What rental yield does an apartment in Almaty give in 2026?

Average gross yield from long-term rentals in Almaty in 2026 is about 5–9% a year, depending on the source and the type of apartment. After vacancies, tax, repairs and building fees, you're left with roughly 6% or less. Small apartments pay for themselves faster than large ones, and premium units earn the least per tenge invested.

In short

Gross rental yield in Almaty per Global Property Guide, Q1 2026: 8.99% on average, studios 9.92%, three-bedroom apartments in Medeu district about 6.37%
An expert quoted by zakon.kz (April 2026) puts gross yield in Almaty at 5–7%, with a payback of 13–15 years
A zakon.kz calculation based on Bureau of National Statistics data: net yield in Almaty of 6–8% a year
The National Bank base rate has been 16.25% since 4 September 2026, so tenge deposits remain strong competition for rentals
Residential rents in Kazakhstan rose 14.2% year on year in July 2026, against 10.2% inflation (Halyk Finance)
A resident individual pays 10% income tax on rental income; a sole proprietor on the simplified regime in Almaty pays 3% in 2026

How much does a rental apartment in Almaty really earn?

The short answer: if you buy at market price and rent long term, expect 5–6% net a year. The 9–10% figures you see in listings and chats are almost always gross, meaning before expenses.

I rent out four apartments myself, the ones I earned from flipping. In my experience the biggest losses come from empty months between tenants and repairs after they leave, more than from tax. Those lines are usually missing from the nice-looking calculations.

Sources give different figures, and that's normal. Global Property Guide uses asking prices and gets an average gross yield of 8.99% for the city. The expert zakon.kz cited in April 2026 says 5–7% with a payback of 13–15 years. Much of the gap comes down to which apartments and prices end up in the sample.

Gross vs net rental yield: what's the difference?

Gross yield is annual rent divided by the purchase price. Net yield is the same, but you first subtract all expenses from the rent and add renovation, furniture and paperwork to the purchase price.

In Almaty the gap between them is usually 2–3 percentage points. So you can't compare an apartment with a deposit using the gross figure: compare the deposit with what actually lands in your account.

What to subtract from the rent

Vacancy: budget honestly for one month a year without a tenant on a long-term rental
Tax: 10% income tax on rental income for a resident individual, or 3% on the simplified regime for a sole proprietor in Almaty
OSI fees (the building's owners' association), maintenance and major repairs fund, if the tenant doesn't pay them
Minor repairs and replacing appliances between tenants
Property tax: based on assessed value, not market value, and due by 1 October
Apartment insurance, if you take it out (and you should)

Worked example: rental yield on an Almaty apartment

Below is a hypothetical example, not data from a specific property. The figures are close to the market in autumn 2026 to show the orders of magnitude.

A two-room resale apartment, 60 m², Bostandyk district. Price 52 million ₸, plus 3 million ₸ on cosmetic repairs and furniture, so 55 million ₸ invested in total. It rents for 380,000 ₸ a month.

Gross yield: 380,000 × 12 = 4.56 million ₸, which is 8.8% of the purchase price. Looks good, but that isn't money in your pocket yet.

One month vacant: minus 380,000 ₸, leaving 4.18 million ₸
10% income tax: minus 418,000 ₸, leaving 3.76 million ₸
OSI and maintenance, say 15,000 ₸ a month: minus 180,000 ₸
Repairs and wear between tenants, say one month's rent: minus 380,000 ₸
Insurance and property tax, roughly: minus 80,000 ₸
Net total about 3.12 million ₸ a year, which is 5.7% on the 55 million ₸ invested

What the example shows

Out of 8.8% gross, less than 6% is left. If the apartment sits empty for two months instead of one, the result drops closer to 5%. If you find a tenant for two years and don't have to replace appliances, you can reach 6.5%.

That's how I'd calculate my own apartment, line by line, not with "monthly rent times 12".

Which Almaty districts give the best rental yield?

The rule is simple: the more expensive the square metre, the lower the yield in percentage terms. Rents rise more slowly than purchase prices.

According to Global Property Guide (Q1 2026), studios give 9.92% gross, one-bedroom apartments 9.68%, two-bedroom 8.13%. Three-bedroom apartments in Medeu district give about 6.37%. According to zakon.kz, a one-bedroom in the centre rents for 365,000 ₸ on average and on the outskirts for 239,000 ₸, but their prices differ too.

Mass market and comfort class

Small apartments near metro stations, universities and business centres rent out fastest. There are more tenants and shorter vacancies. Percentages are highest here, but so is wear and tear.

Business class and premium

Samal, upper Dostyk, Golden Square: an expensive entry ticket and rents that are noticeably below the city average in percentage terms. People buy these apartments to preserve capital and for price growth, not for rental income. There is demand from expats and senior managers, but it's narrow, and you can wait months for the right tenant.

Short-term or long-term rental: which pays more in Almaty?

Short-term (daily) rental in Almaty can bring in 1.5–2 times more, but it takes daily work. In a calculation cited by digitalbusiness.kz, a daily-rental apartment empty 5 days a month gives 12.4–14.3% a year, and 9.9–11.4% if empty 10 days. For comparison, monthly rental in the same calculation gave 7–8%.

Rates depend heavily on the district. In spring 2026, one-bedroom apartments in Bostandyk district went for roughly 9,000–35,000 ₸ a night, and up to 60,000 ₸ in Medeu.

What sellers of "apartments for daily rental" don't mention

Cleaning, linen, keys and messaging guests every day: either your time or a noticeable share of revenue to a management company
Seasonality: in December and early January prices nearly double, then fall
OSI and KSK (housing cooperative) rules: many premium complexes restrict daily rentals
Foreign guests have to be registered through the migration portal
As of October 2026 there's no outright ban on daily rentals in Kazakhstan, but members of parliament have proposed one

Rental apartment or deposit: which pays more in 2026?

If you look only at rental income, a tenge deposit wins. The National Bank base rate has been 16.25% since 4 September 2026, and deposit rates usually sit close to it. A net 5–6% from rent loses to that.

An apartment makes up for it through price growth and protection against devaluation. According to the Bureau of National Statistics, new housing in Almaty rose 16.5% year on year in September 2026, and resale prices grew 25.4% in 2025. But past growth doesn't promise future growth, and you can't sell an apartment in a week the way you close a deposit.

My view: a rental apartment makes sense if you hold it for 5 years or more, buy below market and value having an asset that isn't tied only to the tenge. If you might need the money within a year, a deposit is the more honest choice.

Mistakes investors make with rental property in Almaty

Calculating yield from the gross figure and forgetting about vacancies, taxes and repairs
Buying a large premium apartment to rent out: lower percentage, longer search for a tenant
Buying a new build with shell-and-core finish and not allowing six months for renovation and finding a tenant
Trusting a "guaranteed yield" from a developer or management company without a contract and due diligence
Not paying tax on rental income: form 270.00 is filed by 15 September of the following year
Not checking the building's seismic resistance and year of construction: older buildings are harder to insure and sell
Buying for daily rental in a complex where the OSI bans it

This is general information. Legal and tax details depend on your status, so before any deal I confirm them with a notary and a lawyer.

I'll calculate the yield on your apartment

Send me the address, floor area and price. I'll split the rent into gross and net, compare it with a deposit and tell you whether it's worth buying or holding.

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Questions and answers

What is the average rental yield in Almaty in 2026?

Gross yield is 5–9% a year depending on the source: Global Property Guide gives 8.99% on average, experts quoted by zakon.kz say 5–7%. Net of expenses, about 5–6% is usually left. Studios and one-bedrooms give more, large apartments in Medeu district less.

Is buying an apartment to rent out in Kazakhstan better than a bank deposit?

On rental income alone, the deposit wins: the base rate has been 16.25% since September 2026, while net rent is about 5–6%. The apartment comes out ahead if prices rise and you hold it for many years. For money you may need soon, a deposit is more reliable.

How much can you earn from short-term rentals in Almaty?

According to a digitalbusiness.kz calculation, 12.4–14.3% a year if empty 5 days a month, and 9.9–11.4% if empty 10 days. Cleaning, management and taxes come out of that. Before buying, check whether the building's OSI bans daily rentals.

What tax do you pay on rental income in Kazakhstan?

A resident individual pays 10% income tax on rental income and files form 270.00. A sole proprietor on the simplified declaration in Almaty pays 3% in 2026. There's a self-employed regime since 2026, but it isn't open to foreigners. For non-residents the rules are unclear, so check with a tax adviser.

What kind of apartment is best to buy for renting out in Almaty?

A small one- or two-room apartment near the metro, universities or business districts. These have the highest percentage yield and short vacancies. Premium is usually bought to preserve capital.

How many years does it take for a rental apartment in Almaty to pay for itself?

An expert quoted by zakon.kz says 13–15 years based on gross yield. With all expenses included it takes longer: the example on this page comes out at about 18 years if prices don't rise. Price growth shortens this, but it can't be guaranteed.

Why do different websites give different rental yields for Almaty?

Some calculate gross yield, others net. The samples also differ: asking prices or transaction prices, studios or large apartments, the whole city or specific districts. Only compare figures calculated the same way.