Authored by the expert who managed and guided the team behind the Peru Property Pack
This article covers apartment rental yields in Arequipa as of March 2026, across the city's main residential neighborhoods and property types.
We update this blog post regularly so the figures you see here reflect the most current market estimates available.
Whether you are comparing districts, unit sizes, or risk profiles, everything here is written to be straightforward and easy to act on.
And if you're planning to buy a property in Arequipa, you may want to download our real estate pack about Arequipa.
A quick summary table
| Metric | Value |
|---|---|
| Arequipa neighborhood with the best gross rental yield | Paucarpata (2-bed apartment, 6.9%) |
| Arequipa neighborhood with the lowest gross rental yield | Selva Alegre (duplex apartment, 3.9%) |
| Average gross rental yield across Arequipa apartments | ~5.1% |
| Average net rental yield across Arequipa apartments | ~3.6% |
| Median purchase price for an Arequipa apartment | S/ 360,000 |
| Average monthly rent for an Arequipa apartment | S/ 1,600 |
| Average occupancy rate across Arequipa rental apartments | ~92% |
| Fastest leasing market in Arequipa | Umacollo 1-bed (10 days average) |
| Slowest leasing market in Arequipa | Selva Alegre duplex (39 days average) |
| Highest occupancy rate in Arequipa | José Luis Bustamante y Rivero 2-bed and Umacollo 1-bed (95%) |
| Best value high-yield segment in the Arequipa apartment market | 2-bedroom apartments in JLBYR and Umacollo |
| Yield range (yield dispersion) across Arequipa apartments | 3.9% to 6.9% gross |
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Arequipa apartments ranked by rental yield in 2026
This table ranks the main neighborhoods and apartment types in the Arequipa residential market by gross rental yield.
For each neighborhood and apartment type, the table includes the average purchase price, average monthly rent, gross rental yield, net rental yield, annual fees, average occupancy, average time to rent, main rental demand, main risk, and investment profile.
Finally, please note you'll find much more detailed data in our real estate pack about Arequipa.
| # | Neighborhood | Property type | Gross rental yield | Net rental yield | Average purchase price | Average monthly rent | Ownership annual fees | Average occupancy | Average time to rent | Main rental demand | Main risk | Rental Investment Profile |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Paucarpata | 2-bedroom apartment | 6.9% | 5.1% | S/ 280,000 | S/ 1,600 | S/ 3,600 | 94% | 12 days | Young local families | Building-quality dispersion | Top Pick |
| 2 | José Luis Bustamante y Rivero | 2-bedroom apartment | 6.2% | 4.7% | S/ 350,000 | S/ 1,800 | S/ 3,800 | 95% | 11 days | Young professional couples | New-supply competition | Top Pick |
| 3 | Umacollo | 1-bedroom apartment | 6.1% | 4.8% | S/ 235,000 | S/ 1,200 | S/ 3,000 | 95% | 10 days | Students and junior professionals | Higher tenant turnover | Top Pick |
| 4 | Cerro Colorado | 2-bedroom apartment | 6.0% | 4.6% | S/ 320,000 | S/ 1,600 | S/ 3,600 | 93% | 14 days | Mall-area working couples | Micro-location oversupply | Strong Potential |
| 5 | Paucarpata | 3-bedroom apartment | 5.8% | 4.6% | S/ 320,000 | S/ 1,550 | S/ 4,000 | 93% | 15 days | Value-seeking family upgraders | Weaker resale liquidity | Strong Potential |
| 6 | Vallecito | 1-bedroom apartment | 5.8% | 4.4% | S/ 240,000 | S/ 1,150 | S/ 3,200 | 93% | 15 days | Central-office professionals | Small buyer pool | Strong Potential |
| 7 | Umacollo | 2-bedroom apartment | 5.7% | 4.3% | S/ 360,000 | S/ 1,700 | S/ 3,800 | 94% | 13 days | Students and health workers | Parking-light product risk | Strong Potential |
| 8 | José Luis Bustamante y Rivero | 3-bedroom apartment | 5.4% | 4.2% | S/ 425,000 | S/ 1,900 | S/ 4,200 | 94% | 14 days | Upper-middle local families | Rent ceiling pressure | Strong Potential |
| 9 | Cerro Colorado | 3-bedroom apartment | 5.3% | 4.1% | S/ 430,000 | S/ 1,900 | S/ 4,200 | 92% | 17 days | Middle-income families | Project concentration risk | Good Potential |
| 10 | Sachaca | 2-bedroom apartment | 5.3% | 4.0% | S/ 330,000 | S/ 1,450 | S/ 3,600 | 92% | 18 days | School-linked families | Thin apartment inventory | Good Potential |
| 11 | Vallecito | 2-bedroom apartment | 5.2% | 3.9% | S/ 300,000 | S/ 1,300 | S/ 3,400 | 92% | 18 days | Central professional couples | Older-building maintenance | Good Potential |
| 12 | Hunter | 2-bedroom apartment | 5.2% | 3.8% | S/ 255,000 | S/ 1,100 | S/ 3,200 | 90% | 22 days | Budget local families | Shallower tenant depth | Good Potential |
| 13 | Cayma | 1-bedroom apartment | 5.1% | 3.6% | S/ 268,000 | S/ 1,150 | S/ 3,600 | 92% | 17 days | Young professionals near malls | High entry pricing | Good Potential |
| 14 | José Luis Bustamante y Rivero | 1-bedroom apartment | 5.1% | 3.9% | S/ 260,000 | S/ 1,100 | S/ 3,200 | 94% | 13 days | Single professionals | Limited small-unit stock | Good Potential |
| 15 | Umacollo | 3-bedroom apartment | 4.9% | 3.8% | S/ 475,000 | S/ 1,950 | S/ 4,300 | 93% | 16 days | Shared student households | Higher wear and tear | Good Potential |
| 16 | Paucarpata | 1-bedroom apartment | 4.9% | 3.7% | S/ 210,000 | S/ 850 | S/ 2,800 | 91% | 19 days | Entry-level local workers | Informality around comparables | Good Potential |
| 17 | Cerro Colorado | 1-bedroom apartment | 4.8% | 3.5% | S/ 240,000 | S/ 950 | S/ 3,000 | 92% | 18 days | Single workers and couples | Rent affordability cap | Moderate Appeal |
| 18 | Vallecito | 3-bedroom apartment | 4.7% | 3.3% | S/ 450,000 | S/ 1,750 | S/ 4,800 | 91% | 21 days | Established professional families | Higher service-charge drag | Moderate Appeal |
| 19 | Cayma | 2-bedroom apartment | 4.7% | 3.4% | S/ 360,000 | S/ 1,400 | S/ 3,800 | 91% | 20 days | Young executive couples | Premium-zone yield compression | Moderate Appeal |
| 20 | Yanahuara | 2-bedroom apartment | 4.6% | 3.3% | S/ 420,000 | S/ 1,600 | S/ 4,000 | 91% | 21 days | Affluent professional couples | High price per m2 | Moderate Appeal |
| 21 | Selva Alegre | 2-bedroom apartment | 4.4% | 3.0% | S/ 420,000 | S/ 1,550 | S/ 4,200 | 90% | 24 days | View-seeking families | Niche demand depth | Moderate Appeal |
| 22 | Cayma | 3-bedroom apartment | 4.4% | 3.1% | S/ 480,000 | S/ 1,750 | S/ 4,400 | 90% | 24 days | Upper-middle families | Abundant competing stock | Moderate Appeal |
| 23 | Hunter | 3-bedroom apartment | 4.4% | 3.1% | S/ 310,000 | S/ 1,125 | S/ 3,600 | 89% | 27 days | Price-sensitive families | Lower long-term appreciation | Moderate Appeal |
| 24 | Sachaca | 3-bedroom apartment | 4.3% | 3.0% | S/ 470,000 | S/ 1,700 | S/ 4,200 | 91% | 22 days | School-oriented families | Slower leasing pace | Moderate Appeal |
| 25 | Sachaca | Duplex apartment | 4.3% | 2.7% | S/ 620,000 | S/ 2,200 | S/ 5,600 | 89% | 29 days | Large affluent families | Narrow renter pool | Moderate Appeal |
| 26 | Yanahuara | 3-bedroom apartment | 4.2% | 2.9% | S/ 651,000 | S/ 2,300 | S/ 5,200 | 90% | 25 days | High-income families | Premium resale dependence | Limited Appeal |
| 27 | Selva Alegre | 3-bedroom apartment | 4.2% | 2.7% | S/ 520,000 | S/ 1,800 | S/ 5,000 | 88% | 31 days | Large local families | Limited renter depth | Limited Appeal |
| 28 | Cerro Colorado | Duplex apartment | 4.1% | 2.6% | S/ 560,000 | S/ 1,900 | S/ 5,200 | 88% | 32 days | Space-seeking families | Slow exit liquidity | Limited Appeal |
| 29 | Yanahuara | Duplex apartment | 4.0% | 2.4% | S/ 820,000 | S/ 2,700 | S/ 6,500 | 87% | 35 days | Executive households | Small luxury-tenant base | Limited Appeal |
| 30 | Selva Alegre | Duplex apartment | 3.9% | 2.2% | S/ 670,000 | S/ 2,150 | S/ 6,200 | 86% | 39 days | View-oriented affluent families | Very niche tenant pool | Limited Appeal |
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Key insights about apartment rental yields in Arequipa
Insights
- In the Arequipa apartment market in 2026, Paucarpata delivers the highest gross yield at 6.9% for a 2-bedroom unit, but the gap between gross and net yield is also wide there, dropping to 5.1%, which reflects more building-quality and maintenance risk than in other districts.
- José Luis Bustamante y Rivero stands out in Arequipa as the most balanced district for a first-time foreign buyer: 6.2% gross yield, 95% occupancy, and just 11 days on average to find a tenant, which is hard to beat across the whole city.
- In Arequipa, the gap between gross and net rental yield averages around 1.5 percentage points, meaning that a deal that looks attractive at 6% gross can easily fall below 4.5% net once you account for fees, maintenance, and vacancy.
- Umacollo is the fastest-letting submarket in Arequipa for small apartments in 2026, with 1-bedroom units renting in around 10 days on average, driven by consistent demand from university students and healthcare workers near the city center.
- Duplex apartments across Arequipa consistently underperform 1-bedroom and 2-bedroom apartments on both gross and net yield, with net yields falling as low as 2.2% in Selva Alegre, making them poor income assets for a rental-focused buyer.
- In Arequipa in 2026, 1-bedroom and 2-bedroom apartments typically outperform 3-bedroom units on yield by around 0.5 to 1 full percentage point, simply because entry prices for larger units grow faster than achievable monthly rents.
- Yanahuara is the most prestigious residential district in Arequipa, but its gross yield of 4.0 to 4.6% and net yield falling as low as 2.4% make it one of the weakest performers for rental income in the entire market.
- Cerro Colorado offers mid-market value in Arequipa with gross yields around 5 to 6%, but project clustering in some parts of the district creates real oversupply risk that can extend vacancy periods and cap rent growth.
- The leasing speed gap between the fastest and slowest Arequipa neighborhoods is very large: from 10 days in Umacollo to 39 days in Selva Alegre, which directly affects your practical net yield if you experience even one or two empty months per year.
- In Arequipa, occupancy rates across most districts sit between 90% and 95%, but those 5 percentage points translate into roughly half a month of lost rent per year, which can meaningfully separate a good investment from an average one over time.
- Hunter offers some of the lowest entry prices in the Arequipa apartment market in 2026, with 2-bedroom units available around S/ 255,000, but thinner tenant depth and slower leasing times make it a higher-effort hold for a foreign buyer managing remotely.
- The safest starting point for a foreign buyer in the Arequipa rental market in 2026 is a 2-bedroom apartment in José Luis Bustamante y Rivero or a 1-bedroom apartment in Umacollo, combining strong occupancy, fast leasing, and manageable risk profiles.
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About our methodology
We believe it is important to show our reasoning. It is one of the ways we make our work solid, transparent, and rigorous, just as you will see in our real estate pack about Arequipa.
First, please note that this data is updated regularly, so what you see here reflects the current values as of March 2026.
In order to get reliable data on the Arequipa apartment market, we applied a strict source filter. We only used authoritative, verifiable sources, not random listings or unsupported figures. More on that point below.
For each Arequipa neighborhood and property type, we aggregated the freshest purchase price and monthly rent data available. When possible, we cross-checked multiple sources to confirm the same range.
This allowed us to estimate rental yield before costs. That is the gross yield, based on annual rent versus purchase price.
We then estimated rental yield after costs. That is the net yield, after recurring ownership and operating expenses specific to the Arequipa residential market.
These expenses vary by Arequipa neighborhood. That is why two districts with similar rents can still produce different net returns.
For example, newer apartment buildings in Cayma or Yanahuara tend to carry higher monthly service charges, while older stock in Vallecito or Paucarpata may have lower fees but higher maintenance and repair needs. In higher-turnover areas like Umacollo, tenant-related costs also add up faster.
We also estimated ownership annual fees by combining the main recurring costs linked to each asset in Arequipa. This includes items such as property taxes, building service charges where relevant, insurance, and a maintenance allowance.
These estimates were not applied as one flat number across the city. They were adjusted by Arequipa neighborhood and property type to better reflect local ownership conditions.
This table should therefore be read as a structured market estimate for the Arequipa apartment rental market as of March 2026, not as an exact guarantee of future performance. Honesty, quality, and rigor are at the core of our work, and they are also what you will find in our real estate pack about Arequipa.
What sources did we use for this Arequipa rental yield analysis?
Whether it's in our blog articles or the market analyses included in our real estate pack about Arequipa, we rely on verifiable sources and a transparent methodology.
We aim to be fully transparent, so below we have listed the authoritative sources we used for this Arequipa apartment market overview, and explained how we used them and the methods behind our estimates.
| Source | Why it's reliable | How we used it |
|---|---|---|
| INEI Housing Portal | Peru's official national statistics office, making it the most reliable baseline for housing context in the country. | We used it to anchor Peru's official housing and tenure context for the Arequipa market. It helped us avoid over-relying on portal listings for structural market interpretation. |
| BCRP Apartment Price and Rent Indicator | Peru's central bank publishes this series, making it the most credible national reference for apartment price-to-rent benchmarking. | We used it to keep Arequipa gross yield ranges in line with national price-to-rent logic. It also reminded us that portal figures are asking prices, not closed transaction prices. |
| BCRP 2025 Real Estate Research Note | This central bank research note explains methodology and price-to-rent ratios clearly, with direct applicability to the Peruvian apartment market. | We used it to calibrate gross yield estimates and net-yield haircut logic for the Arequipa market. It was also key for understanding the gap between offer prices and likely transaction prices. |
| Municipality of Arequipa PDM | This is the official metropolitan development plan for Arequipa, the authoritative source for defining the real urban footprint of the city. | We used it to define which Arequipa districts belong in the residential apartment search universe. It justified the inclusion of Cayma, Yanahuara, Cerro Colorado, JLBYR, Sachaca, and Paucarpata. |
| Adondevivir JLBYR Listings | One of Peru's largest property marketplaces, offering live asking prices, unit details, and active rent evidence for the José Luis Bustamante y Rivero district. | We used it to identify JLBYR as a strong mid-market district and to estimate sale and rent comparables for 1-bedroom, 2-bedroom, and 3-bedroom units. |
| Adondevivir Cayma Sale Listings | A large live marketplace with current asking-price evidence and unit details for Cayma, one of Arequipa's most active apartment districts. | We used it to sample current asking prices, unit sizes, and common bedroom mixes in Cayma. It helped us model the yield compression visible in premium Cayma stock. |
| Adondevivir Umacollo Rent Listings | A live rent page with current unit-level evidence specifically for the Umacollo submarket in Arequipa. | We used it to pair Umacollo sale prices with current rents. It supported our finding that smaller Umacollo apartments justify above-average gross yields in the Arequipa market. |
| Adondevivir Paucarpata Listings | A live marketplace page showing current apartment stock in Paucarpata, one of Arequipa's most value-driven districts for rental yield. | We used it to capture lower entry prices and estimate achievable rents in Paucarpata. It helped explain why yields can look stronger there despite weaker resale liquidity. |
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