The rate of return on residential property is determined by a number of diverse factors, including macroeconomic determinants, the level of investment risk, the specific nature of the local market, and the structural characteristics of a particular property. One of the key factors affecting the spread of rates of return at the local level is the location. However, taking location into account in analyses of the rate of return presents significant methodological difficulties due to limitations in traditional calculation methods and analytical models, which generally do not refer to space. The aim of the study is to identify and analyze the spatial variation in rates of return on residential property in selected local markets in Poland, using, inter alia, geographically weighted regression. The methods applied enabled the determination of spatial heterogeneity in the relationship between income and price, which provided the basis for the development of maps showing the spatial distribution of rates of return for the local market area. The results indicate significant differences between individual locations, which emphasizes the importance of considering spatial factors when assessing the attractiveness and risk of investments in the property market.