Germany rental yields in 2026: the published figures, and the rules that cap them.
// Short answer
Global Property Guide puts Germany's average gross rental yield at 3.35% in Q3 2026, with Berlin at 4.06%, Munich at 2.77% and Frankfurt at 3.06%. Those are gross figures from asking prices and asking rents. Two rules shape what an owner can charge: the rent brake on new leases, and tight holiday-let rules in Berlin and Munich.
Rules and rates as of September 2026. Transfer tax is set by each state and property tax by each municipality, so check your state and city. Every figure links to its source.
On this page
What is the average rental yield in Germany?
Global Property Guide puts Germany's average gross rental yield at 3.35% in Q3 2026, down from 3.42% in Q1 2026. The figures are gross, built from asking prices and asking rents, so they are before every cost an owner pays. They are that source's figures, not a Brinkman Data calculation.
A city average also depends on which listings are in the sample, so quote it only with the source and the quarter.
What are rental yields in Berlin, Munich and Frankfurt?
Per Global Property Guide's Q3 2026 data, average gross rental yields are 4.06% in Berlin, 2.77% in Munich and 3.06% in Frankfurt am Main. Leipzig shows 4.11%, Stuttgart 4.29% and Hamburg 1.99%. All are gross figures from asking prices and asking rents.
| City (Global Property Guide, Q3 2026) | Average gross yield |
|---|---|
| Stuttgart | 4.29% |
| Leipzig | 4.11% |
| Berlin | 4.06% |
| Düsseldorf | 3.44% |
| Cologne | 3.09% |
| Frankfurt am Main | 3.06% |
| Munich | 2.77% |
| Hamburg | 1.99% |
| Germany average | 3.35% |
Inside a city, the spread between unit sizes and districts is wide, which is why the building and the unit matter more than the city line.
What comes off a gross rental yield in Germany?
The Hausgeld, the owners' service charge, is the big recurring cost: operating costs, the maintenance reserve and management. Operating costs, including the Grundsteuer, can be recharged to tenants; the reserve and management fees cannot. Then income tax, which a non-resident pays at progressive rates without the tax-free allowance.
- Hausgeld: typically about EUR 2.50 to 4.50 per m² per month in total.
- Grundsteuer: may be passed to residential tenants as an operating cost (§ 2 No. 1 BetrKV).
- Tax on rent: 14% to 45% progressive, no withholding, annual return. Detail: Germany property tax for foreigners.
How does the German rent brake limit rent?
In areas a state ordinance designates as tight housing markets, the rent at the start of a new residential lease may not exceed the local comparative rent by more than 10% (§ 556d BGB). Designating ordinances must expire by 31 December 2029 at the latest. New builds first let after 1 October 2014 are exempt.
The first letting after comprehensive modernisation is exempt too (§ 556f BGB). Whether a particular city or district is designated depends on the current state ordinance; check it for the exact address before you model the rent.
Sources
Can a foreign owner run a Berlin flat as a holiday rental?
Only with a permit from the district office, and for a secondary residence a permit is normally granted for up to 90 days of holiday letting a year. No permit is granted if the applicant already has a main or another secondary residence in Berlin. Every listing must show a registration number.
Berlin amended its law on 31 March 2026 to align with the EU short-term rental regulation; from 20 May 2026 platforms must regularly send host data to the authorities through a single digital system. Fines for misuse reach up to EUR 500,000.
Sources
What are the holiday-let rules in Munich?
You may let your own main home as a holiday rental for up to 8 weeks per calendar year without a permit. Turning a flat into a permanent holiday rental needs a permit and is generally refused, and fines reach up to EUR 500,000 per violation. A registration-number system was being prepared.
Put the Berlin and Munich rules together and the conclusion is plain: a non-resident's investment flat in either city cannot be run as a full-time short-term rental. Model it as a long-term let, under the rent brake where it applies.
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See the $499 report, page by pageFrequently Asked Questions
What is the average rental yield in Germany in 2026?
Which German city has the highest rental yield?
Can I Airbnb my flat in Berlin?
Does the rent brake apply to new buildings?
Header photo: 2197494, CC0, via Wikimedia Commons. All credits: image credits.