Rental returns shrink further

Private landlords are facing weaker demand and tighter margins as competition from institutional rental firms grows and mortgage conditions improve. According to the National Bank of Poland, rental return on a fully cash-financed apartment in Q1 2025 was just 3.1%—down from 4% two years ago. Loans make the yield even less attractive.

"Yields are now below 10-year treasury bonds,” says Ewa Palus of…