Gross rental yield is the number most often quoted, and it is the number most likely to mislead. Annual service charges, levied per square foot and varying widely by building and community, sit between gross and net return.

Two units with the same headline yield can deliver materially different net income once service charges, maintenance and void assumptions are applied. Premium towers with extensive amenities carry higher charges; simpler buildings carry less.

Before we describe a purchase as a yield play, we build the net picture: gross rent, less service charges, less realistic voids and management. It is a less exciting number, and it is the one that matters.

Indicative commentary, not investment advice.