This diploma thesis focuses on the assessment of municipal rental housing through an analysis of the investment and operating costs of two apartment buildings. The aim is to compare initial costs with rental income and evaluate the economic efficiency of three financing models: municipal budget financing, loan-based financing, and the Public–Private Partnership (PPP) model. The theoretical part describes housing policy, building life cycle costs, and evaluation methodologies. The practical part utilizes real data from the Brno City Municipality to construct cash-flow models, which serve as the basis for calculating net present value and comparing the three financing approaches. The results show that municipal budget financing provides the highest economic return, loan financing reduces the initial budget burden but increases overall costs, and the PPP model offers a balanced alternative by transferring risks to the private sector while lowering the immediate fiscal impact on the municipality. The results provide a valuable framework for strategic decision-making in municipal housing development.