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
This article covers the current housing rents in Lima as of the first half of 2026, with detailed breakdowns by apartment size, neighborhood, and tenant profile.
We constantly update this blog post to reflect the latest market data and trends in Lima's rental market.
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 Lima.
Insights
- About 22% of rental listings in Lima are furnished, which means roughly 4 out of 5 apartments come unfurnished and tenants need to bring their own furniture.
- Lima rents have grown around 5.5% year-over-year, but premium districts like Miraflores and San Isidro are seeing even stronger price increases due to limited supply.
- Studios in Lima rent at roughly 20 to 35% more per square meter than larger apartments, making them less cost-efficient but popular among young professionals.
- The vacancy rate in Lima's top districts like Miraflores and San Borja hovers around 4 to 5%, while outer districts see vacancy rates closer to 7 to 9%.
- February and March are peak rental months in Lima because they coincide with the start of the work and university year.
- Rental income in Lima is taxed at a flat 5% rate for individual landlords, which is straightforward but often overlooked by first-time investors.
- San Isidro Financiero consistently ranks as Lima's most expensive rental zone, commanding premium rents due to its corporate office concentration.
- Properties near Metro Line 1 stations in San Borja and Surquillo tend to rent faster than similar units further from transit.
- HOA fees in Lima typically range from S/ 180 to S/ 550 per month, which can significantly impact a landlord's net rental yield.
- Expats in Lima overwhelmingly cluster in Miraflores, San Isidro, and Barranco, where they benefit from walkability and international services.
What are typical rents in Lima as of 2026?
What's the average monthly rent for a studio in Lima as of 2026?
As of early 2026, the average monthly rent for a studio apartment in Lima is approximately S/ 1,450 (around $390 USD or €360 EUR).
Most studios in Lima fall within a realistic range of S/ 1,100 to S/ 1,900 per month ($300 to $510 USD, or €275 to €475 EUR), depending on location and building quality.
The main factors that cause studio rents to vary in Lima include the neighborhood (with Miraflores and San Isidro commanding premiums), building age, security features, and whether the unit includes amenities like a gym or rooftop area.
What's the average monthly rent for a 1-bedroom in Lima as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Lima is approximately S/ 1,950 (around $525 USD or €490 EUR).
Most 1-bedroom apartments in Lima rent between S/ 1,400 and S/ 2,600 per month ($380 to $700 USD, or €350 to €650 EUR), with the range reflecting differences in location and amenities.
Neighborhoods like Los Olivos and San Miguel tend to have the cheapest 1-bedroom rents in Lima, while San Isidro and Miraflores sit at the top of the price scale for this apartment size.
What's the average monthly rent for a 2-bedroom in Lima as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment in Lima is approximately S/ 2,650 (around $715 USD or €660 EUR).
Most 2-bedroom apartments in Lima rent between S/ 2,000 and S/ 3,500 per month ($540 to $945 USD, or €500 to €875 EUR), depending on district and building quality.
For 2-bedroom rentals in Lima, Lince and Jesús María offer more affordable options, while Barranco, San Borja, and La Molina are among the most expensive neighborhoods for this apartment size.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Lima.
What's the average rent per square meter in Lima as of 2026?
As of early 2026, the average rent per square meter in Lima is approximately S/ 33 (around $8.90 USD or €8.25 EUR) per month.
Rent per square meter in Lima ranges from about S/ 22 to S/ 50 ($6 to $13.50 USD, or €5.50 to €12.50 EUR), with outer districts at the low end and San Isidro Financiero at the top.
Compared to other major Peruvian cities like Arequipa or Trujillo, Lima's rent per square meter is roughly 40 to 60% higher due to the capital's economic concentration and infrastructure.
In Lima, properties that push rent per square meter above average typically feature secure parking, modern elevators, building amenities like gyms or coworking spaces, and locations within walking distance of the Malecón or major commercial corridors.
How much have rents changed year-over-year in Lima in 2026?
As of early 2026, rents in Lima have increased by approximately 5.5% compared to one year ago.
The main factors driving rent increases in Lima this year include strong demand in Lima Moderna districts, limited new rental supply, and steady economic growth that supports household formation.
This year's rent growth in Lima is slightly more moderate than 2024, when some months saw increases closer to 7 to 8% year-over-year, suggesting the market is stabilizing at a sustainable pace.
What's the outlook for rent growth in Lima in 2026?
As of early 2026, rent growth in Lima is projected to be between 4% and 7% for the full year, with the strongest increases expected in premium districts.
The key factors likely to influence Lima rent growth include Peru's overall economic trajectory, inflation expectations (which remain anchored), and continued urbanization pressure in central Lima districts.
Neighborhoods in Lima expected to see the strongest rent growth in 2026 include Miraflores, San Isidro, Barranco, and Santiago de Surco, where demand consistently outpaces new supply.
The main risks that could cause Lima rent growth to differ from projections include an economic slowdown, changes to rental regulations, or a significant increase in new apartment completions in central districts.
We have made this infographic to give you a quick and clear snapshot of the property market in Peru. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which neighborhoods rent best in Lima as of 2026?
Which neighborhoods have the highest rents in Lima as of 2026?
As of early 2026, the three neighborhoods with the highest average rents in Lima are San Isidro (especially San Isidro Financiero), Miraflores, and Barranco, where typical 2-bedroom apartments rent for S/ 3,500 to S/ 5,000 ($945 to $1,350 USD, or €875 to €1,250 EUR) per month.
These Lima neighborhoods command premium rents because they offer coastal proximity, walkable streets, high security, and easy access to corporate offices, restaurants, and nightlife.
The typical tenant profile in these high-rent Lima neighborhoods includes senior professionals, corporate executives, and expats who prioritize convenience and lifestyle over cost savings.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Lima.
Where do young professionals prefer to rent in Lima right now?
The top three neighborhoods where young professionals prefer to rent in Lima are Miraflores (near Parque Kennedy), Barranco, and Surquillo, which offers a more affordable alternative next to premium districts.
Young professionals in these Lima neighborhoods typically pay between S/ 1,600 and S/ 2,800 per month ($430 to $755 USD, or €400 to €700 EUR) for a 1-bedroom or small 2-bedroom apartment.
What attracts young professionals to these Lima neighborhoods includes walkable streets with cafés and coworking spaces, active nightlife in Barranco, short commutes to San Isidro offices, and strong internet connectivity for remote work.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Lima.
Where do families prefer to rent in Lima right now?
The top three neighborhoods where families prefer to rent in Lima are Santiago de Surco (including Monterrico and Chacarilla), San Borja, and La Molina.
Families in these Lima neighborhoods typically pay between S/ 3,000 and S/ 4,500 per month ($810 to $1,215 USD, or €750 to €1,125 EUR) for a 2 to 3 bedroom apartment with parking.
What makes these Lima neighborhoods attractive to families includes larger apartment sizes, quieter residential streets, secure buildings, green spaces, and proximity to quality schools.
Top-rated schools near these family-friendly Lima neighborhoods include Colegio Franklin Delano Roosevelt in La Molina, Markham College in Surco, and several bilingual schools in San Borja that attract both local and international families.
Which areas near transit or universities rent faster in Lima in 2026?
As of early 2026, the top three areas near transit hubs or universities that rent fastest in Lima are San Borja (near Metro Line 1 stations), San Miguel (near PUCP and other universities), and Surquillo along Metropolitano bus corridors.
Properties in these high-demand Lima areas typically stay listed for around 15 to 25 days, compared to 35 to 45 days in less connected neighborhoods.
The rent premium for properties within walking distance of transit or universities in Lima is roughly S/ 150 to S/ 300 per month ($40 to $80 USD, or €35 to €75 EUR) above comparable units further from these amenities.
Which neighborhoods are most popular with expats in Lima right now?
The top three neighborhoods most popular with expats in Lima are Miraflores, San Isidro (especially near the Golf area), and Barranco.
Expats in these Lima neighborhoods typically pay between S/ 2,500 and S/ 4,000 per month ($675 to $1,080 USD, or €625 to €1,000 EUR) for a furnished 1 to 2 bedroom apartment.
What makes these Lima neighborhoods attractive to expats includes walkability, English-speaking services, international restaurants, coastal views, and a strong sense of community among foreign residents.
The expat communities most represented in these Lima neighborhoods include Americans, Europeans (especially Spanish and Germans), Venezuelans, and Argentines, creating a diverse international atmosphere.
And if you are also an expat, you may want to read our exhaustive guide for expats in Lima.
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Who rents, and what do tenants want in Lima right now?
What tenant profiles dominate rentals in Lima?
The top three tenant profiles that dominate the rental market in Lima are young professionals working in Lima Moderna offices, new households and couples looking for their first independent home, and students near major universities.
In Lima, young professionals represent roughly 35 to 40% of the rental market, new households account for about 25 to 30%, and students make up around 15 to 20%, with expats and short-term renters filling the remainder.
Young professionals in Lima typically seek 1-bedroom or small 2-bedroom apartments near work, while new households prefer 2-bedroom units with parking, and students often look for studios or shared apartments close to campus.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Lima.
Do tenants prefer furnished or unfurnished in Lima?
In Lima, approximately 78% of tenants prefer unfurnished apartments, while around 22% look for furnished rentals, based on current listing patterns.
The rent premium for furnished apartments in Lima is typically S/ 400 to S/ 700 per month ($110 to $190 USD, or €100 to €175 EUR) above comparable unfurnished units.
Tenant profiles that tend to prefer furnished rentals in Lima include expats on temporary assignments, corporate relocations, students from outside the city, and anyone seeking a shorter lease term without the hassle of buying furniture.
Which amenities increase rent the most in Lima?
The top five amenities that increase rent the most in Lima are secure parking with 24-hour security, modern elevators in well-maintained buildings, in-building gyms or fitness areas, rooftop BBQ and common areas, and pet-friendly policies.
In Lima, secure parking can add S/ 200 to S/ 350 per month ($55 to $95 USD), building gyms add around S/ 100 to S/ 200 ($27 to $54 USD), rooftop amenities add S/ 150 to S/ 250 ($40 to $68 USD), and pet-friendly policies can justify premiums of S/ 100 to S/ 200 ($27 to $54 USD) for small-unit renters who value this flexibility.
In our property pack covering the real estate market in Lima, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Lima?
The top five renovations that get the best ROI for rental properties in Lima are fresh paint and modern lighting fixtures, kitchen refreshes (countertops, cabinet faces, faucets), bathroom updates (shower, vanity, ventilation), window sealing for noise reduction, and selective furnishing in premium districts only.
In Lima, a paint and lighting refresh costs around S/ 1,500 to S/ 3,000 ($405 to $810 USD) and can increase rent by S/ 100 to S/ 200 monthly, kitchen updates cost S/ 3,000 to S/ 6,000 ($810 to $1,620 USD) for a potential S/ 150 to S/ 300 monthly increase, and bathroom improvements cost S/ 2,000 to S/ 4,500 ($540 to $1,215 USD) for similar rent gains.
Renovations that tend to have poor ROI in Lima and should be avoided include luxury finishes that exceed neighborhood standards, full furnishing in non-expat areas, and structural changes that don't add bedrooms or bathrooms.
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.
How strong is rental demand in Lima as of 2026?
What's the vacancy rate for rentals in Lima as of 2026?
As of early 2026, the estimated vacancy rate for rental properties in Lima is approximately 6% citywide for long-term residential apartments.
Vacancy rates across Lima neighborhoods range from about 4 to 5% in high-demand districts like Miraflores, San Isidro, and San Borja, up to 7 to 9% in more price-sensitive outer districts.
The current vacancy rate in Lima is slightly below the historical average of around 7 to 8%, reflecting steady demand and moderate rent growth that keeps the market relatively tight.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Lima.
How many days do rentals stay listed in Lima as of 2026?
As of early 2026, the estimated average number of days rentals stay listed in Lima is approximately 25 to 30 days for correctly priced apartments in central districts.
Days on market across Lima ranges from about 15 to 25 days for well-priced units in Miraflores and San Isidro, up to 35 to 45 days in outer or less connected neighborhoods where demand is softer.
The current days-on-market figure in Lima is roughly similar to one year ago, indicating stable demand rather than a significant tightening or loosening of the rental market.
Which months have peak tenant demand in Lima?
The peak months for tenant demand in Lima are typically February and March, followed by a secondary peak in August and September.
The factors that drive seasonal demand patterns in Lima include the start of the work and university year in February and March, mid-year corporate relocations in August, and new-year moves in January as people reset their living situations.
The months with the lowest tenant demand in Lima are typically November and December, when most people delay moving decisions until after the holiday season and summer vacation period.
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What will my monthly costs be in Lima as of 2026?
What property taxes should landlords expect in Lima as of 2026?
As of early 2026, landlords in Lima should expect to pay annual property taxes (Impuesto Predial) ranging from approximately S/ 500 to S/ 3,000 ($135 to $810 USD, or €125 to €750 EUR) for a typical rental apartment, depending on assessed value.
The realistic range of annual property taxes in Lima varies from around S/ 300 for modest apartments in outer districts to S/ 5,000 or more ($1,350 USD, €1,250 EUR) for high-value properties in San Isidro or Miraflores.
Property taxes in Lima are calculated using progressive brackets based on the property's autoavalúo (assessed value): 0.2% up to 15 UIT, 0.6% from 15 to 60 UIT, and 1.0% above 60 UIT, meaning most middle-class apartments fall in the 0.2% to 0.6% effective range.
Please note that, in our property pack covering the real estate market in Lima, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What maintenance budget per year is realistic in Lima right now?
A realistic annual maintenance budget for a typical rental property in Lima is approximately S/ 3,500 to S/ 9,000 ($945 to $2,430 USD, or €875 to €2,250 EUR), including building fees and a repairs reserve.
The realistic range of annual maintenance costs in Lima varies from around S/ 2,500 for newer buildings in good condition to S/ 12,000 or more ($3,240 USD, €3,000 EUR) for older properties requiring more frequent repairs.
Landlords in Lima typically set aside around 5 to 10% of annual rental income for maintenance, with the lower end for modern buildings and the higher end for older apartments or those with aging systems.
What utilities do landlords often pay in Lima right now?
In most Lima rental arrangements, landlords typically pay property taxes and major building assessments, while tenants pay electricity, water, internet, and the monthly building maintenance fee.
For landlords who do include utilities in the rent (more common in furnished or short-term rentals), monthly costs in Lima are roughly S/ 150 to S/ 250 ($40 to $68 USD) for electricity, S/ 50 to S/ 100 ($14 to $27 USD) for water, and S/ 80 to S/ 150 ($22 to $40 USD) for internet.
The common practice in Lima is for tenants to handle utility bills directly, but furnished apartments targeting expats often include some or all utilities in the monthly rent to simplify the arrangement.
How is rental income taxed in Lima as of 2026?
As of early 2026, rental income in Lima is taxed at a flat rate of 5% of the gross rent amount for individual landlords under Peru's first-category income tax (renta de primera categoría).
The main deductions landlords can claim against rental income in Lima are limited, as the 5% rate is applied to gross rent with a 20% automatic deduction already factored in, meaning the effective tax on net income is somewhat higher than it appears.
A common tax mistake specific to Lima landlords is failing to declare rental income at all, which can trigger penalties from SUNAT, or not registering the rental property properly before collecting rent.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Lima.
We made this infographic to show you how property prices in Peru compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
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 Lima, 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 |
|---|---|---|
| BCRP Real Estate Statistics Portal | It's Peru's central bank, and its statistics portal is an official public dataset hub. | We used it to anchor our view of the formal tracked apartment market in core Lima districts. We also used it to cross-check direction and consistency against private indexes. |
| BCRP Notas de Estudios (Real Estate Methodology) | It's an official BCRP publication that documents the underlying approach and limitations clearly. | We used it to confirm what the BCRP real-estate indicators actually measure, including listed prices and districts covered. We used that to keep our rent estimates realistic and properly caveated. |
| Urbania Índice m² | Urbania is one of the biggest property portals in Peru and is widely used in market tracking. | We used it as the main high-frequency rent index reference for Lima. We then cross-checked it against BCRP's documented use of Urbania-based listings. |
| Infobae Perú (Urbania Index Oct 2025) | It's a major news outlet and explicitly attributes the numbers to Urbania's Index report. | We used it to pin the latest clearly stated rent level for a standard unit and the year-to-date movement. We then carried that forward to January 2026 with a conservative projection. |
| La República (Urbania Index Apr 2025) | It's a large national newspaper and explicitly cites Urbania's Index figures and comparisons. | We used it to cross-check the magnitude of yearly rent inflation from the same index family. We used it as a second anchor point so we weren't relying on a single month. |
| La República (District Rankings) | It's a respected newspaper with detailed district-level rent comparisons from Urbania data. | We used it to identify which Lima neighborhoods have the highest and lowest rents. We referenced their rankings to validate our neighborhood-level estimates. |
| SUNAT (Rental Income Tax) | This is the Peruvian government's official tax guidance page for landlords. | We used it to state the baseline tax rule that many individual landlords face. We kept the tax section strictly aligned with the official description. |
| SAT Lima (Property Tax Info) | SAT Lima is the official tax administrator for Lima and explains the calculation clearly. | We used it to state the progressive property-tax brackets by UIT bands. We used it to structure what landlords should expect in a plain-language way. |
| OSINERGMIN (Electricity Tariffs) | OSINERGMIN is Peru's energy regulator and publishes the official tariff schedules. | We used it as the authority for how electricity prices are regulated and where to verify them. We then translated that into a realistic monthly budgeting range. |
| SUNASS (Sedapal Water Tariffs) | SUNASS is the national water regulator and this is an official legal document on tariff review. | We used it to justify why water bills can change through regulated tariff processes. We then gave a conservative monthly cost range for typical apartment consumption. |
| OSIPTEL (Internet Statistics) | OSIPTEL is the telecom regulator, and this is an official statistical publication. | We used it to support that fixed internet penetration is broad and growing in Peru. We used that context when discussing what tenants expect from rental amenities. |
| Adondevivir (Total Rental Listings) | It's a major real-estate portal with large listing volume, useful for a live snapshot of supply. | We used it to approximate the active rental listing universe in Lima at the time of writing. We used it to benchmark furnished share and demand tightness. |
| Adondevivir (Furnished Listings) | Same portal filtered to furnished inventory, so it's a clean comparison. | We used it to estimate what fraction of current listings are furnished in Lima. We used that as a practical proxy for furnished demand and availability. |
| BCRP Inflation Report (Dec 2025) | This is the central bank's official macro outlook document. | We used it to ground the 2026 rent outlook in the expected macro environment. We used it to avoid making a rent forecast disconnected from Peru's policy and inflation regime. |
| INEI ENAHO Survey Hub | INEI is Peru's official statistics agency and ENAHO is its flagship household survey. | We used it to anchor tenant-profile discussion in the country's official household survey architecture. We then combined it with market-portal behavior data for Lima-specific nuance. |
| Diario Expreso (Housing Demand) | It's a major newspaper reporting on Urbania demand patterns and district preferences. | We used it to understand buy versus rent interest and which districts see the most search activity. We referenced it for transit-area demand signals. |
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