Italy's appeal to international buyers is as much cultural as financial, but several regions pair that appeal with a real rental case. The market is diverse, a Milan apartment and a Puglia trullo are entirely different investments, so region selection matters more here than almost anywhere.
Figures below are indicative seller-published ranges, not forecasts. Do your own due diligence.
The regions
Lake Como & the northern lakes
A prime, internationally-driven lifestyle market with strong, supply-constrained demand around Como, Bellagio and Menaggio. Bought largely for lifestyle and capital preservation; seasonal rental can offset costs.
Tuscany
The classic Italian second-home region, Florence, Chianti, the Val d'Orcia and the coast. A deep villa-rental market in the countryside and a steady city-rental market in Florence. Indicative gross yields around 3–5%, higher for well-run agriturismo/villa-rental operations.
Milan
Italy's pure-investment city: a year-round rental market driven by business, design and universities, with the most institutional-feeling demand in the country. Indicative gross yields around 4–5%.
