650 EUR or 600 to 700 USD annual return per 10,000 EUR invested), while larger two to three bedroom units often yield 4.5% to 5.5%.
The main factor explaining why smaller units outperform in Serbia is the deep renter pool of students, singles, and mobile professionals who prioritize affordability and location over space.
However, larger units can be the better choice in family-oriented neighborhoods with good schools and parks, where stable long-term tenants reduce turnover costs and vacancy risk.
What property types are in most demand in Serbia as of 2026?
As of early 2026, the most in-demand property type in Serbia is the furnished one-bedroom or two-bedroom apartment in well-connected urban neighborhoods.
The top three property types ranked by current tenant demand in Serbia are furnished studios and one-beds (highest demand), furnished two-bedroom apartments for sharers and couples, and practical suburban houses with parking (niche but strong where priced right).
The primary trend driving this demand pattern in Serbia is the growing population of young professionals, remote workers, and students seeking flexible, move-in-ready accommodation in cities with good public transit.
One property type currently underperforming in demand in Serbia is the large luxury villa or detached house in peripheral locations, where the tenant pool is thin and vacancy periods can stretch to several months.
What unit size has the best yield per m² in Serbia as of 2026?
As of early 2026, the unit size range delivering the best gross rental yield per square meter in Serbia is between 25 and 45 square meters, which typically means studios and compact one-bedroom apartments.
These optimal-sized units in Serbia typically generate gross rental yields of 5.5% to 6.5% per square meter (roughly 7 to 9 EUR monthly rent per square meter, or about 7.50 to 10 USD), compared to 4.5% to 5.5% for larger apartments.
The main reason smaller or larger units tend to have lower yield per square meter in Serbia is that very small units (under 25 m²) face limited tenant appeal, while larger units (over 60 m²) tie up more capital without proportionally higher rents because tenants pay for "a monthly payment" rather than square meters.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Serbia.
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 Serbia as of 2026?
What are typical property taxes and recurring local fees in Serbia as of 2026?
As of early 2026, the estimated annual property tax for a typical rental apartment in Serbia ranges from about 0.1% to 0.3% of assessed value, which works out to roughly 100 to 400 EUR (110 to 440 USD, or 12,000 to 48,000 RSD) per year for a mid-range Belgrade apartment.
Beyond property tax, landlords in Serbia must also budget for rental income tax, which is levied at 20% after a standardized 25% expense deduction, effectively taking about 15% of gross annual rent (for a 500 EUR monthly rent, that's roughly 900 EUR or 1,000 USD per year).
Combined, these taxes and fees typically represent about 15% to 20% of gross rental income in Serbia, making tax planning an important part of maximizing net yields.
By the way, we cover all the hidden fees and taxes in our property pack covering the real estate market in Serbia.
What insurance, maintenance, and annual repair costs should landlords budget in Serbia right now?
The estimated annual landlord insurance cost for a typical rental apartment in Serbia is relatively modest, usually between 50 and 150 EUR (55 to 165 USD, or 6,000 to 18,000 RSD) depending on coverage level and property value.
For maintenance and repairs, Serbian landlords should budget approximately 0.5% to 1.0% of property value annually for apartments (roughly 250 to 500 EUR or 275 to 550 USD for a 50,000 EUR property), with houses requiring a higher buffer of 1.0% to 1.5%.
The repair expense that most commonly catches landlords off guard in Serbia is heating system maintenance and boiler replacement, especially in older buildings without central heating where individual units rely on aging gas or electric systems.
In total, Serbian landlords should realistically budget about 400 to 700 EUR (440 to 770 USD, or 48,000 to 85,000 RSD) annually for insurance, maintenance, and minor repairs on a typical rental apartment.
Which utilities do landlords typically pay, and what do they cost in Serbia right now?
In most long-term rentals in Serbia, tenants pay electricity, heating, water, and internet directly, while landlords typically cover or coordinate building and common-area charges (often recovered through the rent structure).
When landlords do cover common-area charges in Serbia (the "Infostan-style" bundled billing common in Belgrade), the monthly cost typically ranges from 30 to 80 EUR (33 to 88 USD, or 3,500 to 9,500 RSD) depending on building size and included services.
What does full-service property management cost, including leasing, in Serbia as of 2026?
As of early 2026, full-service property management in Serbia typically costs around 10% of collected monthly rent, which for a 500 EUR apartment works out to about 50 EUR (55 USD, or 6,000 RSD) per month.
On top of ongoing management, the typical leasing or tenant-placement fee in Serbia is approximately one month's rent (500 EUR, 550 USD, or 60,000 RSD for the same example), charged each time a new tenant is placed.
What's a realistic vacancy buffer in Serbia as of 2026?
As of early 2026, landlords in Serbia should set aside approximately 6% to 8% of annual rental income as a vacancy buffer, which translates to about one month's rent per year.
Most Serbian landlords experience between two and four weeks of vacancy annually in normal market conditions, though properties in high-demand areas near universities or business centers may see as little as one to two weeks.
Buying real estate in Serbia can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
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 Serbia, 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 |
|---|---|---|
| Republic Geodetic Authority (RGZ) | RGZ is Serbia's official cadastre authority and its transaction-based reports are as close to ground truth as it gets. | We used RGZ transaction data to anchor purchase price levels by city and municipality. We treated this as the baseline and cross-checked it against other price datasets for accuracy. |
| City Expert (Rent Data) | City Expert is a major local platform that publishes structured, neighborhood-level rent data with consistent methodology. | We used these rent-by-municipality figures to estimate typical monthly rent per square meter across Belgrade. We then converted rent to annual figures and paired it with transaction prices to compute yields. |
| City Expert (Price Data) | It's one of the clearest public, neighborhood-level breakdowns of prices for Belgrade that can be cross-checked with official sources. | We used this to triangulate Belgrade price dispersion across municipalities. We used it mainly to validate the shape of price differences between prime and outer areas. |
| Statistical Office of Serbia (SORS) | SORS is Serbia's national statistics office, and CPI components are the official reference for inflation and price dynamics. | We used SORS to ground the early 2026 context around inflation and housing-cost pressures. We used it as a reality check when discussing rent growth and affordability. |
| National Bank of Serbia (NBS) | NBS is Serbia's central bank and a primary official source for macro and financial statistics. | We used NBS as an anchor for the broader macro backdrop (rates and financial conditions) that influences buyer demand and yields. We used it to keep the narrative consistent with official statistical stewardship. |
| BIS/FRED Residential Property Prices | BIS is an international institution that standardizes cross-country housing price series, and FRED provides transparent access. | We used this as a cross-check on the direction and magnitude of Serbia-wide price changes versus RGZ and NBS context. We used it to avoid overfitting to a single city's snapshot. |
| KPMG Tax Guide | KPMG is a top-tier audit and tax firm, and its tax guides are built from primary law and practice. | We used it to anchor transaction taxes and recurring tax concepts in a conservative way. We used it to inform the net yield cost stack assumptions. |
| CMS Law Transaction Costs Guide | CMS is a major international law firm, and this guide is designed to be legally accurate. | We used it to confirm key transaction-tax mechanics like transfer tax versus VAT on new builds. We used it as a legal cross-check alongside KPMG. |
| PwC Tax Summaries | PwC Tax Summaries are widely used as a quick but reliable map of tax rules. | We used it to corroborate the 20% tax-rate logic that often shows up around lease and withholding contexts. We used it to sanity-check our effective tax drag assumptions. |
| Bolton Real Estate | It's a reputable local real estate firm, and the page explicitly points readers to the Serbian Tax Administration as the source of truth. | We used it for the practical rule-of-thumb that rental income is taxed at 20% with standardized expenses (often 25%) for individuals. We used it to convert gross yield into a realistic net yield estimate. |
| City Expert (Infostan Guide) | It's one of the clearest public breakdowns of Belgrade's common monthly building and utility bill structure. | We used it to estimate recurring building-related costs that typically reduce net yield in Serbia, especially for apartments. We used it to size a realistic operating-cost buffer. |
| Ministry of Construction (Metro Line 1) | This is an official government source for a major infrastructure project. | We used it to identify which corridors and municipalities could see demand uplift from metro construction and future stations. We used it as the backing for the upcoming projects section. |
| EXPO 2027 Belgrade | It's the official information hub for the Specialized Expo 2027 project. | We used it to support the claim that EXPO is a real, active catalyst likely to affect parts of Belgrade, especially Surčin and connected areas. We used it to keep the upcoming projects section grounded in official facts. |
| Belgrade Waterfront | It's the developer's official publication about the scope and direction of the project's next phases. | We used it to explain where premium pricing tends to cluster and why yields can compress there. We used it to link large-scale development phases to rent and vacancy dynamics nearby. |
| Belgrade Property Management | It's a Serbia-focused operator that states its fees plainly, which is exactly what landlords need for net yield math. | We used it to anchor a realistic full-service management fee (percentage plus leasing and marketing). We used it as a concrete local example instead of vague global averages. |
| University of Belgrade Housing | It provides official context on student accommodation ecosystems that drive significant rental demand in Serbia. | We used it to validate demand patterns in areas near Studentski Grad and other university zones. We used it to support claims about studio and one-bed demand from students and young professionals. |
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