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
If you're thinking about investing in rental property in Lima, understanding the current yields is essential before you commit your money.
In this guide, we break down gross and net rental yields, neighborhood variations, property types, and all the costs that eat into your returns in Lima's 2026 market.
We constantly update this blog post to reflect the latest data and market conditions in Lima.
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
- Lima's average gross rental yield sits around 5.4% in early 2026, but districts like Surquillo and Lince near prime borders can push above 6.5% due to purchase price compression.
- The gap between gross and net yields in Lima typically runs about 1.5 percentage points, with property management fees (around 8% of rent including tax) being the single largest recurring cost.
- Studios and one-bedroom apartments in Lima deliver yields between 5.7% and 6.7%, outperforming larger family units by roughly one full percentage point on average.
- Lima's prestige districts like San Isidro and Miraflores often yield below 4.5% gross because buyers pay a lifestyle premium that rents simply cannot match.
- A realistic vacancy buffer in Lima is about one month of rent per year, based on local property managers reporting roughly 24 days to fill a unit plus periodic tenant turnover.
- Metro Line 2 construction (now over 70% complete) is expected to boost rents in districts like Ate, Santa Anita, and Breña once stations become operational.
- Lima's rent-to-price ratio implies roughly 18.5 years of gross rent to recover the purchase price, which is competitive compared to other major Latin American capitals.
- Property taxes in Lima (impuesto predial) follow progressive brackets from 0.2% to 1.0%, but the effective drag on market value often stays below 0.3% because assessed values lag behind transaction prices.
What are the rental yields in Lima as of 2026?
What's the average gross rental yield in Lima as of 2026?
As of early 2026, the average gross rental yield across residential properties in Lima sits around 5.4% per year, meaning a property priced at S/ 500,000 would generate roughly S/ 27,000 in annual rent before any expenses.
Most typical residential properties in Lima fall within a gross yield range of about 4% to 6.7%, depending heavily on the district and unit size you choose.
Lima's average gross yield is competitive within Latin America, generally sitting above what investors see in Santiago or Buenos Aires, though slightly below some secondary Peruvian cities where purchase prices remain lower.
The single biggest factor shaping Lima's gross yields right now is the gap between prime district prices (which have climbed faster than rents) and mid-market districts (where purchase prices remain reasonable relative to what tenants will pay).
What's the average net rental yield in Lima as of 2026?
As of early 2026, the average net rental yield for residential rentals in Lima is approximately 3.9% per year after accounting for all typical landlord expenses.
The typical difference between gross and net yields in Lima runs about 1.5 percentage points, which means investors should expect to lose roughly a quarter of their gross income to operating costs.
Property management fees are the expense category that most significantly reduces gross yield in Lima, with full-service managers charging around 7% of rent plus 18% IGV tax, which works out to over 8% of collected rent before you even count leasing commissions.
Most standard investment properties in Lima deliver net yields somewhere between 2.8% and 4.5%, with the range depending on how efficiently you manage vacancy, maintenance, and whether you self-manage or hire professionals.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market 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 yield is considered "good" in Lima in 2026?
In Lima's 2026 market, a gross rental yield above 5.5% is generally considered "good" by local investors, since it meaningfully exceeds the citywide average without requiring you to take on properties in risky or illiquid locations.
The threshold that separates average-performing properties from high performers in Lima sits around 6% gross, and anything consistently above that level typically means you've found a well-priced unit in a district with strong rental demand but not yet inflated purchase prices.
How much do yields vary by neighborhood in Lima as of 2026?
As of early 2026, gross rental yields in Lima range from about 4% in the most expensive districts to roughly 6.7% in mid-market neighborhoods, creating a spread of nearly 2.7 percentage points depending purely on where you buy.
The highest-yield neighborhoods in Lima are typically mid-income districts with strong renter demand and still-reasonable purchase prices, such as Surquillo, Lince, Jesús María, Pueblo Libre, San Miguel, and Magdalena del Mar.
The lowest-yield neighborhoods are the prestige districts where buyers pay a lifestyle and safety premium that pushes prices well above what rents can justify, including San Isidro, Miraflores, Barranco, La Molina, San Borja, and Santiago de Surco.
The main reason yields vary so dramatically across Lima neighborhoods is that purchase prices in prime districts have inflated far faster than rents, while mid-market districts maintain a healthier balance between what properties cost and what tenants will pay.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Lima.
How much do yields vary by property type in Lima as of 2026?
As of early 2026, gross rental yields in Lima range from around 3% for luxury villas and large houses up to about 6.7% for well-located studios and one-bedroom apartments.
Studios and compact one-bedroom apartments in modern buildings currently deliver the highest average gross yields in Lima, typically falling between 5.7% and 6.7% because rent per square meter is highest for smaller units.
Large houses, villas, and luxury properties in premium districts deliver the lowest yields in Lima, often between 3% and 4.5%, because purchase prices are extremely high while the pool of tenants willing to pay corresponding rents is quite thin.
The key reason yields differ so much between property types in Lima is that rent simply does not scale proportionally with size or land area, so larger properties cost more to buy without generating proportionally more rental income.
By the way, you might want to read the following:
What's the typical vacancy rate in Lima as of 2026?
As of early 2026, the typical residential vacancy rate in Lima runs between 5% and 7% for well-priced, well-located rental properties under normal market conditions.
Vacancy rates across Lima neighborhoods range from as low as 4% in high-demand, well-connected districts like Jesús María and Lince, up to 10% or more for luxury or oversized units in prime areas where tenant matching takes longer.
The main factor driving vacancy rates in Lima right now is how accurately landlords price their units relative to the local market, since overpriced properties sit empty much longer regardless of location.
Lima's vacancy rates are roughly in line with other major Latin American cities, though districts with strong young professional and corporate tenant pools tend to outperform the regional average.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Lima.
What's the rent-to-price ratio in Lima as of 2026?
As of early 2026, the average rent-to-price ratio in Lima is approximately 0.45% per month (or 5.4% annually), which means it would take roughly 18.5 years of gross rent to equal the purchase price of a typical property.
A rent-to-price ratio above 0.5% monthly (6% annually) is generally considered favorable by buy-to-let investors in Lima, as this directly translates to a gross yield that exceeds the market average and leaves more room for profit after expenses.
Lima's rent-to-price ratio is competitive compared to other major Latin American capitals, sitting above cities like Santiago where prices have outpaced rents more dramatically, though below some secondary markets where purchase prices remain more accessible.
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 and micro-areas in Lima give the best yields as of 2026?
Where are the highest-yield areas in Lima as of 2026?
As of early 2026, the highest-yield neighborhoods in Lima are Surquillo, Lince, and Jesús María, all of which benefit from proximity to major employment hubs while maintaining purchase prices well below neighboring prime districts.
These top-performing districts in Lima typically deliver gross rental yields in the range of 5.8% to 6.7%, with micro-locations near the borders of Miraflores or San Isidro often hitting the upper end of that range.
The main characteristic these high-yield areas share is their "spillover" positioning, where renters get easy access to prime-district jobs and lifestyle without paying prime-district prices, while investors benefit from compressed purchase costs relative to achievable rents.
You'll find a much more detailed analysis of the areas with high profitability potential in our property pack covering the real estate market in Lima.
Where are the lowest-yield areas in Lima as of 2026?
As of early 2026, the lowest-yield neighborhoods in Lima are San Isidro, Miraflores, and La Molina, where prestige pricing pushes purchase costs far above what rental income can reasonably support.
These low-yield districts in Lima typically deliver gross rental yields between 3.5% and 4.5%, and large houses or luxury apartments in these areas can drop below 3.5%.
The main reason yields are compressed in these Lima neighborhoods is that buyers pay substantial premiums for perceived safety, walkability, and lifestyle amenities, premiums that renters are simply not willing to match in their monthly payments.
Buying a property in a low-yield area is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Lima.
Which areas have the lowest vacancy in Lima as of 2026?
As of early 2026, the neighborhoods with the lowest residential vacancy rates in Lima are Jesús María, Lince, and Pueblo Libre, all of which benefit from broad-based demand spanning young professionals, couples, and families.
These low-vacancy districts in Lima typically maintain vacancy rates between 4% and 6%, meaning landlords can expect their units to stay rented most of the year with relatively quick tenant turnover.
The main demand driver keeping vacancy low in these Lima neighborhoods is their combination of good public transit access, proximity to major employers in San Isidro and Miraflores, and rent levels that appeal to a wide range of tenant incomes.
The trade-off investors face when targeting these low-vacancy areas is that strong rental demand has already pushed purchase prices higher, which means vacancy savings may be partially offset by lower gross yields compared to emerging neighborhoods.
Which areas have the most renter demand in Lima right now?
The three neighborhoods currently experiencing the strongest renter demand in Lima are Miraflores (driven by expats and corporate tenants), Surquillo (attracting young professionals seeking value near prime areas), and Jesús María (popular with families and mid-level professionals).
The renter profile driving most demand in these areas splits between two groups: international workers and executives seeking lifestyle amenities in Miraflores, and cost-conscious local professionals in Surquillo and Jesús María who want good commutes without paying premium rents.
In these high-demand Lima neighborhoods, well-priced rental listings typically get filled within three to four weeks, with properties near metro stations or main arterial roads often renting even faster.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Lima.
Which upcoming projects could boost rents and rental yields in Lima as of 2026?
As of early 2026, the three upcoming infrastructure projects most likely to boost rents in Lima are Metro Line 2 (connecting Ate to Callao), Metro Line 3 (planned north-south route from Comas to San Juan de Miraflores), and the new Jorge Chávez airport terminal which began operations in mid-2025.
The neighborhoods most likely to benefit from these projects include Ate, Santa Anita, Breña, and Bellavista along Metro Line 2, plus Comas and San Juan de Miraflores along the future Line 3 corridor, and Callao and San Miguel near the expanded airport.
Investors can realistically expect rent increases of 5% to 15% in areas directly served by new metro stations once operations begin, with the strongest gains likely in neighborhoods that currently suffer from long commute times to major employment centers.
You'll find our latest property market analysis about Lima here.
Get fresh and reliable information about the market in Lima
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
What property type should I buy for renting in Lima as of 2026?
Between studios and larger units in Lima, which performs best in 2026?
As of early 2026, studios and one-bedroom apartments outperform larger units in Lima on both rental yield and occupancy, making them the better choice for investors focused on cash flow rather than capital appreciation.
Studios in well-connected Lima districts typically achieve gross yields between 5.7% and 6.7% (roughly S/ 1,400 to S/ 1,800 per month, or $375 to $480 USD), while two to three bedroom apartments usually fall in the 4.9% to 5.9% range despite higher absolute rents.
The main factor explaining this difference in Lima is that rent per square meter drops significantly as unit size increases, while the tenant pool for smaller units (young professionals, singles, couples) is much deeper than for family-sized apartments.
However, larger units can be the better investment choice in Lima if you're targeting corporate relocations or diplomatic tenants who need extra space and are willing to sign longer leases at premium rates, reducing turnover costs.
What property types are in most demand in Lima as of 2026?
As of early 2026, modern apartments (particularly studios to two-bedrooms) in well-connected districts are the most in-demand property type for renters in Lima.
The top three property types ranked by current tenant demand in Lima are: first, compact modern apartments in buildings with amenities; second, two to three bedroom family apartments near schools and parks; and third, well-maintained houses in residential neighborhoods for larger families.
The primary demographic trend driving this demand pattern in Lima is urbanization combined with smaller household sizes, as young professionals and couples increasingly prefer modern apartments with good transit access over traditional houses requiring more maintenance.
Large standalone houses in premium districts are currently underperforming in demand and will likely remain so, as fewer Lima families can afford or want to maintain such properties, and the tenant pool is simply too thin to support consistent occupancy.
What unit size has the best yield per m² in Lima as of 2026?
As of early 2026, units between 30 and 55 square meters deliver the best gross rental yield per square meter in Lima, as long as they're in modern buildings with reasonable HOA fees.
For this optimal unit size in Lima, typical gross yields run between 5.7% and 6.7% (translating to roughly S/ 40 to S/ 55 per square meter monthly, or $11 to $15 USD per square meter).
Smaller units below 30 square meters often face disproportionately high HOA fees that eat into returns, while larger units above 55 square meters see rent per square meter drop because tenants won't pay proportionally more for extra space.
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Lima.
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 costs cut my net yield in Lima as of 2026?
What are typical property taxes and recurring local fees in Lima as of 2026?
As of early 2026, annual property tax (impuesto predial) for a typical rental apartment in Lima runs between S/ 500 and S/ 2,500 per year ($135 to $670 USD, or €125 to €620 EUR), depending on the assessed value and district.
Beyond property tax, Lima landlords must also budget for arbitrios municipales (municipal service fees for cleaning, parks, and security), which typically add another S/ 300 to S/ 1,200 annually ($80 to $320 USD).
Combined, these taxes and municipal fees usually represent about 0.1% to 0.3% of the property's market value per year, or roughly 2% to 5% of gross annual rental income in Lima.
By the way, we cover all the hidden fees and taxes in our property pack covering the real estate market in Lima.
What insurance, maintenance, and annual repair costs should landlords budget in Lima right now?
Annual landlord insurance for a typical rental property in Lima costs approximately S/ 400 to S/ 1,000 per year ($110 to $270 USD, or €100 to €250 EUR), covering basic fire and earthquake protection.
For maintenance and repairs, Lima landlords should budget roughly 0.6% to 1.0% of the property's value annually, which works out to about S/ 3,000 to S/ 5,000 per year ($800 to $1,350 USD) for a typical S/ 500,000 apartment.
The repair expense that most commonly catches Lima landlords off guard is humidity-related damage, since the coastal climate causes persistent moisture issues that affect paint, flooring, and fixtures faster than in drier climates.
In total, landlords should realistically budget S/ 3,500 to S/ 6,000 per year ($940 to $1,620 USD, or €870 to €1,500 EUR) for the combined cost of insurance, routine maintenance, and reserves for unexpected repairs.
Which utilities do landlords typically pay, and what do they cost in Lima right now?
In Lima long-term rentals, tenants typically pay for electricity, water, gas, and internet when these are individually metered, while landlords are responsible for building common-area utilities (included in HOA fees) and any utility costs during vacancy periods.
During vacancy, landlords should expect to pay roughly S/ 150 to S/ 300 per month ($40 to $80 USD, or €37 to €74 EUR) to keep basic services active and the property ready to show, though this cost disappears once a tenant moves in.
What does full-service property management cost, including leasing, in Lima as of 2026?
As of early 2026, full-service property management in Lima typically costs 7% of monthly rent plus IGV (18% tax), which works out to about 8.3% of collected rent, or roughly S/ 185 to S/ 250 per month ($50 to $67 USD) on an average rental.
On top of ongoing management, Lima property managers charge a leasing or tenant-placement fee of one month's rent (including IGV), which means finding a new tenant costs approximately S/ 2,200 to S/ 3,000 ($590 to $810 USD) each time turnover occurs.
What's a realistic vacancy buffer in Lima as of 2026?
As of early 2026, landlords in Lima should set aside approximately 5% to 8% of annual rental income as a vacancy buffer, which translates to roughly one month of rent per year for a conservatively managed property.
The typical number of vacant weeks Lima landlords experience per year is about three to four weeks, combining the time between tenants (around 24 days to find a new renter) plus occasional turnover gaps, though well-priced properties in high-demand districts can do better.
Buying real estate in Lima can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
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 |
|---|---|---|
| Banco Central de Reserva del Perú (BCRP) - Indicador de Precios | Peru's central bank publishes this long-running, documented housing indicator with transparent methodology. | We used it as our anchor dataset for rents and sale prices by Lima district. We estimated yields and compared high-income versus middle-income district performance. |
| BCRPData - Mercado Inmobiliario Series | This is the BCRP's official time-series portal where the underlying real estate data series are published quarterly. | We used it to track rent versus price changes up to the latest quarter. We translated citywide averages into neighborhood-specific ranges using the district breakdown. |
| BCRP Nota de Estudios (Methodology Note) | This official BCRP publication explains exactly what the housing indicator measures and where the data comes from. | We used it to document that rent and price indicators are based on listing data. We built conservative confidence bands around our yield estimates using this transparency. |
| INEI - Informe de Precios (December 2025) | INEI is Peru's official statistics agency and the authoritative publisher of CPI data for Lima. | We used it to set the inflation context when comparing real versus nominal rent and price movements. We avoided overstating yield changes that were simply inflation effects. |
| INEI - Price Indexes Landing Page | This is the official INEI gateway to CPI and other price indices for Peru. | We used it to cross-check CPI series definitions for Lima Metropolitana. We referenced it as the official hub for readers wanting primary CPI sources. |
| Urbania - Urbania Index Lima | Urbania is a major real estate portal in Peru and is explicitly cited by BCRP as an input data source. | We used it to triangulate the market-facing rent-to-price ratio investors track. We treated it as a second independent lens alongside BCRP data. |
| Infobae Perú - Article on Urbania Index Yields | Infobae is a large national outlet that clearly attributes its numbers to Urbania's Index data. | We used it only to confirm reported yield levels and district ranking narratives. We did not treat it as a primary dataset since Urbania and BCRP serve that role. |
| Proper Rentas - Management and Leasing Fees | Proper is a Lima-based property management operator that publishes its pricing and operational statistics. | We used it to ground real-world management fees (7% plus IGV) and leasing costs (one month). We also used their time-to-rent and vacancy stats to anchor our vacancy buffer assumptions. |
| SAT Lima - Predial y Arbitrios Information | SAT is the official tax collector and information portal for municipal taxes in Lima. | We used it to explain what arbitrios are and how they work in practice. We referenced it as the official source for recurring municipal charges landlords must plan for. |
| Congreso del Perú - Decreto Legislativo 776 | This is an official legal text source hosted by Peru's Congress covering municipal taxation law. | We used it to cite the statutory progressive property tax rate brackets. We converted those legal brackets into expected annual drag on net yield. |
| MEF - Impuesto Predial Course Slides | The Ministry of Economy and Finance explains the tax calculation method municipalities actually use. | We used it to clearly present the predial rate brackets (0.2%, 0.6%, 1.0% by UIT bands). We kept the tax section simple and verifiable using this source. |
| MTC - Línea 2 Progress Update | The official Ministry of Transport publishes progress and scope details for this major infrastructure project. | We used it to identify where accessibility improvements will most likely support rents along the Ate to Callao corridor. We cited it as evidence for the projects catalyst section. |
| ATU - Línea 3 Project Scope | ATU is the official transport authority for Lima and Callao urban transport planning. | We used it to name districts expected to connect north to south (Comas to San Juan de Miraflores). We explained which rental submarkets could gain commute value from this project. |
| Lima Airport Partners - New Terminal Operations | LAP is the airport concessionaire publishing official operational milestones with MTC. | We used it to justify why Callao and airport-access corridors may see shifting rental demand. We anchored timing (operational since June 2025) with this factual source. |
Get the full checklist for your due diligence in Lima
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
Related blog posts