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If you're looking at the Arequipa rental market in 2026, you'll find a city where rents remain affordable compared to Lima, but where prime neighborhoods like Cayma and Yanahuara are seeing steady price increases.
We constantly update this blog post with fresh data, so you always have the latest picture of what rents in Arequipa actually look like.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Arequipa.
Insights
- Studio apartments in Arequipa rent for around S/ 900 per month in 2026, but units in Cayma or Yanahuara can easily reach S/ 1,500 or more if they include parking and security.
- Rent growth in Arequipa is tracking at roughly 4% year-over-year in January 2026, which sits just above the national inflation rate but below what Lima's premium districts are experiencing.
- The typical Arequipa rental stays on the market for about 30 days, but well-priced mini-departamentos near Universidad Nacional de San Agustín can rent out in under two weeks.
- Vacancy rates in Arequipa hover around 6% citywide, though newer buildings with elevators and parking in Cayma often have waiting lists rather than vacancies.
- Furnished apartments in Arequipa command a premium of roughly S/ 200 to S/ 400 per month over unfurnished units of the same size, making the semi-furnished option popular with landlords.
- Young professionals in Arequipa gravitate toward José Luis Bustamante y Rivero and Cercado because rents stay under S/ 1,500 while commute times remain short.
- The rent per square meter in Arequipa averages about S/ 24, which is roughly half what you would pay in Lima's Miraflores or San Isidro districts.
- Peak rental demand in Arequipa hits in February and March, driven by university enrollment cycles and job relocations at the start of the fiscal year.
- Expats in Arequipa tend to cluster in Yanahuara for its walkability, views of El Misti volcano, and concentration of cafés and restaurants that cater to international tastes.
- Property taxes in Arequipa are calculated using the UIT system, and for 2026 the UIT is set at S/ 5,500, which determines the bracket thresholds for your Impuesto Predial.
What are typical rents in Arequipa as of 2026?
What's the average monthly rent for a studio in Arequipa as of 2026?
As of early 2026, the typical studio apartment in Arequipa rents for around S/ 900 per month, which works out to approximately $240 USD or €225 EUR at current exchange rates.
Most studios in Arequipa fall within a range of S/ 700 to S/ 1,200 per month (about $185 to $320 USD or €175 to €300 EUR), though premium areas push that ceiling higher.
The main factors that cause studio rents in Arequipa to vary include the neighborhood (Cayma and Yanahuara command premiums), whether the unit is furnished, and whether the building offers security and parking.
What's the average monthly rent for a 1-bedroom in Arequipa as of 2026?
As of early 2026, a typical 1-bedroom apartment in Arequipa rents for around S/ 1,350 per month, which translates to approximately $360 USD or €340 EUR.
The realistic range for most 1-bedroom apartments in Arequipa runs from S/ 1,100 to S/ 1,700 per month (about $290 to $450 USD or €275 to €425 EUR), with newer buildings pushing toward the higher end.
For the cheapest 1-bedroom rents in Arequipa, look at Socabaya and Paucarpata, while the highest prices cluster in Cayma, Yanahuara, and the modern developments in Cerro Colorado.
What's the average monthly rent for a 2-bedroom in Arequipa as of 2026?
As of early 2026, a typical 2-bedroom apartment in Arequipa rents for around S/ 1,950 per month, equivalent to approximately $520 USD or €490 EUR.
Most 2-bedroom apartments in Arequipa fall within a range of S/ 1,600 to S/ 2,400 per month (about $425 to $640 USD or €400 to €600 EUR), though premium units with parking and security can reach S/ 3,600.
The most affordable 2-bedroom rents in Arequipa are found in Socabaya and parts of Paucarpata, while Cayma, Yanahuara, and upscale Cerro Colorado developments command the highest prices.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Arequipa.
What's the average rent per square meter in Arequipa as of 2026?
As of early 2026, the typical rent per square meter in Arequipa is around S/ 24 per month, which equals approximately $6.40 USD or €6 EUR per square meter.
Across different neighborhoods in Arequipa, rent per square meter ranges from about S/ 18 to S/ 35 (roughly $4.80 to $9.30 USD or €4.50 to €8.75 EUR), depending on location and building quality.
Compared to Lima, where prime districts like Miraflores can reach S/ 45 to S/ 55 per square meter, Arequipa offers significantly better value while still being Peru's second-largest city.
Properties in Arequipa that push rent per square meter above average typically feature modern construction, dedicated parking, 24/7 security, elevators, and good natural light or views of El Misti volcano.
How much have rents changed year-over-year in Arequipa in 2026?
As of early 2026, rents in Arequipa have increased by approximately 4% compared to January 2025, with a plausible range of 2% to 6% depending on the district and unit quality.
The main factors driving rent changes in Arequipa this year include steady demand for quality units with parking and security, limited new supply in prime districts like Cayma and Yanahuara, and overall inflation staying near the central bank's target.
This year's rent growth in Arequipa is slightly higher than 2025's trend, when increases averaged closer to 3%, reflecting tighter inventory in the most desirable neighborhoods.
What's the outlook for rent growth in Arequipa in 2026?
As of early 2026, we project rent growth in Arequipa to land between 3% and 6% for the full year, with our base case estimate around 4% to 5%.
The key factors likely to influence rent growth in Arequipa include Peru's expected GDP growth of around 2.5% to 3%, continued low inflation near the central bank's target, and steady demand from young professionals and families seeking quality housing.
The neighborhoods in Arequipa expected to see the strongest rent growth are Cayma, Yanahuara, and select parts of Cerro Colorado, where new supply of modern buildings with amenities remains limited.
The main risks that could cause rent growth in Arequipa to differ from projections include a broader economic slowdown that softens household budgets, or a surge in new construction that increases supply faster than expected.
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Which neighborhoods rent best in Arequipa as of 2026?
Which neighborhoods have the highest rents in Arequipa as of 2026?
As of early 2026, the top three neighborhoods with the highest average rents in Arequipa are Cayma (especially Challapampa and Los Ángeles de Cayma), Yanahuara, and premium parts of Cerro Colorado, where 2-bedroom apartments commonly rent for S/ 2,500 to S/ 3,600 (about $665 to $960 USD or €625 to €900 EUR).
These neighborhoods command premium rents in Arequipa because they offer newer construction, 24/7 security, parking, quiet residential streets, and in Yanahuara's case, iconic views of El Misti volcano and walkable access to cafés and restaurants.
The tenant profile that typically rents in these high-rent Arequipa neighborhoods includes established professionals, expats, business owners, and families who prioritize safety, amenities, and proximity to quality schools.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Arequipa.
Where do young professionals prefer to rent in Arequipa right now?
The top three neighborhoods where young professionals prefer to rent in Arequipa are José Luis Bustamante y Rivero, Cercado (Centro), and Yanahuara for those with slightly higher budgets.
Young professionals in these Arequipa neighborhoods typically pay between S/ 1,000 and S/ 1,700 per month (about $265 to $450 USD or €250 to €425 EUR) for a studio or 1-bedroom apartment.
The specific amenities and lifestyle features that attract young professionals to these Arequipa neighborhoods include short commute times, proximity to shopping centers and restaurants, access to public transport corridors, and a lively atmosphere without the premium prices of Cayma.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Arequipa.
Where do families prefer to rent in Arequipa right now?
The top three neighborhoods where families prefer to rent in Arequipa are Cerro Colorado (for its space and newer developments), Cayma (for security and quality), and Sachaca (for its quieter residential feel).
Families renting 2 to 3 bedroom apartments in these Arequipa neighborhoods typically pay between S/ 1,800 and S/ 3,000 per month (about $480 to $800 USD or €450 to €750 EUR), depending on size and amenities.
The features that make these Arequipa neighborhoods attractive to families include larger floor plans, gated communities, lower traffic density, green spaces, and a sense of community safety.
Notable schools near these family-friendly Arequipa neighborhoods include Colegio San José, Colegio Max Uhle, and various private schools in Cayma and Cerro Colorado that cater to both local and international families.
Which areas near transit or universities rent faster in Arequipa in 2026?
As of early 2026, the top three areas near transit hubs or universities that rent fastest in Arequipa are the zones around Universidad Nacional de San Agustín (UNSA) in Cercado, the busy corridors of José Luis Bustamante y Rivero, and central Cercado near major transport routes.
In these high-demand Arequipa areas, properties typically stay listed for only 15 to 20 days on average, compared to the citywide average of about 30 days.
The typical rent premium for properties within walking distance of transit or UNSA in Arequipa is around S/ 100 to S/ 200 per month (about $25 to $55 USD or €25 to €50 EUR) above comparable units farther from these hubs.
Which neighborhoods are most popular with expats in Arequipa right now?
The top three neighborhoods most popular with expats in Arequipa are Yanahuara, Cayma, and renovated parts of Cercado (Centro) with well-managed buildings.
Expats in these Arequipa neighborhoods typically pay between S/ 1,500 and S/ 2,800 per month (about $400 to $745 USD or €375 to €700 EUR) for furnished or semi-furnished apartments.
The features that make these Arequipa neighborhoods attractive to expats include walkability, cafés and restaurants with international options, reliable security, proximity to services, and scenic views of the surrounding volcanoes.
The expat communities most represented in these Arequipa neighborhoods include North Americans (especially retirees), Europeans, and professionals from other Latin American countries working in mining or NGO sectors.
And if you are also an expat, you may want to read our exhaustive guide for expats in Arequipa.
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Who rents, and what do tenants want in Arequipa right now?
What tenant profiles dominate rentals in Arequipa?
The top three tenant profiles that dominate the rental market in Arequipa are local young professionals (first jobs and couples), university students (especially those studying near UNSA), and families looking to upgrade their living space.
In Arequipa's rental market, young professionals and students together represent roughly 55% to 60% of demand, while families seeking 2 to 3 bedroom units account for about 30% to 35% of the market.
Young professionals and students in Arequipa typically seek studios and 1-bedroom apartments under 60 square meters, while families look for 2 to 3 bedroom units between 70 and 120 square meters, often in quieter districts like Cerro Colorado or Cayma.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Arequipa.
Do tenants prefer furnished or unfurnished in Arequipa?
In Arequipa's rental market, approximately 65% to 70% of tenants prefer unfurnished apartments, while 30% to 35% actively seek furnished or semi-furnished options.
Furnished apartments in Arequipa typically command a premium of S/ 200 to S/ 400 per month (about $55 to $105 USD or €50 to €100 EUR) over comparable unfurnished units, making semi-furnished a popular middle ground.
The tenant profiles that tend to prefer furnished rentals in Arequipa include students, expats, young professionals on shorter-term assignments, and anyone relocating from another city who wants to move in quickly without buying furniture.
Which amenities increase rent the most in Arequipa?
The top five amenities that increase rent the most in Arequipa are dedicated parking (cochera), 24/7 security or doorman, elevator access in modern buildings, good natural light with views, and high-speed internet infrastructure.
In Arequipa, parking alone can add S/ 150 to S/ 300 per month (about $40 to $80 USD or €40 to €75 EUR), while 24/7 security adds roughly S/ 100 to S/ 200, and units with views of El Misti or the city can command an additional S/ 200 to S/ 400 premium.
In our property pack covering the real estate market in Arequipa, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Arequipa?
The top five renovations that get the best ROI for rental properties in Arequipa are kitchen refresh (countertop, sink, and cabinet faces), bathroom refresh (fixtures, shower enclosure, ventilation), fresh paint with modern lighting, security upgrades (locks, intercom, entrance lighting), and improved water heating systems.
A kitchen refresh in Arequipa typically costs S/ 3,000 to S/ 6,000 (about $800 to $1,600 USD) and can justify a rent increase of S/ 100 to S/ 200 per month, while a bathroom refresh at similar cost can add S/ 80 to S/ 150, and paint with lighting at S/ 1,500 to S/ 3,000 can boost rent by S/ 50 to S/ 100.
Renovations that tend to have poor ROI and should be avoided by landlords in Arequipa include expensive imported finishes that local tenants don't value, swimming pools in individual properties, and overly personalized design choices that limit tenant appeal.
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How strong is rental demand in Arequipa as of 2026?
What's the vacancy rate for rentals in Arequipa as of 2026?
As of early 2026, the estimated vacancy rate for rental properties in Arequipa is around 6%, indicating a relatively balanced market with moderate competition among landlords.
Across different neighborhoods in Arequipa, vacancy rates range from about 4% in high-demand areas like Yanahuara and near UNSA to around 8% in less central districts or older buildings without modern amenities.
The current vacancy rate in Arequipa is roughly in line with the historical average of 5% to 7%, suggesting the market has returned to equilibrium after some post-pandemic fluctuations.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Arequipa.
How many days do rentals stay listed in Arequipa as of 2026?
As of early 2026, rentals in Arequipa stay listed for an average of about 30 days before being rented, though well-priced units in prime locations move much faster.
Across different property types and neighborhoods in Arequipa, days on market ranges from about 15 to 20 days for small units near UNSA to 40 to 50 days for larger family homes in less central areas.
The current days-on-market figure in Arequipa is similar to one year ago, when the average was also around 28 to 32 days, suggesting stable demand conditions throughout 2025 and into 2026.
Which months have peak tenant demand in Arequipa?
The peak months for tenant demand in Arequipa are February and March (driven by university enrollment and new job starts), followed by a secondary peak in July and August for mid-year relocations.
The specific factors driving seasonal demand patterns in Arequipa include the academic calendar at Universidad Nacional de San Agustín, corporate hiring cycles that begin after Peru's fiscal year, and family moves timed around school schedules.
The months with the lowest tenant demand in Arequipa are typically November and December, when most people avoid moving during the holiday season and wait until the new year to relocate.
Don't buy the wrong property, in the wrong area of Arequipa
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What will my monthly costs be in Arequipa as of 2026?
What property taxes should landlords expect in Arequipa as of 2026?
As of early 2026, landlords in Arequipa should expect to pay annual property tax (Impuesto Predial) ranging from roughly S/ 300 to S/ 1,500 (about $80 to $400 USD or €75 to €375 EUR) for a typical residential property, depending on its assessed value.
The realistic range of annual property taxes in Arequipa goes from about S/ 200 for modest properties in outlying areas to S/ 3,000 or more (about $800 USD or €750 EUR) for high-value properties in premium districts like Cayma or Yanahuara.
Property taxes in Arequipa are calculated using a progressive scale based on the property's assessed value (autoavalúo) expressed in UIT tranches, with rates of 0.2%, 0.6%, and 1.0% applied to successive brackets, and for 2026 the UIT is set at S/ 5,500.
Please note that, in our property pack covering the real estate market in Arequipa, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What maintenance budget per year is realistic in Arequipa right now?
A realistic annual maintenance budget for a typical rental property in Arequipa is around S/ 2,000 to S/ 4,000 (about $530 to $1,065 USD or €500 to €1,000 EUR), or roughly one month of rent set aside per year.
The realistic range of annual maintenance costs in Arequipa goes from about S/ 1,500 for newer apartments in good condition to S/ 6,000 or more (about $1,600 USD or €1,500 EUR) for older properties that need more frequent repairs.
Landlords in Arequipa typically set aside 8% to 12% of annual rental income for maintenance, which aligns with the rule of thumb of budgeting roughly 1% of the property value per year for upkeep.
What utilities do landlords often pay in Arequipa right now?
The utilities that landlords most commonly pay on behalf of tenants in Arequipa are building maintenance fees ("mantenimiento") and occasionally water in small studio arrangements, while tenants typically handle electricity, gas, and internet directly.
When landlords do include water in Arequipa, the typical monthly cost is around S/ 40 to S/ 80 (about $10 to $20 USD or €10 to €20 EUR), while building maintenance fees range from S/ 80 to S/ 250 per month depending on building amenities.
The common practice in Arequipa is for tenants to pay electricity (through SEAL), water and sewer (through SEDAPAR), and internet directly to providers, while landlords cover building common area maintenance and sometimes bundle water into the rent for simplicity.
How is rental income taxed in Arequipa as of 2026?
As of early 2026, residential rental income in Arequipa is taxed as "Renta de Primera Categoría" under SUNAT rules, with an effective rate of 5% on gross rental income (calculated as 20% of gross income taxed at 25%).
The main deductions landlords can claim against rental income in Arequipa include a flat 20% deduction from gross rent that is automatically applied, though landlords cannot typically deduct specific expenses like repairs or maintenance beyond this standard deduction.
A common tax mistake landlords in Arequipa should avoid is failing to file monthly payments using Formulario 1683 within the required deadlines, which can result in penalties and interest charges from SUNAT even on relatively small rental amounts.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Arequipa.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Peru versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Arequipa, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why it's authoritative | How we used it |
|---|---|---|
| INEI Informe de Precios | Peru's official statistics agency and the primary source for CPI-style price indexes. | We used it to anchor rent changes and inflation-style housing movements. We also used it as an official reality check against private portal trends. |
| INEI CPI Technical Report | An official INEI technical publication with consistent methodology month to month. | We used it to triangulate how fast housing costs are moving in recent periods. We also used it to sanity-check that our rent growth assumptions aren't wildly above inflation. |
| BCRP Inflation Report | Peru's central bank's official macro forecast document. | We used it to frame the 2026 inflation environment that sets the ceiling for broad rent growth. We also used it for the baseline scenario that feeds our outlook. |
| OECD Economic Outlook | A top-tier international organization with transparent macro assumptions. | We used it to triangulate Peru's 2026 growth backdrop. We also used it to keep our outlook section grounded in reputable macro forecasts. |
| World Bank Peru Overview | A core international source for country macro context and long-run trends. | We used it to contextualize Peru's macro stability and structural constraints. We also used it as a cross-check that our story fits the broader Peru picture. |
| SUNAT Renta de Primera Categoría | Peru's national tax authority and the official guidance for rental-income taxation. | We used it to explain what counts as taxable rental income and what "rent" includes legally. We also used it to keep the tax section precise and accurate. |
| SUNAT Formulario 1683 Guide | An official SUNAT document designed specifically for landlords paying rental tax. | We used it to show the practical payment route most small landlords use. We also used it to keep the "how to comply" explanation simple. |
| MEF UIT 2026 Decree | The Ministry of Economy and Finance's official legal publication entry. | We used it to pin down the 2026 UIT value which affects property-tax thresholds. We also used it to avoid relying on media summaries for a legal number. |
| El Peruano UIT 2026 Publication | The official gazette where Peruvian legal norms are published. | We used it as a second, independent confirmation of the UIT 2026 value. We also used it as the verifiable legal record for readers who want the primary text. |
| Municipalidad Provincial de Arequipa | The city's official site for local taxes and deadlines. | We used it to ground the property-tax section in Arequipa's own municipal process. We also used it to avoid generic Peru-only tax explanations. |
| El Peruano Arequipa Municipal Ordinance | The official gazette record for a municipal ordinance. | We used it as corroboration that Arequipa manages predial via annual filings through municipal ordinances. We also used it to keep the annual process explanation accurate. |
| SUNASS SEDAPAR Tariff Documentation | The national water regulator that publishes official tariff decisions. | We used it to anchor water and sewer costs to the regulated tariff framework. We also used it to explain why water prices move in plain language. |
| SEAL Electricity Tariff Sheet | The local utility's published tariff document tied to the regulator's framework. | We used it to avoid rule-of-thumb electricity numbers and describe bills from the published structure. We also used it to justify realistic utility ranges. |
| OSINERGMIN Electricity Tariffs | The national energy regulator and the authority behind tariff methodology. | We used it as regulator-side confirmation that retail electricity prices are regulated and published. We also used it to explain why tariffs vary by consumption bracket. |
| Adondevivir Arequipa Listings | A large, established real-estate portal with a broad listing base and visible asking prices. | We used it to estimate typical asking rents by scanning live listings by district, size, and bedroom count. We also used it to triangulate rent-per-square-meter ranges. |
| InfoCasas Peru Arequipa | Another major portal that helps reduce single-portal bias. | We used it as a second sample of asking rents, especially for smaller mini-departamentos. We also used it to cross-check which districts show deeper inventory. |
| Properati Peru Arequipa | A well-known LATAM property portal useful for cross-checking price bands. | We used it to sanity-check the upper and lower tails of asking rents, especially for houses. We also used it to triangulate neighborhood-level price differences. |
| Fondo MIVIVIENDA RAV | A government-linked housing institution with an official rental-registration mechanism. | We used it to explain the formal rental route and what qualifies as a rentable home. We also used it to frame documentation and habitability expectations in Peru. |
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