Rental yield by district in Budapest

What the table measures

The table below compares, for 12 districts (I to XIV, excluding IV and X, which have too few rental listings), the asking price per m² of flats for sale and the asking rent of flats to let. Both series come from the same listings database: prices are the median of about 27,500 active sale listings, published in June 2026 ^[1]; rents come from rental listings in September 2026, after room rentals, duplicates and unrealistic prices were removed ^[2].

Asking prices are not transaction prices. A listing states what the seller hopes to get, not the price in the signed contract. The gap can be significant. In the first half of 2026, one agency network recorded an average achieved price for brick-built flats of HUF 1.66 million per m² in district V, 1.74 million in district I and 1.63 million in district XIII ^[9], while the listing medians were 1.99, 1.90 and 1.68 million HUF per m² ^[1]. The methods differ (average of completed sales on one side, median of all listings on the other), but the order of magnitude shows that a yield calculated on an asking price understates the yield on the price actually paid when negotiation brings the price down.

Likewise, an asking rent is not the rent collected: the final lease may be lower, and the KSH–ingatlan.com rent index also measures advertised rents only ^[10].

How the gross yield is calculated

Gross yield relates annual rent to the purchase price, before any costs or tax:

Gross yield = (monthly rent per m² × 12) ÷ price per m²

Working per m² avoids comparing a small studio for rent with a large flat for sale. Example for district VIII (Józsefváros): HUF 5,895 per m² × 12 = HUF 70,740 per m² per year; 70,740 ÷ 1,328,081 = 5.3% ^[1][2].

For a specific property, the same formula applies to actual amounts: expected monthly rent × 12, divided by the total price. A 50 m² flat bought for HUF 70 million and let at HUF 280,000 per month gives 3,360,000 ÷ 70,000,000 = 4.8% gross (an arithmetic example, not market data).

Two caveats: the rent per m² in the table is an average, while the price per m² is a median; and flats offered for rent are often smaller than flats offered for sale, and small flats let for more per m². The calculated yield may therefore be slightly overstated for a large flat.

Reading the districts

Rents per m² vary little between central districts (from HUF 5,343 in XIV to HUF 6,175 in I), while prices per m² vary much more (from HUF 1.33 million in VIII to 1.99 million in V) ^[1][2]. The purchase price therefore drives most of the yield:

• the most expensive districts (V, I, XII) show the lowest gross yields, around 3.6 to 4.0%;
• II, XIII and XI are around 4.1 to 4.3%;
• VI, VII, XIV, IX and III are between 4.5 and 4.8%;
• VIII is highest among the districts in the table at 5.3%.

Figures from another source point the same way. In early October 2026, ingatlan.com put the median asking price at HUF 1.99 million per m² in V, 1.87 million in I and 1.75 million in XII, down about 2% year on year in V and XII ^[3]. For rents, ingatlan.com reported medians in early May 2026 of HUF 280,000 per month in VI, 270,000 in XI, 260,000 in XIII, 250,000 in VIII and III, 249,000 in IX and 242,500 in VII ^[5], and in early October 2026 of HUF 350,000 in II and V ^[4]. These medians are often lower than those in the table (HUF 299,000 in XIII, for example): the exact level depends on the listings database used.

City-wide, the MNB estimated the rental yield at 4.4% in September 2025, for a 60 m² flat ^[6], and noted in May 2026 that investors had become more cautious because of low yields and growing overvaluation ^[7].

From gross to net yield

Net yield deducts all owner-borne costs from annual rent and divides the result by the total acquisition cost (price + purchase costs + any renovation):

Net yield = (annual rent collected − annual costs) ÷ total acquisition cost

Usual items that bring gross down to net:

1. Vacancy: weeks without a tenant between leases, and unpaid rent.
2. közös költség (common charges): when they are not passed on to the tenant.
3. Maintenance and repairs: refreshing the flat between tenants, replacing appliances and furniture.
4. Management: agency fees for finding a tenant or day-to-day management.
5. Insurance of the flat.
6. Local taxes: some districts levy a building tax (építményadó (local building tax)); the rate and exemptions depend on the district.
7. Tax on rental income: the regime depends on the owner's status (individual or company, resident or not); the applicable rate should be confirmed with a tax adviser.
8. Purchase costs: transfer duty, lawyer and any renovation raise the denominator and therefore lower the yield.

An order of magnitude published by ingatlan.com in June 2026: about 4.5% gross corresponds to about 3% net ^[8]. This is indicative; the actual net yield depends on each property and each tax situation.

Limits of the data and what to check

• Sample sizes: some districts rest on 63 to 79 rental listings (I, XII, XIV); a handful of large flats can move the average ^[2].
• Different dates: prices from June 2026, rents from September 2026. Budapest moved little between the two (asking prices +2% year on year in early October ^[3], median rent unchanged year on year ^[4]), but the gap exists.
• District average: within one district, the spread between streets, floors, condition and orientation is often wider than between two districts.
• Short-term letting: the table covers long-term letting. Local rules on short-term letting differ by district and must be checked before any such calculation.

For a specific flat: collect 5 to 10 comparable rental listings (same street or neighbourhood, similar size and condition), ask the seller for the common charges and the local tax, and redo the gross and net calculation using the negotiated price rather than the asking price.

Frequently asked questions