Rental yield is the number every homeowner eventually asks about, but it’s also the number most commonly misquoted because different research houses calculate it differently. Here’s what the actual data says as of 2025–2026.

The headline figure

Galt & Taggart, one of the most closely watched research houses covering the Tbilisi residential market, put the gross rental yield for a standard 50–60 sqm new-build apartment at 8.5–8.6% between December 2025 and April 2026. That places Tbilisi third in the wider region for rental income, behind only Ankara (9.6%) and Astana (8.8%), and ahead of Tashkent, Yerevan, Baku, and every major Baltic and Eastern European capital tracked in the same comparison.

Why the numbers sometimes look different

Global Property Guide, which uses a different methodology, comparing median asking rents to median purchase prices across 1-, 2-, and 3-bedroom units on a leading local listings platform arrived at a lower figure of roughly 7.4–7.9% for Q1 2026, down slightly from 7.9% in Q3 2025. Both figures are directionally consistent; the gap simply reflects different sample sizes, property types, and calculation windows. Neither is “wrong” they’re measuring slightly different slices of the market.

What’s driving the yield

Rents have stayed relatively flat in the $9.8–10.1 per sqm range since 2024 while sale prices have continued a slower, single-digit climb. TBC Capital’s research points to 2026 property price growth of around 3.2%, a more moderate pace than the double-digit years of 2022–2023. When prices grow faster than rents, yield compresses; when they grow at similar or slower rates, yield holds. Right now, Tbilisi sits in a healthy middle zone.

How yield varies within the city

Yield is not uniform across Tbilisi. Central, high-demand districts like Vake and Saburtalo tend to post more moderate single-digit yields (often 5.5–6% per unit-level analysis) because purchase prices are high relative to rent, while more affordable outer districts can show higher headline yields  though often with more vacancy risk and a smaller renter pool willing to pay top dollar.

The takeaway for owners

An 8–9% gross yield citywide is a realistic and defensible benchmark to use when evaluating your own property, but treat it as a starting point, not a promise. Your actual return depends on your district, your purchase price, how quickly you find tenants, and how much of that gross figure survives management fees, taxes, and vacancy which is really the more useful question (see our companion piece on net yield after expenses).

Data referenced: Galt & Taggart Tbilisi Residential Real Estate Monthly Market Watch (Dec 2025–Apr 2026); Global Property Guide rental yield analysis (Q3 2025–Q1 2026); TBC Capital 2026 market forecast.