Authored by the expert who managed and guided the team behind the Peru Property Pack
Yes, the analysis of Lima's property market is included in our pack
Airbnb rentals in Lima can generate net yields between 2.5% and 6%, with premium neighborhoods like Miraflores and Barranco offering the strongest revenue potential despite higher purchase prices.
One-bedroom apartments in tourist-friendly districts perform best for occupancy rates, while larger properties in the same areas command higher nightly rates. The Lima short-term rental market shows clear seasonality, with peak earnings from January to March and lower performance during mid-year months.
If you want to go deeper, you can check our pack of documents related to the real estate market in Peru, based on reliable facts and data, not opinions or rumors.
Lima's Airbnb market offers solid returns for investors who choose the right neighborhoods and property types, with net yields ranging from 2.5% to 6% depending on location and management quality.
Success depends heavily on selecting properties in established tourist areas like Miraflores, Barranco, or San Isidro, where occupancy rates remain consistently higher throughout the year.
| Factor | Best Performance | Typical Range |
|---|---|---|
| Neighborhoods | Miraflores, Barranco, San Isidro | All central districts |
| Property Type | 1-2 bedroom modern apartments | Studio to 3 bedroom units |
| Nightly Rates | $80-$130 (premium) | $35-$73 (typical) |
| Occupancy Rate | 65-84% (top performers) | 42-54% (market average) |
| Monthly Revenue | $991-$1,622+ (top 25%) | $548-$728 (median) |
| Gross Yield | 6-8% (emerging areas) | 4-5% (premium areas) |
| Net Yield | 5-6% (value districts) | 2.5-4.5% (premium districts) |
What are the most profitable neighborhoods in Lima for Airbnb rentals?
Miraflores stands out as the most profitable district for Airbnb rentals in Lima, combining high tourist demand with premium nightly rates.
This upscale neighborhood attracts both leisure and business travelers, allowing property owners to charge between $42 and $119 per night for well-positioned apartments. Ocean-view properties and penthouse units in Miraflores can command rates up to $130 per night during peak season.
Barranco ranks as the second most profitable area, particularly popular among younger travelers and couples seeking a bohemian atmosphere. Well-designed apartments in this artsy district average $80 to $126 per night, with ocean-view properties performing exceptionally well. The neighborhood's rising property values make it attractive for both rental income and capital appreciation.
San Isidro provides steady profitability through its business hub status, attracting corporate travelers and upscale guests. Properties here typically generate $35 to $73 per night, with luxury modern listings achieving higher rates. The consistent demand from business travelers helps maintain occupancy during traditionally slower tourism periods.
For value-focused investors, Surquillo and Jesús María offer higher rental yields between 6% and 8% due to lower property purchase prices, though with slightly less tourist appeal than the premium districts.
What property types and sizes perform best for short-term rentals in Lima?
One-bedroom apartments deliver the strongest performance in Lima's Airbnb market due to their broad appeal and easier management requirements.
These units attract the largest segment of travelers - solo visitors and couples - resulting in higher occupancy rates throughout the year. The smaller size makes cleaning and maintenance more manageable while keeping operating costs lower than larger properties.
Two to three-bedroom apartments perform well in premium neighborhoods like Miraflores and Barranco, commanding higher nightly rates despite potentially lower occupancy rates. These larger units appeal to families and groups, allowing owners to charge premium rates for the additional space and amenities.
Properties with ocean views or beach access significantly outperform standard apartments in the same neighborhoods. The premium positioning allows for rates 20-30% higher than comparable inland properties, with guests willing to pay extra for coastal access and views.
Modern, well-furnished apartments consistently outperform older inventory across all neighborhoods, particularly in premium districts where guests expect contemporary amenities and stylish design.
What is the average nightly rate you can realistically charge in these areas?
Nightly rates in Lima vary significantly by neighborhood and property quality, with premium areas commanding substantially higher prices.
| Neighborhood | Typical Range | Premium Properties |
|---|---|---|
| Miraflores | $42-$64/night | $100-$130/night |
| Barranco | $80-$126/night | $120-$150/night |
| San Isidro | $35-$73/night | $80-$110/night |
| Centro Histórico | $30-$55/night | $65-$85/night |
| Surquillo | $29-$51/night | $55-$73/night |
| Jesús María | $29-$51/night | $55-$73/night |
Ocean-view properties and penthouses in Miraflores represent the top tier, achieving $100 to $130 per night consistently. These premium rates reflect the neighborhood's status as Lima's most desirable tourist district and its proximity to beaches and shopping areas.
Standard apartments in emerging areas like Surquillo and Jesús María typically range from $29 to $51 per night for smaller units, with larger apartments reaching up to $73 per night. While lower than premium districts, these rates still provide attractive yields when combined with lower purchase prices.
What is the average occupancy rate throughout the year, including seasonal variations?
Lima's Airbnb market shows clear seasonal patterns, with citywide median occupancy rates ranging from 42% to 54% annually.
Peak season occurs from January to March, when occupancy rates climb to 54-65% and average nightly rates increase to around $68. During these summer months, the best-performing properties in premium areas can achieve occupancy rates of 65-84%, generating monthly revenues up to $929.
Low season hits during June, September, and November, when occupancy typically drops to 36-41% and nightly rates fall to $58-61. This seasonal variation requires careful financial planning, as monthly revenues during slow periods can drop to around $675 for typical properties.
Top-performing listings in established neighborhoods like Miraflores and Barranco maintain higher occupancy rates year-round, often achieving 65-84% occupancy even during traditionally slower months. These properties benefit from strong repeat bookings, positive reviews, and prime locations that attract visitors regardless of season.
The seasonal variation means investors must factor in significant income fluctuations when calculating annual returns, particularly for properties that don't achieve top-tier performance levels.
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What does the monthly gross rental income look like based on those rates and occupancy?
Monthly gross rental income in Lima varies dramatically based on property performance tier and seasonal factors.
Best-in-class properties (top 10% of performers) generate $1,622 or more per month, typically featuring prime locations, excellent amenities, and professional management. These properties maintain high occupancy rates and command premium nightly rates throughout the year.
Strong performers in the top 25% achieve monthly revenues of $991 or higher, representing well-positioned properties in good neighborhoods with quality furnishings and responsive hosting. This tier includes most successful properties in Miraflores, Barranco, and premium locations in San Isidro.
Typical median performance ranges from $548 to $728 per month, representing average properties across various neighborhoods. During peak season (January-March), these properties can reach $779-929 monthly, while low season brings revenues down to around $675.
Entry-level properties in the bottom 25% generate around $241 per month, typically representing older units in less desirable locations or properties with poor management and low review scores.
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What are the typical running costs such as cleaning, utilities, and Airbnb service fees?
Running costs for Lima Airbnb properties typically consume 25-35% of gross rental income, significantly impacting net profitability.
Cleaning represents the largest variable cost, averaging $50-80 per stay for standard apartments. Premium properties or those requiring deep cleaning between guests may cost more. For a property with 15 bookings per month, cleaning costs alone can reach $750-1,200 monthly.
Utilities typically run $80-120 per month for a standard apartment, including electricity, water, gas, and garbage collection. Air conditioning usage during Lima's summer months (December-March) can push electricity costs toward the higher end of this range.
Airbnb charges hosts a 3% service fee on booking payouts, which gets deducted automatically from rental income. For a property generating $800 monthly, this represents $24 in fees. Guest fees are charged separately to guests and don't impact host revenues.
Additional monthly expenses include internet service ($25-40), cable/satellite TV ($20), and miscellaneous costs for restocking supplies and minor repairs ($30-50). Professional property management, if used, typically charges 15-25% of gross rental income.
What are the annual maintenance and furnishing costs for a property in Lima?
Annual maintenance and furnishing represents a significant upfront and ongoing investment for Lima Airbnb properties.
Initial furnishing costs range from $4,000-8,000 for a modest apartment with basic furniture, appliances, and decor. Premium 2-3 bedroom units requiring modern furnishings and high-quality amenities can cost $10,000-20,000 to fully outfit. This includes beds, sofas, dining sets, kitchen appliances, electronics, linens, and decorative items.
Annual maintenance typically requires $600-1,200 per year for routine upkeep, repairs, and replacements. This covers painting touch-ups, appliance servicing, plumbing repairs, electrical maintenance, and replacing worn furniture or appliances. Properties with higher usage rates or older fixtures may require maintenance costs toward the higher end of this range.
Replacement cycles for major items vary: mattresses and upholstered furniture (3-5 years), appliances (5-8 years), and electronics (3-4 years). Successful operators budget 8-12% of gross rental income annually for maintenance and replacements to maintain competitive property standards.
Professional interior refresh every 2-3 years, including new paint, updated decor, and furniture replacement, typically costs $2,000-5,000 depending on property size and quality level.
What local taxes, licenses, and Airbnb-specific regulations apply and how much do they cost?
Lima's regulatory environment for short-term rentals remains relatively lenient as of September 2025, though compliance requirements exist.
Municipal registration varies by district, with areas like Miraflores and Barranco potentially requiring tourism registration or property notification to local authorities. Currently, fewer than 1% of Lima Airbnb listings hold proper licenses, indicating weak enforcement, though this could change as the market matures.
Income tax obligations require declaring Airbnb earnings for Peruvian income tax purposes, with rates up to 30% on net profit after allowable deductions. Property owners should budget 10-15% of gross rental income for taxes and regulatory fees, depending on their specific deduction situation and income level.
Hospitality taxes may apply to short-term rental income, though specific rates vary by property value and location. Some municipalities impose additional fees for tourism-related businesses, though these are not consistently enforced across all districts.
Building-specific requirements may include security measures, signage restrictions, or homeowners association approvals for short-term rental operations. These costs vary significantly by building and location but can range from $100-500 annually for compliance.
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What does the gross yield work out to when comparing purchase price to gross income?
Gross yields in Lima vary significantly by neighborhood, with emerging areas offering higher percentage returns despite lower absolute rental income.
Miraflores properties, with purchase prices ranging $2,500-3,200 per square meter, typically generate gross yields of 4-5%. While these properties command the highest nightly rates and occupancy, the premium purchase prices limit yield percentages. A $200,000 apartment generating $10,000 annually represents a 5% gross yield.
Emerging neighborhoods like Surquillo and Jesús María offer the highest gross yields at 6-8%, driven by lower property acquisition costs of $1,000-1,500 per square meter. These areas provide strong rental income relative to purchase price, though absolute dollar amounts remain lower than premium districts.
San Isidro and Barranco typically fall in the middle range, offering gross yields of 4.5-6% depending on specific location and property quality. These neighborhoods balance reasonable purchase prices with solid rental performance, making them attractive for yield-focused investors.
The gross yield calculation (Annual rental income ÷ Purchase price) provides a useful comparison tool, but investors must consider net yields after all expenses for true profitability assessment.
What does the net yield look like once all costs, taxes, and vacancy periods are factored in?
Net yields in Lima after all expenses typically range from 2.5% to 6%, depending on neighborhood and property management efficiency.
Premium districts like Miraflores and San Isidro generally produce net yields of 2.5-4.5% after accounting for higher operating costs, taxes, vacancy periods, and premium purchase prices. While gross income is higher, the elevated cost structure and property values limit net return percentages.
Value districts such as Surquillo and Jesús María can achieve net yields of 5-6%, benefiting from lower acquisition costs and reduced property taxes while maintaining reasonable rental income. These areas offer the strongest net return percentages for investors prioritizing yield over absolute income.
The net yield calculation factors in all operational expenses: cleaning fees (15-20% of gross income), utilities (10-15%), maintenance and replacements (8-12%), taxes (10-15%), Airbnb fees (3%), and vacancy periods (reducing effective income by 15-25% depending on occupancy rates).
Top-performing properties with professional management, prime locations, and excellent guest reviews can achieve net yields toward the higher end of ranges in their respective neighborhoods. Poor management or suboptimal locations can reduce net yields by 1-2 percentage points below typical ranges.
How does the return on investment compare to renting the same property long-term?
Short-term rentals in Lima currently offer higher returns than long-term leasing, though with increased complexity and risk.
Airbnb properties generate gross yields of 4-8% compared to 3-5% for traditional long-term rentals in similar neighborhoods. The premium reflects additional services provided (furnished, utilities included, flexible terms) and tourist demand for convenient accommodations.
Net yields show a smaller but still favorable gap, with short-term rentals achieving 2.5-6% compared to 2.5-4% for long-term rentals. The difference narrows due to higher operating costs associated with short-term rental management, cleaning, and vacancy periods.
Long-term rentals offer greater stability and predictability, with consistent monthly income and lower management requirements. Tenants typically handle utilities, maintenance, and furnishing, reducing landlord responsibilities and costs.
Short-term rentals require active management, dynamic pricing, guest communication, and regular property maintenance to achieve optimal returns. The income volatility from seasonal fluctuations and occupancy variations makes cash flow planning more challenging than traditional rentals.
It's something we develop in our Peru property pack.
What market risks or trends could affect future Airbnb profitability in Lima?
Several key risks could impact Lima's Airbnb market profitability over the next few years, requiring careful monitoring by investors.
Regulatory risk represents the primary concern, as current enforcement remains lenient but could tighten significantly. Cities worldwide have implemented restrictions on short-term rentals, and Lima municipalities may follow suit with licensing requirements, occupancy limits, or operational restrictions that could increase costs or reduce income potential.
Rising property prices, forecasted to increase 3-7% in 2025, may compress future gross yields if rental rates don't keep pace with purchase price appreciation. New investors entering at higher prices may struggle to achieve the yields currently available in the market.
Supply competition continues intensifying with over 15,000 listings currently active in Lima's market. Rapid growth in available properties could soften occupancy rates and pressure nightly rates unless individual properties maintain strong differentiation through location, amenities, or service quality.
Global travel trends toward eco-friendly and personalized experiences may require property upgrades and service enhancements to remain competitive. Properties that fail to adapt to evolving guest expectations may see declining performance relative to market averages.
Economic volatility in Peru or global recession could reduce tourism demand, particularly affecting leisure travel segments that drive weekend and vacation bookings in prime neighborhoods like Miraflores and Barranco.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Lima's Airbnb market offers solid opportunities for investors who choose the right neighborhoods and manage properties professionally, with net yields reaching 6% in value districts and 2.5-4.5% in premium areas.
Success requires careful selection of properties in established tourist districts, proper budgeting for operational costs, and preparation for seasonal income variations that characterize the short-term rental market.
It's something we develop in our Peru property pack.
Sources
- AirROI Lima Metropolitan Area Report
- The LatinVestor Lima Property Analysis
- Best Airbnb in Lima Peru Guide
- CozyCozy Lima Short-Term Rentals
- Brevitas Latin American Airbnb Markets
- Airbtics Lima Revenue Analysis
- Guesty Airbnb Cleaning Fees Guide
- Uplisting Airbnb Service Fees
- Homebridge Airbnb Furnishing Costs
- The LatinVestor Lima Real Estate Forecasts