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Surabaya is Indonesia's second-largest city and a major commercial hub in East Java, making it an attractive destination for property investors looking for solid rental returns.
Unlike tourist-driven markets like Bali, Surabaya's rental demand comes from universities, hospitals, corporate tenants, and the city's growing professional population.
We constantly update this blog post to give you the freshest data on rental yields, rents, and costs for apartments in Surabaya.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Surabaya.
What rental yields can I realistically get from an apartment in Surabaya?
What's the average gross rental yield for apartments in Surabaya as of 2026?
As of early 2026, the average gross rental yield for apartments in Surabaya sits at around 6.5% to 7%, which is significantly higher than what you would get in Jakarta where yields average only about 4%.
Most apartment investments in Surabaya fall within a realistic gross yield range of 6% to 8%, though you can push above 8% if you buy smartly in high-demand locations near universities or job clusters.
The biggest factor that causes yields to vary in Surabaya is whether your apartment sits near one of the city's major demand nodes like ITS university in Sukolilo, Airlangga University, or the corporate offices along the Mayjen Sungkono corridor, because tenants in these areas will pay premium rents while property prices remain more accessible than in lifestyle-focused superblocks.
Compared to Jakarta, Surabaya offers roughly 60% to 70% higher gross rental yields, which makes it one of the best-performing major Indonesian cities for rental income, though it still trails behind Bali's short-term rental yields in prime tourist areas.
What's the average net rental yield for apartments in Surabaya as of 2026?
As of early 2026, the average net rental yield for apartments in Surabaya lands at around 4.5% to 5%, which is what most landlords actually take home after paying taxes, management fees, and covering vacancy periods.
Most apartment investors in Surabaya can realistically expect net yields between 4% and 5.5%, depending on how efficiently they manage their property and how much vacancy they experience during tenant turnover.
The single biggest expense that reduces gross to net yield in Surabaya is the 10% final income tax on rental income that Indonesia's tax authority (DJP) requires landlords to pay on gross rent, which immediately takes a meaningful chunk out of your returns before you even account for management or repairs.
By the way, you will find much more detailed data in our property pack covering the real estate market in Surabaya.
What's the typical rent-to-price ratio for apartments in Surabaya in 2026?
As of early 2026, the typical rent-to-price ratio for apartments in Surabaya is around 0.5% to 0.55% per month, which means for every IDR 100 million you spend on an apartment, you can expect roughly IDR 500,000 to 550,000 in monthly rent.
Most apartment transactions in Surabaya show rent-to-price ratios ranging from 0.45% to 0.65% per month, with the lower end reflecting premium lifestyle towers and the higher end found in older or more student-focused buildings.
The highest rent-to-price ratios in Surabaya tend to appear in neighborhoods like Sukolilo and Mulyorejo near ITS and Airlangga universities, as well as in secondary towers in Wiyung and Dukuh Pakis where purchase prices have not caught up to the strong rental demand from young professionals.
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How much rent can I charge for an apartment in Surabaya?
What's the typical tenant budget range for apartments in Surabaya right now?
The typical tenant budget for renting an apartment in Surabaya ranges from IDR 2 million to 5 million per month (about USD 125 to 310 or EUR 115 to 285), which covers most young professionals, couples, and small families looking for decent accommodation.
For tenants targeting mid-range apartments in Surabaya with good furnishing and amenities, budgets typically fall between IDR 4 million to 7 million per month (roughly USD 250 to 440 or EUR 230 to 400), which gets you a well-located unit in a reputable building.
Tenants seeking high-end or luxury apartments in Surabaya, such as units in Pakuwon City or premium towers near Tunjungan Plaza, should expect to pay IDR 9 million to 15 million per month (around USD 560 to 940 or EUR 515 to 860), though demand at this level is thinner and more price-sensitive.
We have a blog article where we update the latest data about rents in Surabaya here.
What's the average monthly rent for a 1-bed apartment in Surabaya as of 2026?
As of early 2026, the average monthly rent for a 1-bed apartment in Surabaya is around IDR 3.3 million (approximately USD 205 or EUR 190), though this varies depending on location and building quality.
Entry-level 1-bed apartments in Surabaya rent for IDR 2 million to 2.8 million per month (USD 125 to 175 or EUR 115 to 160), and these are typically older units in buildings like Puncak Permai or basic furnished studios near the city's eastern industrial areas.
Mid-range 1-bed apartments rent for IDR 3 million to 4 million per month (USD 190 to 250 or EUR 170 to 230), which gets you a newer unit with proper furnishing, air conditioning, and amenities in buildings like Puncak Dharmahusada or Waterplace.
High-end 1-bed apartments in Surabaya command IDR 5 million to 7 million per month (USD 310 to 440 or EUR 285 to 400), and these are typically in premium towers like Ciputra World, Sheraton Condo at Tunjungan Plaza, or the best units in Pakuwon City with full facilities and city views.
What's the average monthly rent for a 2-bed apartment in Surabaya as of 2026?
As of early 2026, the average monthly rent for a 2-bed apartment in Surabaya is around IDR 5 million (approximately USD 310 or EUR 285), making it a popular choice for small families and professionals who need extra space.
Entry-level 2-bed apartments in Surabaya rent for IDR 3.5 million to 4.5 million per month (USD 220 to 280 or EUR 200 to 260), which typically means an older building or a less central location in areas like Rungkut or outer Gubeng.
Mid-range 2-bed apartments rent for IDR 4.5 million to 6 million per month (USD 280 to 375 or EUR 260 to 345), and these are usually well-furnished units in popular buildings like Waterplace Tower, Benson Supermall Mansion, or Puncak Dharmahusada with two bedrooms and decent amenities.
High-end 2-bed apartments in Surabaya command IDR 7 million to 10 million per month (USD 440 to 625 or EUR 400 to 570), and you will find these in premium developments like Graha Golf, Ciputra World Tower, or the best towers in the Pakuwon City complex.
What's the average monthly rent for a 3-bed apartment in Surabaya as of 2026?
As of early 2026, the average monthly rent for a 3-bed apartment in Surabaya is around IDR 8.5 million (approximately USD 530 or EUR 485), though demand for these larger units is more limited compared to smaller apartments.
Entry-level 3-bed apartments in Surabaya rent for IDR 6 million to 7.5 million per month (USD 375 to 470 or EUR 345 to 430), and these are typically in older buildings or suburban locations where families can get more space for less money.
Mid-range 3-bed apartments rent for IDR 8 million to 10 million per month (USD 500 to 625 or EUR 460 to 570), which gets you a spacious family unit in a decent building in West Surabaya areas like Wiyung or Sambikerep with proper facilities and parking.
High-end 3-bed apartments in Surabaya command IDR 12 million to 18 million per month (USD 750 to 1,125 or EUR 685 to 1,030), and these are found in luxury developments like Sheraton Condo, Graha Golf towers, or premium units in Citraland and Pakuwon City that cater to expats and high-income families.
How fast do well-priced apartments get rented in Surabaya?
A well-priced apartment in Surabaya typically gets rented within 2 to 4 weeks, though studios and 1-beds near universities or job clusters can find tenants in as little as 1 to 2 weeks if the price is competitive.
Vacancy rates for apartments in Surabaya generally hover around 8% to 15% depending on the building and location, which translates to roughly 1 month of vacancy per year when you factor in tenant turnover and marketing time.
The main factors that make some apartments rent faster in Surabaya are proximity to ITS or Airlangga university campuses, walkability to major malls like Pakuwon Mall or Tunjungan Plaza, and whether the unit comes fully furnished with essentials like air conditioning, a water heater, and reliable internet, because Surabaya tenants are practical and will pay more for convenience.
And if you want to know what should be the right price, check our latest update on how much an apartment should cost in Surabaya.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Indonesia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
Which apartment type gives the best yield in Surabaya?
Which is better for yield between studios, 1-bed, 2-bed and 3-bed apartments in Surabaya as of 2026?
As of early 2026, studios and 1-bed apartments typically offer the best rental yield in Surabaya, often delivering 7.5% to 9% gross for studios and 6.5% to 8% gross for 1-beds, compared to larger units that yield less.
Here is how gross rental yields typically break down by apartment type in Surabaya: studios often achieve 7.5% to 9%, 1-beds land around 6.5% to 8%, 2-beds range from 6% to 7.5%, and 3-beds usually deliver 5.5% to 7%.
The main reason smaller units outperform in Surabaya is the city's large population of university students from ITS, Airlangga, and UNAIR, plus young professionals working in the industrial and corporate sectors, who prefer affordable small units over family-sized apartments, keeping demand high while purchase prices for studios remain accessible.
Which features are best if you want a good yield for your apartment in Surabaya?
The features that most positively impact rental yield in Surabaya are location convenience near major universities like ITS or Airlangga, proximity to corporate corridors along Mayjen Sungkono, and practical furnishing with essentials like air conditioning, a water heater, and a functional kitchen, because Surabaya tenants prioritize convenience over luxury.
Mid-floor apartments (floors 5 to 15) tend to be easiest to rent in Surabaya because they offer a balance of views without the premium pricing of top floors, and they avoid the noise and security concerns of lower floors in busy urban towers.
Balconies and outdoor space are nice to have in Surabaya, but they do not command significant rent premiums the way they might in Bali, because most Surabaya tenants are practical professionals who care more about air conditioning quality and internet speed than outdoor living.
Building features like elevators, 24-hour security, and parking do raise rents in Surabaya and are generally worth the higher service charges (called IPL), because the city's heat and traffic make these amenities essential rather than optional for most tenants.
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Which neighborhoods give the best rental demand for apartments in Surabaya?
Which neighborhoods have the highest rental demand for apartments in Surabaya as of 2026?
As of early 2026, the neighborhoods with the highest rental demand for apartments in Surabaya are West Surabaya (Wiyung, Dukuh Pakis, Sambikerep, and the Citraland and Pakuwon Indah corridor), the East and Northeast areas (Sukolilo, Mulyorejo, Manyar, and around Pakuwon City), and Central Surabaya (Gubeng, Tegalsari, and Genteng near Tunjungan Plaza).
The main demand driver in these neighborhoods is their proximity to Surabaya's core employment and education hubs, including the corporate offices along Mayjen Sungkono, the major hospitals like RS Siloam and Mitra Keluarga, and the university campuses of ITS and Airlangga that generate a constant stream of student and young professional tenants.
In these high-demand neighborhoods, well-priced apartments typically rent within 1 to 3 weeks, and vacancy rates tend to stay below 10% because tenant demand remains consistent year-round from Surabaya's working and student population.
One emerging neighborhood gaining rental demand momentum in Surabaya is Rungkut and Gunung Anyar in the southeast, where new developments and improving infrastructure are attracting tenants priced out of more established areas while still offering access to industrial job clusters.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Surabaya.
Which neighborhoods have the highest yields for apartments in Surabaya as of 2026?
As of early 2026, the neighborhoods with the highest rental yields for apartments in Surabaya are Sukolilo, Mulyorejo, and Manyar in the east (near ITS and hospitals), along with secondary locations in Wiyung and Dukuh Pakis in the west where older or less premium buildings offer lower purchase prices.
Gross rental yields in these top-yielding neighborhoods typically range from 7% to 9%, compared to the city-wide average of around 6.5% to 7%, because purchase prices have not inflated as much as in the flashy superblock developments.
The main reason these neighborhoods offer higher yields is that they serve the city's core tenant base of students, hospital workers, and young professionals who need affordable housing near their daily obligations, keeping rental demand steady while property prices remain more accessible than in lifestyle-focused areas like Pakuwon City or Citraland's premium towers.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Indonesia. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Should I do long-term rental or short-term rental in Surabaya?
Is short-term rental legal for apartments in Surabaya as of 2026?
As of early 2026, short-term rentals for apartments in Surabaya are generally legal, but they operate in a "legal with conditions" environment where your building's management rules often matter more than city regulations.
The main legal restrictions for short-term rentals in Surabaya include potential local hotel-style taxes (PBJT) that can apply to daily rentals, plus the requirement to comply with your building's strata management rules, which frequently prohibit or restrict Airbnb-style operations to avoid neighbor complaints and security issues.
There is no formal Airbnb licensing system in Surabaya like you might find in some Western cities, but if your building allows short stays, you may need to register your rental activity and collect the applicable local accommodation tax, which can be up to 10% depending on the regency.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Surabaya.
What's the gross yield difference short-term vs long-term in Surabaya in 2026?
As of early 2026, short-term rentals in Surabaya can generate roughly 30% to 50% higher gross revenue than long-term rentals, but the net profit difference is much smaller once you factor in higher operating costs and variable occupancy.
For a typical 1-bed apartment in Surabaya, long-term rental might deliver IDR 3.3 million per month (around 7% gross yield), while short-term rental could push gross revenue to IDR 5 million to 6 million per month equivalent if you achieve decent occupancy, but this requires active management and carries more risk.
The main additional costs that reduce short-term rental net yield in Surabaya include cleaning between guests (typically IDR 100,000 to 200,000 per turnover), higher utility bills, platform fees from Airbnb or similar services (around 3% to 15%), and either your own time or a management fee of 15% to 25% of revenue.
To outperform long-term rental returns in Surabaya, a short-term rental typically needs to maintain at least 50% to 60% occupancy at competitive nightly rates, which is achievable in well-located buildings but requires consistent marketing and guest management effort.
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What costs will eat into my net yield for an apartment in Surabaya?
What are building service charges as a % of rent in Surabaya as of 2026?
As of early 2026, the typical building service charge (called IPL in Indonesia) runs around IDR 15,000 to 25,000 per square meter per month, which for a 40 square meter apartment means roughly IDR 600,000 to 1,000,000 monthly (USD 38 to 63 or EUR 35 to 57), representing about 15% to 30% of rent if the landlord pays it.
The realistic range of building service charges in Surabaya covers about 10% to 30% of monthly rent depending on the building, with newer premium towers charging more and older buildings charging less, though many lease contracts pass IPL costs directly to the tenant.
Services that justify higher-than-average IPL charges in Surabaya include 24-hour security with CCTV, swimming pools, well-maintained lifts, backup generators (important during power fluctuations), and proper building management that keeps common areas clean, because tenants in Surabaya's hot climate highly value these reliability factors.
What annual maintenance budget should I assume for an apartment in Surabaya right now?
The typical annual maintenance budget for an apartment in Surabaya is around IDR 3 million to 6 million (USD 190 to 375 or EUR 170 to 345), which represents roughly 0.5% to 1% of the apartment's value per year for a standard unit.
This range can stretch from IDR 2 million per year for newer apartments with minimal wear to IDR 8 million or more for older units that need more frequent repairs, air conditioning servicing, or appliance replacements.
The most common maintenance expenses apartment owners face in Surabaya are air conditioning servicing and repairs (critical in the tropical heat), water heater maintenance, minor plumbing fixes due to hard water buildup, and periodic repainting or furniture refresh for furnished units, because these wear items directly affect tenant satisfaction and your ability to command good rents.
What property taxes should I expect for an apartment in Surabaya as of 2026?
As of early 2026, the typical annual property tax (called PBB or Pajak Bumi dan Bangunan) for an apartment in Surabaya ranges from IDR 500,000 to 2 million (USD 31 to 125 or EUR 29 to 115), which is relatively modest because it is based on the government-assessed value (NJOP) rather than market price.
The realistic range of property taxes in Surabaya varies from around 0.05% to 0.15% of the apartment's market value per year, making it one of the lower holding costs compared to countries like the US or Australia where annual property taxes can be much higher.
Property taxes in Surabaya are calculated based on the NJOP (government-assessed sales value), which is typically lower than actual market value, multiplied by a rate of up to 0.5% set by local regulations, with the final amount usually being a small fraction of what you might expect based on your purchase price.
There are no significant property tax exemptions for apartment owners in Surabaya specifically, though the low effective rates already make this a minor expense, and some properties below certain NJOP thresholds may pay even less.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Surabaya.
How much does landlord insurance cost for an apartment in Surabaya in 2026?
As of early 2026, the typical annual landlord insurance cost for an apartment in Surabaya is around IDR 900,000 to 1.8 million (USD 56 to 113 or EUR 51 to 103), which represents roughly 0.15% to 0.30% of the insured property value for basic coverage.
The realistic range of annual landlord insurance costs in Surabaya spans from about IDR 600,000 for basic fire coverage on a modest unit to IDR 3 million or more for comprehensive coverage including earthquake protection on a higher-value apartment, depending on your risk tolerance and insurer.
What's the typical property management fee for apartments in Surabaya as of 2026?
As of early 2026, the typical property management fee for apartments in Surabaya is around 6% to 10% of collected rent for long-term rentals, which translates to roughly IDR 200,000 to 400,000 per month (USD 13 to 25 or EUR 11 to 23) on a typical 1-bed apartment.
The realistic range of property management fees in Surabaya spans from about 6% for basic tenant finding and rent collection to 15% to 25% for full-service short-term rental management that includes guest communication, cleaning coordination, and platform management.
Services typically included in standard property management fees in Surabaya are tenant sourcing and screening, lease preparation, rent collection, basic maintenance coordination, and handling tenant inquiries, though repairs and major maintenance are usually charged separately.
We made this infographic to show you how property prices in Indonesia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Surabaya, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| Bank Indonesia (BI) | Indonesia's central bank publishes official property price indexes. | We used BI data to validate whether Surabaya price trends are normal or overheated. We treat it as the benchmark for any price growth claims. |
| Direktorat Jenderal Pajak (DJP) | Indonesia's official tax authority explains rental income tax rules. | We used DJP guidance to model the 10% final tax on rental income. We applied this rate when calculating net yields from gross yields. |
| Rumah123 | One of Indonesia's largest property portals with thousands of listings. | We used Rumah123 to identify current asking rents and rent band clustering. We treated it as primary market data for rental price ranges. |
| 99.co Indonesia | Major Indonesian portal that publishes average price rollups. | We used 99.co's stated average asking price as our main purchase price anchor. We also used their rent data to cross-check yield calculations. |
| Lamudi | Established property portal with many developer and agent listings. | We used Lamudi to confirm rent floor and ceiling prices. We also used it to verify that short-stay options exist in the Surabaya market. |
| Global Property Guide | Long-running aggregator that cites Bank Indonesia for city data. | We used it to contextualize Surabaya yields against other Indonesian cities. We treat BI as the underlying authority for any data they cite. |
| Colliers Indonesia | Top-tier global real estate consultancy with standardized research. | We used Colliers for market structure context like supply trends and demand shifts. We did not rely on them for precise rent numbers. |
| OJK (Financial Services Authority) | Indonesia's insurance regulator that oversees pricing frameworks. | We used OJK tariff guidance to anchor what normal property insurance pricing looks like. We cross-checked with industry summaries for practical rates. |
| BPS (Statistics Indonesia) | Official national statistics agency for Indonesia. | We used BPS accommodation data as a proxy for short-stay demand strength. We triangulated this with Surabaya's profile as a business and education city. |
| Savills Asia | Globally recognized real estate consultancy with regional research. | We used Savills as a reference for how institutions think about yields and cost stacks. We kept it secondary to Indonesia-specific data sources. |
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