I’m on the looking for the best high dividend yield shares to buy in October. More specifically, I’m seeking companies whose yields sail above the Footsie‘s 3.6% forward average.

Here are three of my favourites from the FTSE 100 and FTSE 250 indexes.

Urban Logistics REIT

Property stocks can be a great way to generate long-term passive income. They often have tenants locked down on long-term contracts, which — excluding some corporate catastrophe — means they enjoy a steady stream of income they can then distribute to shareholders.

Real estate investment trusts (REITs) can be especially great property shares for dividends. In exchange for tax perks, these companies must pay out at least 90% of their annual rental earnings to shareholders.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.

UK investors currently have around 50 REITs to choose from. One of my favourites is Urban Logistics (LSE:SHED), thanks in part to its giant 6.2% forward dividend yield.

I also like Urban Logistics because of its focus on warehouses and distribution hubs. It’s well placed to capitalise on themes like the growth of online shopping and changes to supply chain models.

I think the stock’s worth considering, even though elevated interest rates continue to affect current earnings.

Bank of Georgia Group

Investing in emerging markets can be risky business. This is no better demonstrated than by Bank of Georgia Group (LSE:BGEO), whose slumping share price reflects political uncertainty in the Eurasian country.

The tug-of-war between legislators could have significant adverse implications for Georgia’s economy, and, by extension, its banks. I’d argue, however, that this is reflected in these companies’ current rock-bottom valuations.

Bank of Georgia, for instance, now trades on a forward price-to-earnings (P/E) ratio of three times.

With the business also carrying a 7.7% dividend yield for 2024, I think it could be a terrific dip buy.

Things are currently still looking good for the bank and its domestic rivals. Loan demand is soaring, and looks set to continue to as personal wealth levels improve. Bank of Georgia’s expansion into Armenia gives it additional opportunities to grow profits, too.

M&G

With a 9.9% forward dividend yield, M&G (LSE:MNG) is tipped to be one of the FTSE 100’s biggest dividend payers this year.

It reflects the company’s cash-rich balance sheet, not to mention its long commitment of delivering market-beating payouts. The company’s Solvency II capital ratio was 210% as of June, up 7% from a year earlier.

As an asset manager, M&G is highly sensitive to movements on financial markets. So issues like a US recession and continued economic slowdown in China pose threats to the company.

Yet as a long-term investor I’m still very optimistic about the company. As Britain’s population ages and financial planning increases, I think M&G stands to win tonnes of new business in the years ahead, helped by its strong brand.