Bucharest Tops Romania's Rental Yields at 6.2%, Cluj Trails at 3.9%

Why Bucharest Leads Romania's Rental-Yield Rankings at 6.2%

Buy-to-let investors in Romania are getting the best raw returns in Bucharest, where a typical two-room apartment generated a gross annual yield of 6.2% in June 2026, according to real estate platform Storia. For an average price of €2,201 per square metre, a 52-square-metre flat — the minimum two-room size under Law 114 of October 1996 — costs almost €114,500 in the capital. With average monthly rent at €593, Bucharest beats all eight other cities measured in the analysis.

Cluj-Napoca sits at the opposite end. Its average two-room apartment is priced at about €3,300 per square metre — 50% more than Bucharest — putting the typical flat above €171,500. Even though rents there average €560 per month, the second highest in the country, the gross yield falls to 3.9%.

Behind the headline numbers, ownership costs are almost identical everywhere. Landlords pay 10% income tax on rent after a fixed 20% expense allowance; in Bucharest that equals about €47 a month. They also owe annual CASS health contributions of RON2,430, property tax of roughly RON400 and mandatory home insurance of RON130. Deducting those, a Bucharest owner keeps about €499 in net monthly rent. Storia's calculations assume the apartment is rented continuously and exclude maintenance costs.

All nine cities saw gross yields fall from June 2025 to June 2026, as apartment prices rose 6–11% while rents mostly stagnated. Constanța recorded the steepest drop, from 6.0% to 5.4%; Timișoara was the most resilient, slipping only 0.1 percentage point to 5.0%.

What Drives the 6.2% Bucharest Yield — and Where It Is Falling

Why Bucharest Leaves the Other Cities Behind

Bucharest pairs the highest average rent in the country — €593 per month — with purchase prices well below Cluj-Napoca's. At €2,201 per square metre, the capital's average is 50% lower than Cluj's €3,300, while the typical two-room price ranges from about €99,500 in Oradea to more than €171,500 in Cluj. That combination of high rent and comparatively low entry price is the mechanical reason for Bucharest's 6.2% gross yield. Storia's Cătălina Ciorei also attributes the capital's lead to strong demand from students and multinational employees, which shortens the time apartments sit empty.

The Tax Bill Is Almost the Same Everywhere

The tax burden does not change the ranking. A landlord's annual fixed obligations — CASS of RON2,430, property tax of roughly RON400 and mandatory insurance of RON130 — add up to about €47 per month in every city. Combined with the 10% rental income tax, these costs reduce Bucharest's gross €593 rent to €499 net. In Cluj-Napoca, taxes of about €92 per month leave €468 net, which is why a lower gross yield can still produce the second-highest net rent in the country.

Rising Prices Are Compressing Yields

From June 2025 to June 2026, average two-room prices rose between 6% (Brașov, Cluj-Napoca) and 11% (Constanța), while rents increased in only three cities — Bucharest +1.7%, Craiova +5% and Timișoara +6% — fell in Cluj-Napoca by 3%, and stagnated elsewhere. That divergence explains why every city in the report now shows a lower gross yield than a year ago. Storia argues the decline may be temporary and that low tax costs plus steady demand in university centres support long-term stability, but at current asking prices the arithmetic is less favourable for new buyers than it was in 2025.

The Short-Term Let Alternative

AirDNA data cited in the report point to another route to income. Bucharest has about 9,000 short-term listings earning an average €687 per month, above the €593 long-term rent. Cluj-Napoca's roughly 2,300 short-term listings average €514 — below the €560 long-term rent. These are gross revenue estimates before occupancy, cleaning, management and platform fees, so they illustrate potential revenue shifts rather than direct profit comparisons between strategies.

What Buy-to-Let Investors Should Price In Before Choosing a City

• Compare net, not just gross, yield in each city. A €114,500 two-room flat in Bucharest renting for €593 a month returns 6.2% gross, but after the 10% income tax and about €47 per month in CASS, property tax and insurance, net rent falls to about €499.
• Model the Romanian tax formula before buying: the state automatically deducts 20% of rental income as a flat expense allowance, and the 10% tax applies to what remains — €47 per month on a €593 Bucharest rent.
• Check price vs rent momentum, because yields are compressing. Between June 2025 and June 2026 apartment prices rose 6–11% in all nine cities while rents rose in only Bucharest, Craiova and Timișoara, and fell in Cluj-Napoca.
• Treat Cluj-Napoca's 3.9% gross yield as a signal of higher entry cost: at €3,300 per square metre and €560 average rent, the same-outlay case is weaker unless capital appreciation is the main goal.
• Consider short-term letting only with full cost assumptions. AirDNA shows average monthly revenue of €687 in Bucharest and €514 in Cluj-Napoca, but those figures exclude occupancy, maintenance, management and platform fees.