不動産投資の利回りは預金金利より高い?

空室期間があればすぐに賃料利回りは下がる

不動産投資の賃料利回りは、年間の利回りを表記していて、一般的に現在の賃料が1年間続くと想定して求めれています。
当然それは恒久的なものではなく、むしろ一過性のものです。購入時に賃料利回り10%と算出されたとしても、その年に空室期間があればすぐに賃料利回りは下がります。
再募集したときに賃料が下がってしまえば、比例して賃料利回りも下がります。そしてこれはごく普通にあり得ることです。

このように賃料利回りとして記載された数値は全て万事がうまくいったベストシナリオを仮定した予想利回りでしかなく、裏を返せば、不安定要素が多いがために、先行き不安のシナリオしか描けない物件はその分賃料利回りを高めに設定せざるを得ない(価格を安くせざるを得ない)といえるのです。
その不確実性があるからこそ、銀行預金をはじめ、利回りが保証されている金融商品よりも賃料利回りが高いのであって、ある意味当然なのです。

また不動産投資は長期にわたる投資となります。不動産の賃料利回りを考え得るのであれば、保有する全期間にわたって見通さなければなりません。つまり保有危難にわたる累計賃料の額がいくらになるだろうかということで判断しなければならないのです。取得時点での仮の利回りの高さだけで結論付けられるようなものではなく、一つの参考として現在の賃料利回りが表現されていると考えなければなりません。

おのずと「賃料利回りの高い物件を買うこと=優れた不動産投資」であると結びつけるのは誤解であり、賃料利回りがたとえ低くとも安定的に維持できるかどうか、ベストシナリオを実現できそうかどうかにウェートを置いて考えなければならないのです。

賃料利回りと投資利回りは同じ?

不動産投資も投資ですから、投下資本に対するリターンの総額で考えて初めて投資が成功であったか否かの判断ができます。
よく、不動産投資会社のホームページに「いい物件が買えて満足」といった体験談が掲載されていますが、最初のうち賃料がきちんと入っているからといって、その段階ではその投資が成功かどうかは本当は分からないはずなのです。
保有期間における賃料類型学が高かったとしても、たとえば数年後に多額の修繕費がかかってしまったような場合には、投資全体で見た場合の総収益が下がってしまいます。この場合の利回り、投資期間の総収益/投資額である投資利回りは落ちてしまいます。

投資利回りは賃料利回りと同じように考えられてしまいがちですが、この二つは区別して考えなければならず、実際は投資利回りがどうであるかが重要なのです。
投資対象の不動産自体の価格が大きく下落していくようであれば、やはり投資利回りは落ちていくことになります。これはかなり重要なポイントです。せかく賃料収入を累積していったとしても、元本価値の下落により、投資利回りが蝕まれることになれば意味がないからです、売却という形で価格下落が具現化しなかったとしても、資産評価が切り下げられているのであれば、どんどん含み損を抱えていってしまうことになります。

賃料利回りと投資利回りのギャップ

賃貸期間が長期にわたっている物件や法人が入居している物件などは賃料利回りと投資利回りとの間にギャップが生まれやすくなります。

賃料利回りの高い物件といものは、資産価値の下落という事象が起こりやすい物件といえるほか、賃料が高残りしている物件である場合もそうなります。
このことは投資の際に頭の隅に置いておく必要があるでしょう。

ご相談は無料です。

マンション、土地、一戸建の居住用不動産のほか、投資用不動産や、事業用不動産もお任せください。また、権利関係の難しい借地権や底地権などの不動産についてもお気軽にご相談ください。

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