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Santa Ana, Costa Rica offers some of the most attractive rental yields in Central America for property investors. Rental yields in Santa Ana currently average between 5-8% annually, with condos and apartments delivering the strongest returns for investors seeking steady income streams.
Property yields vary significantly by type and location, with 2-3 bedroom condos in prime areas consistently outperforming larger luxury homes. The Santa Ana real estate market has shown remarkable stability, attracting both international investors and local renters seeking quality housing options.
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Santa Ana rental yields range from 5-8% annually, with condos and apartments delivering the highest returns. Two-bedroom properties offer the optimal balance between purchase price and rental income.
Long-term rentals provide more stability than short-term options, despite lower monthly rates. Property taxes, maintenance costs, and vacancy allowances typically reduce gross yields by 1.5-2%.
| Property Type | Purchase Price Range | Average Gross Yield |
|---|---|---|
| 1-bedroom condos | $147,000 | 7.75% |
| 2-bedroom condos | $195,000 | 8.0% |
| 3-bedroom condos | $273,000 | 7.47% |
| Single-family homes | $450,000-$600,000 | 5-7% |
| Townhouses | $300,000-$450,000 | 5.5-7.5% |
| Luxury homes | $800,000+ | 4-6% |
| Mixed-use properties | $400,000-$800,000 | 7-9% |
What are the average rental yields right now across different areas of Santa Ana?
Rental yields in Santa Ana currently range from 5-8% annually across different neighborhoods and property types as of September 2025.
Prime gated communities and central areas deliver yields between 6-8%, with occupancy rates consistently above 90%. These areas attract international expats and professionals who value security and amenities.
Luxury residential zones typically generate lower yields of 4-6% due to higher purchase prices, though they offer better capital appreciation potential. Mixed-use developments near commercial centers can achieve yields up to 9%, particularly those combining residential and small commercial spaces.
Properties closer to international schools and business districts command premium rents, resulting in yields on the higher end of the range. The most stable returns come from established neighborhoods with proven rental demand.
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How do yields vary by property type, like apartments, houses, and condos?
Condos and apartments consistently deliver the highest rental yields in Santa Ana, averaging 6-8% annually.
Single-family homes generate moderate yields of 5-7%, with purchase prices ranging from $450,000-$600,000. These properties appeal to families and long-term tenants but require higher initial investment.
Townhouses offer a middle ground with yields of 5.5-7.5% and purchase prices between $300,000-$450,000. They attract renters seeking more space than condos but less maintenance than houses.
Luxury homes above $800,000 typically yield 4-6% due to their high purchase costs and smaller rental market. However, they often appreciate faster in value over time.
Mixed-use properties can achieve the highest yields of 7-9%, combining residential rental income with commercial space revenue streams.
How do yields change depending on the surface size of the property?
Two to three-bedroom properties consistently deliver the optimal rental yields in Santa Ana's market.
One-bedroom condos around 147,000 square feet generate approximately 7.75% yields with monthly rents of $950. These units appeal to young professionals and digital nomads.
Two-bedroom units maximize returns at 8.0% yields, with purchase prices around $195,000 and monthly rents of $1,300. This size attracts the broadest range of tenants including couples and small families.
Three-bedroom properties yield 7.47% with higher purchase prices of $273,000 but command $1,700 monthly rents. Larger families and executives prefer these units for longer-term leases.
Properties exceeding four bedrooms typically generate lower yields due to limited demand and significantly higher purchase prices, though they may offer better capital appreciation potential.
What is the typical total purchase price including fees and closing costs?
Total buyer closing costs in Santa Ana typically add 2-5% to the property purchase price as of September 2025.
| Cost Category | Percentage of Purchase Price | Example on $300,000 Property |
|---|---|---|
| Legal fees | 1-1.5% | $3,000-$4,500 |
| Registration fees | 0.5-1% | $1,500-$3,000 |
| Transfer taxes | 0.5% | $1,500 |
| Property inspection | 0.1-0.2% | $300-$600 |
| Bank fees (if financing) | 0.5-1% | $1,500-$3,000 |
| Insurance setup | 0.2-0.3% | $600-$900 |
| Total closing costs | 2-5% | $6,000-$15,000 |
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How do property taxes, ongoing costs, and mortgage payments affect net yield?
Property taxes in Santa Ana typically range from 1.1-1.2% of assessed value annually, significantly impacting net rental yields.
Ongoing maintenance costs average 1% of property value per year, covering repairs, landscaping, and general upkeep. HOA fees for condos and gated communities can add $100-$500 monthly depending on amenities.
Mortgage payments for non-residents typically carry interest rates of 7-9%, with monthly payments ranging $2,800-$3,500 on a $400,000 property. Insurance costs approximately 0.3-0.5% of property value annually.
Vacancy allowances should account for 4-7% of gross rental income to cover periods between tenants. Property management fees range 8-12% of rental income if using professional services.
Net yields typically fall 1.5-2% below gross yields after accounting for all expenses, taxes, and vacancy periods.
What are the average rents for short-term rentals compared to long-term rentals?
Short-term rentals in Santa Ana generate higher monthly income but come with increased costs and regulatory challenges.
Airbnb properties average $3,583 monthly revenue ($43,000 annually), representing a 20-30% premium over long-term rates. However, these properties face seasonal fluctuations and require furnished setups.
Long-term rentals provide stable income with median rents of $2,244-$2,600 monthly for typical apartments and houses. These tenants typically sign 12-month leases, reducing vacancy risks.
Short-term rentals now face a 13% VAT tax for tourist accommodations implemented in 2025, reducing net returns. Furnishing costs and higher maintenance requirements also impact profitability.
Long-term strategies generally deliver more predictable cash flows and require less hands-on management, making them preferred for passive investors.
Can you give some example rental yields for different types of properties?
Specific property examples demonstrate the range of rental yields available across Santa Ana's market segments.
| Property Example | Purchase Price | Monthly Rent | Gross Annual Yield |
|---|---|---|---|
| 1-bedroom condo (central) | $147,000 | $950 | 7.75% |
| 2-bedroom condo (gated) | $195,000 | $1,300 | 8.0% |
| 3-bedroom condo (premium) | $273,000 | $1,700 | 7.47% |
| Single-family home | $450,000 | $2,000 | 5.33% |
| Townhouse (family-oriented) | $350,000 | $1,650 | 5.66% |
| Luxury villa | $800,000 | $3,200 | 4.8% |
| Mixed-use property | $500,000 | $3,500 | 8.4% |
What kind of renter profiles are most common in Santa Ana?
Santa Ana attracts a diverse mix of international and local renters seeking quality housing and lifestyle amenities.
International expats and foreign families represent a significant portion of the rental market, particularly in gated communities and upscale developments. These tenants typically seek long-term leases and value security, schools, and modern amenities.
Digital nomads and remote workers have become increasingly common, especially post-2020. They prefer furnished properties with reliable internet, flexible lease terms, and proximity to co-working spaces.
Young professionals working for multinational companies often rent 1-2 bedroom units near business districts. They prioritize convenience, modern finishes, and access to entertainment areas.
Local Costa Rican families seeking upscale housing form a stable tenant base for longer-term rentals. These renters often occupy 3+ bedroom properties and maintain properties well.
Lifestyle renters testing the area before purchasing represent an emerging segment, typically staying 6-18 months while exploring neighborhoods and property options.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Costa Rica 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.
What do vacancy rates look like, and how do they differ by property type or location?
Vacancy rates in Santa Ana remain remarkably low, particularly in prime areas and well-managed properties.
Gated communities and premium developments maintain occupancy rates above 90%, driven by consistent demand from international tenants. These properties rarely experience vacancies exceeding 30 days between tenants.
Condos and apartments in central locations typically see vacancy rates of 5-8% annually. The strong demand from young professionals and expats keeps turnover minimal.
Single-family homes experience slightly higher vacancy periods due to smaller tenant pools and seasonal fluctuations. Luxury properties above $3,000 monthly rent may face 10-15% vacancy rates.
Properties near international schools and business centers maintain the lowest vacancy rates, often pre-leasing before current tenants vacate. Commercial mixed-use properties show stable multifamily occupancy despite office space challenges.
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What is the usual breakdown of expenses from top line rent to gross yield to net yield?
Understanding the expense breakdown helps investors calculate realistic net returns on Santa Ana rental properties.
Gross rental income represents 100% of collected rents before any deductions. Property taxes consume 1.1-1.2% of assessed value annually, typically 15-20% of gross rental income.
HOA fees and maintenance costs average 1% of property value yearly, representing roughly 12-18% of gross rents for condos and townhouses. Property management fees range 8-12% of rental income if using professional services.
Insurance costs approximately 0.3-0.5% of property value annually, while vacancy allowances should account for 4-7% of gross rental income. Repairs and capital improvements typically require 3-5% of gross rents annually.
Mortgage interest payments (if financed) can consume 40-60% of gross rents depending on loan terms and down payment. After all expenses, net yields typically fall 1.5-2% below gross yields for cash purchases.
For example, a property generating 8% gross yield typically delivers 6-6.5% net yield after all operating expenses and vacancy allowances.
What are the smartest choices for investors in Santa Ana as of today?
Two to three-bedroom condos in established developments represent the optimal investment choice for Santa Ana as of September 2025.
1. **Target 2-3 bedroom condos**: These properties deliver 7.5-8% yields while attracting the broadest tenant base including couples, small families, and professionals.2. **Focus on gated communities**: Properties with security, amenities, and HOA management maintain higher occupancy rates and appreciate faster than standalone properties.3. **Prioritize long-term rental strategies**: Stable monthly income with established tenants outperforms short-term rental volatility and new regulatory burdens.4. **Choose properties near infrastructure**: Units close to international schools, business districts, and major transportation routes command premium rents and lower vacancy rates.5. **Consider sustainable developments**: Green-certified buildings and energy-efficient properties attract environmentally conscious tenants willing to pay higher rents.Mixed-use properties combining residential and small commercial spaces offer higher yields but require more management expertise. Properties targeting digital nomads with fiber-optic internet and modern workspaces represent an emerging opportunity.
Avoid luxury homes above $800,000 unless seeking capital appreciation over rental income, as yields rarely exceed 5% and tenant pools remain limited.
How have rents and yields changed compared to five years ago and one year ago, and what is the forecast for the next one, five, and ten years, including how Santa Ana compares to other similar big cities?
Santa Ana rental yields have improved significantly over the past five years, rising from 6-7% average in 2020 to current levels of 7-8% in 2025.
Rental rates experienced substantial growth between 2020-2022, with median rents increasing from approximately $1,800 to current levels of $2,600 monthly. This growth has since stabilized with moderate 3-5% annual increases expected.
Compared to one year ago, yields have remained stable while property values have appreciated 5-8%, indicating strong underlying demand. The market has matured with more professional property management and standardized rental processes.
Forecast for the next 1-5 years indicates yields will maintain 7-8% ranges barring major economic disruptions. Property price appreciation of 5-8% annually should continue driven by international investment and Costa Rica's political stability.
Santa Ana compares favorably to regional markets, delivering similar or slightly higher yields than San José (average 7.18%) and Escazú. Heredia currently leads with 8.37% average yields, while Santa Ana offers better infrastructure and amenities.
Ten-year projections suggest continued growth as Costa Rica develops its technology sector and attracts more international residents. However, yields may moderate to 6-7% as the market matures and property values increase.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Santa Ana continues to offer compelling rental yields for property investors in 2025, with 2-3 bedroom condos delivering optimal returns of 7-8% annually.
The combination of stable political environment, growing expat community, and developing infrastructure positions Santa Ana as a leading real estate investment destination in Central America.
Sources
- The Latinvestor - Santa Ana Property Analysis
- Global Property Guide - Costa Rica Rental Yields
- The Latinvestor - Costa Rica Real Estate Forecast
- Bank of America - Closing Costs Guide
- Airbtics - Santa Ana Airbnb Revenue Data
- Steadily - Santa Ana Real Estate Market
- Apartments.com - Santa Ana Rent Market Trends
- Malakai Sparks - Commercial Real Estate Market