Rental yield in Agadir should be underwritten from the property upward, not copied from a market-average headline. For a short-term rental, start with a realistic average daily rate (ADR), multiply it by bookable nights and a defensible occupancy assumption, then subtract every owner-funded operating cost. Divide the resulting net operating income by the total capital invested. That is the return worth comparing with a long-term lease or another property.
This guide is for buyers assessing an Agadir apartment before purchase. It explains the arithmetic, the traps in public datasets and the questions that turn a broad market benchmark into a property-specific decision.
The five numbers an investor needs
| Metric | What it means | Why it matters |
|---|---|---|
| ADR | Accommodation revenue divided by booked nights | Shows the average rate actually earned, not the advertised peak rate |
| Occupancy | Booked nights divided by the nights included in the denominator | Converts rate into annual revenue; the denominator must be stated |
| RevPAR | Accommodation revenue divided by available nights | Combines price and occupancy into one operating measure |
| Gross yield | Annual rent or accommodation revenue divided by the chosen capital base | Useful for a first comparison, but ignores operating costs |
| Net operating yield | Net operating income divided by total invested capital | A clearer view of asset performance before finance and tax |
PriceLabs defines ADR as total rent divided by booked nights. Its methodology also distinguishes calendar occupancy from adjusted occupancy when blocked dates are removed. That distinction is important: an apartment may look highly occupied after owner-use dates are excluded while still producing less annual income for the asset.
How ADR and occupancy become annual revenue
For a short-term rental, the basic revenue bridge is:
Booked nights = available nights × occupancy
Gross accommodation revenue = booked nights × ADR
RevPAR = gross accommodation revenue ÷ available nights
If ADR is MAD 700 and occupancy is 50%, RevPAR is MAD 350 for each available night, provided the same revenue and availability definitions are used throughout.
Do not automatically use 365 nights as “available.” Record building closures, planned maintenance and genuine owner use separately. For investment comparison, keep an economic view based on the whole year as well as an operational view based on nights offered for sale. Removing blocked nights can help judge management performance, but it should not hide the cost of downtime or personal use.
An illustrative sensitivity table
The table below assumes 330 nights offered for sale. It is an illustration, not a forecast for a particular Agadir property.
| ADR | 35% occupancy | 50% occupancy | 65% occupancy |
|---|---|---|---|
| MAD 550 | MAD 63,525 | MAD 90,750 | MAD 117,975 |
| MAD 700 | MAD 80,850 | MAD 115,500 | MAD 150,150 |
| MAD 850 | MAD 98,175 | MAD 140,250 | MAD 182,325 |
The spread is the point. A purchase case that works only in the top-right cell has little margin for weaker demand, a slow launch, maintenance downtime or price competition.
Gross yield is only the first filter
A simple gross-yield formula is:
Gross yield = annual rental revenue ÷ total invested capital × 100
Some market reports divide by purchase price alone. For a real acquisition decision, DHAJIA recommends keeping a second version that uses all capital required to make the property rentable: purchase price, acquisition costs, furnishing, installation, initial repairs and launch costs. This prevents an unfurnished or operationally incomplete apartment from appearing cheaper than it really is.
For long-term rentals, annual contracted rent provides the numerator. For short-term rentals, use accommodation revenue after cancellations and discounts. Avoid inflating revenue with cleaning fees or taxes that merely pass through to another party.
For context, Global Property Guide's August 2026 asking-price dataset reports a 4.76% average gross rental yield for Agadir, with different figures by unit size. Its own methodology is based on advertised prices and rents, so it is a broad market reference—not proof of the return available from a specific apartment or a net short-term-rental result.
Calculate net operating yield before comparing opportunities
Move from gross revenue to net operating income (NOI):
NOI = accommodation revenue − owner-funded operating costs
Net operating yield = NOI ÷ total invested capital × 100
A complete operating model should test:
- platform, payment and channel costs;
- property-management fees and any separate onboarding or coordination charges;
- cleaning and laundry costs not fully recovered from guests;
- electricity, water, internet and consumables;
- residence service charges, insurance and administration;
- routine maintenance and a reserve for furniture, appliances and air-conditioning;
- periods blocked for repairs, owner use or building restrictions; and
- tax and regulatory costs confirmed with qualified Moroccan advisers.
Keep financing and tax below the operating line when comparing properties. Loan structure affects the investor's cash return, but it does not change the apartment's operating performance. A later cash-on-cash analysis can then add debt service and equity invested without mixing two different questions.
Owners evaluating the operating workload should also compare short-term and long-term rental strategies in Agadir and review what an Agadir management fee actually covers.
Why Agadir market averages disagree
Public short-term-rental datasets do not all describe the same market. As of their latest visible updates:
- AirDNA's Agadir-Ida Outanane Prefecture overview, updated 5 August 2026 with July data, displays 49% occupancy and a US$78 ADR across 12,955 active listings.
- Airbtics' Agadir page displays 51% occupancy, a MAD 607 ADR and 2,680 listings for February 2025 to January 2026.
- AirROI's Agadir dashboard displays 35.9% occupancy and a US$84 ADR for August 2025 to July 2026.
These figures are not interchangeable. The providers differ in geographic boundaries, date windows, active-listing thresholds, currency treatment and estimation methods. A city-level figure may also mix studios, large villas, professional listings, occasional hosts and properties with very different amenity standards.
Use market data to set a plausible range and identify seasonality. Do not average incompatible providers or present one dashboard number as a promise. The final underwriting inputs should come from a tight comparable set: similar unit type, micro-location, capacity, amenity package and quality level.
A practical Agadir underwriting process
- Define the asset. Record usable bedrooms, bathrooms, legal occupancy, floor, lift, parking, outdoor space, air-conditioning and building rules.
- Build a comparable set. Use genuinely similar listings in the same micro-area. Separate advertised rates from achieved ADR where data permits.
- Model by month. Annual averages conceal seasonality. Test low, base and high monthly ADR and occupancy rather than one flat yearly number.
- Use conservative availability. Include launch time, maintenance and any known access or residence restrictions.
- Cost the operating standard. Price the service level required to protect reviews and the asset, not the cheapest theoretical setup.
- Stress the downside. Reduce ADR, occupancy or both; add a repair reserve; and test a slower first year.
- Compare strategies on the same capital base. Use total invested capital for both short-term and long-term cases.
Property type changes the cost and demand profile, so review the commercial trade-offs between an Agadir apartment and villa. Micro-location also matters, but area selection should follow the target guest and operating plan; our guide to Agadir areas for rental-income investors provides the next layer of comparison.
Decision rule: buy the range, not the headline
A credible investment case should survive a reasonable downside scenario and still leave enough cash for maintenance, compliance and service quality. If the deal depends on a peak-season advertised rate, unusually high occupancy and no replacement reserve at the same time, the headline yield is not robust.
DHAJIA's local operating perspective is simple: underwrite the apartment, building and guest proposition together. A strong location cannot compensate indefinitely for access friction, unsuitable capacity, weak furnishing or unreliable turnover, and an attractive ADR cannot rescue too few sellable nights.
Frequently asked questions
What is a good rental yield in Agadir?
There is no universal threshold. A sensible target depends on property risk, capital required, financing, owner-use goals and the alternative long-term return. Compare net yield under the same assumptions, then test the downside.
Is ADR the same as the nightly price shown online?
No. ADR is the average accommodation revenue actually earned per booked night over a period. Advertised rates may exclude discounts, promotions and seasonal variation.
Should blocked dates be excluded from occupancy?
They may be excluded for an adjusted operational occupancy metric, but investors should also retain a whole-year economic view. Otherwise owner use or recurring downtime can disappear from the analysis.
Can a market occupancy average predict one apartment's result?
No. It provides context only. Unit type, micro-location, capacity, amenities, listing quality, reviews, launch stage, pricing and operational reliability can materially change performance.
Does net operating yield include mortgage payments?
Normally no. NOI is calculated before financing so assets can be compared consistently. Debt service belongs in a separate cash-on-cash return model.
Request a property-specific review
If you are assessing an apartment in Agadir, contact DHAJIA to review the investment and operating case. Share the property type, area, asking price, furnishing condition and intended use; we can help identify the assumptions that require evidence before you commit.
Owners who already have a property can also explore DHAJIA's Agadir property-management approach for a lower-friction operating assessment.
Reviewed by the DHAJIA Morocco operations and editorial team. This article is an investment-analysis framework, not a guarantee of income or legal, tax or financial advice. Figures marked as examples are illustrative; third-party market data is cited with its visible date and scope.
