Rental Yield Bruto e Líquido

Gross and net rental yield

There are two formulas here: gross yield = annual rent / property price and net yield = (annual rent − costs) / property price. The net version strips out IPTU (property tax), condo fees, maintenance running around 5%–10% of the rent, the broker commission on the initial leasing, and income tax on rental income (a 15%–27.5% progressive bracket in Brazil). Take R$ 2,000 monthly rent on a R$ 350,000 apartment: that is a 6.86% gross yield. Subtract R$ 4,500 of annual costs and the net falls to 5.57%.

For Brazilian residential the usual range is gross 5%–7% and net 3%–5%. Don't forget expected vacancy: 1–2 months a year in residential, often more in commercial. And put it next to Tesouro IPCA+. If the bond pays IPCA+6% net and your property nets 4% before vacancy even kicks in, being a landlord is costing you a hefty convenience premium.

Common applications

Buy-and-hold real estate investors lean on it to screen deals, sellers use comparable yields to price what they're selling, and plenty of people set it side by side with FIIs. FIIs usually come out ahead on liquidity (they trade on B3), diversification, professional management and IR exemption on dividends. Owning the property directly wins where leverage (a mortgage), use value and the absence of counterparty risk matter more.

FAQ

Which yield should I trust? The net one, every time. Gross yield buries the operating drag and, in residential, can flatter your return by 30%–50%.

Does the carnê-leão tax really apply? Yes. For individuals, monthly rental income falls under the 15%–27.5% progressive bracket through carnê-leão. Some readings let you deduct broker commission and condo fees, so check the latest IN RFB or ask your accountant.

Why not just buy a FII? Plenty of investors do exactly that. FIIs come with income tax exemption on dividends (under the current 2026 rules), monthly distributions, B3 liquidity and tickets that start at R$ 10. Owning the property directly still makes sense when you're after leverage (real-estate financing rates can sit below stock-market returns) or use value.