A two-year look at Tbilisi’s rental market based on Galt & Taggart data
When investors ask, “Which area of Tbilisi is best for rental income?”, there is no single answer.
The right question is:
Where can I find the best combination of rental demand, achievable rent, property price, occupancy and long-term investment potential?
Data from Galt & Taggart’s Tbilisi Residential Real Estate reports during 2024–2025 provides an interesting picture.
Rental prices have stabilized
At the beginning of 2024, the average rent for a 50–60 sqm new apartment in Tbilisi was around $10.4 per sqm. By March and April 2024, it had moved to approximately $9.9 per sqm, following the correction from the exceptional rental levels seen in 2022–2023. (Galt & Taggart)
By November 2024, Galt & Taggart reported that the average rent had stabilized around $10 per sqm, while rental yields remained attractive at approximately 9%. (Galt & Taggart)
In January 2025, the average rent was approximately $9.7 per sqm, showing that the market had moved into a more normalized phase rather than continuing the extraordinary rental growth seen previously. (Galt & Taggart)
This is important for investors:
Tbilisi’s rental story is no longer simply about rapidly increasing rents. It is increasingly about choosing the right location and buying at the right price.
Which districts command the highest rents?
Galt & Taggart’s district-level data consistently shows that the highest rents are concentrated in the more central and premium districts.
In July 2025, average rents for 50–60 sqm new apartments were approximately:
District Average Rent / sqm
Vake $14.5
Mtatsminda $13.1
Chugureti $10.6
Krtsanisi $9.9
Isani $9.7
Saburtalo $9.5
Nadzaladevi $9.3
Didube $9.1
Gldani $8.6
Samgori $8.2
Didi Dighomi $8.0
Vashlijvari $7.9
(Galt & Taggart)
The same pattern was visible earlier in 2025. In January, Vake was around $14.6/sqm, Mtatsminda $12.0, Chugureti $11.4, while Saburtalo was around $9.5/sqm. (Galt & Taggart)
But the highest rent doesn’t necessarily mean the best investment.
This is where investors need to look deeper.
Vake may generate a higher monthly rent, but acquisition prices are also significantly higher.
For example, in July 2025 Galt & Taggart reported an average price of approximately $2,719/sqm in Vake, compared with around $2,006/sqm in Saburtalo and approximately $1,073/sqm in Samgori. (Galt & Taggart)
Therefore, an investor shouldn’t simply ask:
“Where is rent highest?”
The better question is:
“Where is the relationship between purchase price and rental income most attractive?”
Why Saburtalo deserves attention
Saburtalo is particularly interesting because it sits between the premium and mass-market segments.
It consistently records relatively strong rental levels while maintaining a substantially lower entry price than Vake.
In April 2025, for example, Galt & Taggart reported:
- Vake: $14.5/sqm rent
- Mtatsminda: $12.2/sqm
- Saburtalo: $9.3/sqm
- Samgori: $8.1/sqm
But the corresponding average prices were approximately:
- Vake: $2,544/sqm
- Mtatsminda: $2,900/sqm
- Saburtalo: $1,766/sqm
- Samgori: $1,070/sqm
(Galt & Taggart)
This illustrates an important investment principle:
The best rental investment is not necessarily where tenants pay the most. It can be where the purchase price remains reasonable relative to achievable rent.
What about the more affordable districts?
Areas such as Samgori, Didi Dighomi, Gldani and Vashlijvari offer significantly lower purchase prices.
In July 2025, average rents were approximately $8.0–$8.6/sqm, while average prices were around $1,000–$1,073/sqm. (Galt & Taggart)
These districts can therefore appeal to investors focused on:
lower entry cost + rental income + potential future appreciation.
However, investors should not evaluate them only on headline yield. Tenant profile, transportation, proximity to employment centers, quality of the building, apartment layout and future supply can materially affect occupancy and resale liquidity.
The bigger picture
Galt & Taggart’s 2024 data showed that rental yields in Tbilisi remained attractive compared with alternative investments, with approximately 9% rental yield in November 2024. (Galt & Taggart)
The firm’s 2025 overview also concluded that Tbilisi’s residential market finished 2025 with recovered demand and stabilized price growth. Looking ahead to 2026, Galt & Taggart expects demand to remain broadly in line with 2025, supported by urbanization, declining household size and attractive yields, while warning that increasing housing supply could limit price growth. (Galt & Taggart)
That leads to a more sophisticated conclusion:
The Tbilisi rental market is becoming a selection game.
It is no longer enough to buy an apartment anywhere in Tbilisi and expect the market to do the work.
Investors should evaluate:
Location → Purchase Price → Rent → Occupancy → Expenses → Yield → Resale Demand → Future Supply
The strongest opportunity may therefore be found not in the district with the highest rent, but in the district where rental demand and property pricing are best balanced.
And this is exactly why areas such as Saburtalo, Isani, Krtsanisi and selected emerging districts deserve to be analyzed alongside the traditional premium markets of Vake and Mtatsminda.
The question is no longer: “Where is the highest rent in Tbilisi?”
The better question is: “Where can my capital generate the best risk-adjusted rental return?”
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