NettoRendite

NettoRendite is a financial metric used to express the net return on an investment after all costs have been deducted. In German-speaking finance, it is often contrasted with BruttoRendite, which excludes expenses and taxes. NettoRendite is applied in contexts such as real estate, investment funds, and equity securities to reflect returns on an after-cost basis.

In real estate, NettoRendite typically refers to the annual net cash flow relative to the investment cost. The annual net cash flow equals gross rental income minus operating expenses (such as property management, maintenance, insurance, and vacancies) and, in levered analyses, financing costs. There are two common variants:

- Unlevered netto rendite: Jahresnettoertrag nach Betriebskosten divided by Anschaffungskosten (purchase price).

- Levered equity yield: Jahresnettoertrag nach Fremdfinanzierungskosten divided by Eigenkapital.

In other investments, NettoRendite can mean the income distributed by the asset (dividends or coupons) minus taxes and investment-related fees, divided by the invested capital or net asset value. The concept is used to compare investments on an after-cost basis rather than a gross income basis.

Example: A property purchased for 300,000. Gross rent 30,000; operating costs 6,000; vacancies 2,000; management 1,000. Net operating income = 21,000. If financing costs amount to 5,000 per year, net cash flow after debt service = 16,000. Unlevered NettoRendite = 21,000 / 300,000 = 7%. If 40% equity is used (equity = 120,000), levered equity yield = 16,000 / 120,000 ≈ 13.3%.

Limitations include tax treatment, vacancies, regulatory changes, and the need to specify the denominator used. NettoRendite is a helpful but not universal measure; it does not guarantee future results and depends on the chosen calculation approach.