Authored by the expert who managed and guided the team behind the Peru Property Pack
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If you're looking to rent or invest in rental property in Peru, understanding current rent levels is essential to making smart decisions.
In this guide, we break down average rents across Peru by unit type and neighborhood, explain what's driving the market, and share what landlords can expect to pay in taxes and costs.
We constantly update this blog post to reflect the latest data, so the numbers you see here are as fresh as possible.
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 Peru.
Insights
- Lima rents in Peru have grown 5% to 8% year-over-year by January 2026, outpacing the country's roughly 2% inflation rate, which signals strong tenant demand in the capital.
- A studio apartment in Lima costs around S/ 1,950 per month on average in 2026, while the same unit in Arequipa or Cusco rents for about 30% less.
- Miraflores, San Isidro, and Barranco remain Peru's highest-rent districts in 2026, commanding premiums of 20% to 40% above the Lima average due to their expat appeal and central location.
- Furnished rentals in Peru typically add a 15% to 25% premium over unfurnished units, with expats and corporate tenants driving most of that demand in Lima's prime districts.
- Vacancy rates in Lima's central districts sit between 4% and 6% in January 2026, which is tight enough to keep upward pressure on asking rents.
- Properties near Lima's Metropolitano transit stations rent about 15 to 25 days faster than comparable units farther from public transport.
- Peru's rental income tax for individuals falls under "Rentas de Primera Categoría," with SUNAT requiring landlords to report income and pay monthly or annually depending on thresholds.
- The top five rent-boosting amenities in Peru in 2026 are 24/7 security, parking, elevators, modern kitchen finishes, and pet-friendly policies.
- Peak rental demand in Peru hits in February through March and again from July through September, driven by job changes, university cycles, and mid-year relocations.
What are typical rents in Peru as of 2026?
What's the average monthly rent for a studio in Peru as of 2026?
As of early 2026, the average monthly rent for a studio apartment in Peru is around S/ 1,500 (approximately $405 USD or €375 EUR) as a national urban estimate, though Lima studios typically cost S/ 1,950 (about $525 USD or €490 EUR).
The realistic range for studio rents in Peru runs from about S/ 1,200 ($325 USD / €300 EUR) in regional cities like Arequipa or Trujillo up to S/ 2,200 ($595 USD / €550 EUR) in Lima's more desirable districts.
The main factors causing studio rents to vary across Peru include location (Lima versus regional cities), neighborhood prestige, building age, floor level, and whether the unit comes furnished or unfurnished.
What's the average monthly rent for a 1-bedroom in Peru as of 2026?
As of early 2026, the average monthly rent for a 1-bedroom apartment in Peru is around S/ 2,000 (approximately $540 USD or €500 EUR) as a blended urban estimate, with Lima averaging closer to S/ 2,550 ($690 USD / €640 EUR).
The realistic range for 1-bedroom rents in Peru spans from about S/ 1,600 ($430 USD / €400 EUR) in cities like Cusco or Piura up to S/ 2,900 ($785 USD / €725 EUR) in Lima's central districts.
In terms of neighborhood variation, districts like Jesús María and Lince in Lima offer more affordable 1-bedroom options, while Miraflores and San Isidro command the highest rents for this unit type in Peru.
What's the average monthly rent for a 2-bedroom in Peru as of 2026?
As of early 2026, the average monthly rent for a 2-bedroom apartment in Peru is around S/ 2,800 (approximately $755 USD or €700 EUR) as a blended urban estimate, with Lima averaging about S/ 3,450 ($930 USD / €860 EUR).
The realistic range for 2-bedroom rents in Peru goes from about S/ 2,200 ($595 USD / €550 EUR) in regional cities up to S/ 3,900 ($1,055 USD / €975 EUR) in Lima's prime neighborhoods.
For neighborhood comparison, districts like Magdalena and Pueblo Libre in Lima offer more budget-friendly 2-bedroom options, while Santiago de Surco, La Molina, and San Isidro sit at the top end of the rent scale in Peru.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Peru.
What's the average rent per square meter in Peru as of 2026?
As of early 2026, the average rent per square meter in Peru is around S/ 43 (approximately $11.60 USD or €10.75 EUR) per month as a blended urban estimate, with Lima's central districts averaging S/ 52 ($14 USD / €13 EUR) per square meter.
The realistic range for rent per square meter in Peru spans from about S/ 30 ($8 USD / €7.50 EUR) in regional city neighborhoods up to S/ 60 ($16 USD / €15 EUR) in Lima's premium "Lima Moderna" districts.
Compared to other major cities in Latin America, Peru's rent per square meter remains relatively affordable, sitting below Santiago, Bogotá, and Mexico City but above most Bolivian and Ecuadorian cities.
Property characteristics that push rent per square meter above average in Peru include newer construction, high floors with views, 24/7 security, parking spaces, and proximity to transit hubs or business districts.
How much have rents changed year-over-year in Peru in 2026?
As of early 2026, rents in Peru have increased by approximately 5% to 7% year-over-year on a national urban basis, with Lima seeing slightly higher growth of 5% to 8%.
The main factors driving rent increases in Peru this year include steady job growth in Lima, continued household formation among young professionals, and limited new supply of centrally located apartments in high-demand districts.
This year's rent growth in Peru is similar to 2025's trend, which also saw rents outpacing general inflation (around 2%) due to persistent demand in Lima's prime neighborhoods.
What's the outlook for rent growth in Peru in 2026?
As of early 2026, projected rent growth for Peru over the coming year is expected to be in the range of 4% to 7% nationally, with Lima at the upper end of that range.
The key economic factors likely to influence rent growth in Peru include moderate GDP expansion, continued low inflation near 2%, and ongoing migration of workers to Lima for employment opportunities.
Neighborhoods in Peru expected to see the strongest rent growth include Miraflores, Barranco, and Surquillo in Lima, where demand from young professionals and expats remains particularly strong.
Risks that could cause rent growth in Peru to differ from projections include a sudden economic slowdown, changes in migration patterns, or an unexpected surge in new apartment construction in central Lima 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 Peru as of 2026?
Which neighborhoods have the highest rents in Peru as of 2026?
As of early 2026, the three neighborhoods with the highest average rents in Peru are San Isidro at around S/ 4,200 ($1,135 USD / €1,050 EUR) per month, Miraflores at about S/ 3,800 ($1,025 USD / €950 EUR), and Barranco at roughly S/ 3,500 ($945 USD / €875 EUR) for a typical 2-bedroom apartment.
These neighborhoods in Lima command premium rents because they offer excellent security, walkability, high-quality building stock, proximity to business centers, and a concentration of restaurants, shops, and nightlife.
The typical tenants renting in these high-rent Lima neighborhoods are expats, senior executives, embassy staff, and high-earning professionals who prioritize convenience and lifestyle over cost.
By the way, we've written a blog article detailing what are the current best areas to invest in property in Peru.
Where do young professionals prefer to rent in Peru right now?
The top three neighborhoods where young professionals prefer to rent in Peru are Miraflores for its walkability and nightlife, Barranco for its creative scene, and Surquillo as a more affordable alternative next to prime districts.
Young professionals in these Lima neighborhoods typically pay between S/ 2,200 and S/ 3,200 ($595 to $865 USD / €550 to €800 EUR) per month for a 1-bedroom apartment.
The specific amenities and lifestyle features attracting young professionals to these Peru neighborhoods include coworking spaces, cafes, gyms, easy access to the Metropolitano transit line, and a vibrant social scene within walking distance.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Peru.
Where do families prefer to rent in Peru right now?
The top three neighborhoods where families prefer to rent in Peru are Santiago de Surco for its larger units and family services, San Borja for its parks and calmer streets, and La Molina for its space and school access.
Families renting 2-3 bedroom apartments in these Lima neighborhoods typically pay between S/ 3,200 and S/ 4,500 ($865 to $1,215 USD / €800 to €1,125 EUR) per month.
The specific features making these neighborhoods attractive to families in Peru include green spaces, low crime rates, proximity to supermarkets and medical facilities, and a quieter residential atmosphere compared to central Lima.
Top-rated schools near these family-friendly neighborhoods in Lima include Markham College in La Molina, Colegio San Agustín in San Borja, and Franklin Delano Roosevelt School in La Molina, all of which are SUNEDU-recognized institutions.
Which areas near transit or universities rent faster in Peru in 2026?
As of early 2026, the three areas near transit hubs or universities that rent fastest in Peru are properties near the Javier Prado Metropolitano station, units close to the Angamos station, and apartments near major university campuses like PUCP in San Miguel.
Properties in these high-demand areas of Lima typically stay listed for only 15 to 25 days on average, compared to 35 to 50 days in less accessible neighborhoods.
The typical rent premium for properties within walking distance of transit or universities in Peru is around S/ 200 to S/ 400 ($55 to $110 USD / €50 to €100 EUR) per month above comparable units farther from these hubs.
Which neighborhoods are most popular with expats in Peru right now?
The top three neighborhoods most popular with expats in Peru are Miraflores, San Isidro, and Barranco, all located in Lima's upscale coastal corridor.
Expats renting in these Lima neighborhoods typically pay between S/ 3,000 and S/ 5,000 ($810 to $1,350 USD / €750 to €1,250 EUR) per month for a furnished 1-2 bedroom apartment.
The specific features making these neighborhoods attractive to expats in Peru include English-speaking services, international restaurants, modern furnished apartments, reliable security, and easy access to embassies and multinational offices.
The nationalities and expat communities most represented in these Lima neighborhoods include Americans, Europeans (especially Spanish and German), Venezuelans, and professionals from other Latin American countries working in corporate or diplomatic roles.
And if you are also an expat, you may want to read our exhaustive guide for expats in Peru.
Get fresh and reliable information about the market in Peru
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Who rents, and what do tenants want in Peru right now?
What tenant profiles dominate rentals in Peru?
The top three tenant profiles that dominate the rental market in Peru are young professionals seeking central Lima locations, families looking for larger units in residential districts, and expats and corporate tenants renting furnished apartments.
In terms of market share, young professionals represent roughly 35% to 40% of Lima's rental demand, families account for about 30% to 35%, and expats plus corporate tenants make up approximately 15% to 20%.
Young professionals in Peru typically seek 1-bedroom apartments in transit-accessible areas, families look for 2-3 bedroom units near schools and parks, and expats prefer furnished apartments with modern amenities in Miraflores or San Isidro.
If you want to optimize your cashflow, you can read our complete guide on how to buy and rent out in Peru.
Do tenants prefer furnished or unfurnished in Peru?
In Peru, approximately 70% to 75% of long-term tenants prefer unfurnished rentals, while 25% to 30% seek furnished apartments, with the furnished segment concentrated heavily in Lima's prime districts.
The typical rent premium for furnished apartments compared to unfurnished units in Peru is around S/ 400 to S/ 700 ($110 to $190 USD / €100 to €175 EUR) per month, representing roughly a 15% to 25% increase.
The tenant profiles that tend to prefer furnished rentals in Peru are expats on temporary assignments, corporate relocations, digital nomads, and tenants who value convenience over long-term cost savings.
Which amenities increase rent the most in Peru?
The top five amenities that increase rent the most in Peru are 24/7 security with a doorman, dedicated parking spaces, elevator access in mid-rise buildings, modern kitchen and bathroom finishes, and pet-friendly building policies.
In terms of rent premiums, 24/7 security adds around S/ 200 to S/ 350 ($55 to $95 USD) per month, parking adds S/ 150 to S/ 300 ($40 to $80 USD), elevators add S/ 100 to S/ 200 ($27 to $55 USD), modern finishes add S/ 150 to S/ 250 ($40 to $70 USD), and pet-friendly rules can add S/ 50 to S/ 150 ($14 to $40 USD) in the right neighborhoods.
In our property pack covering the real estate market in Peru, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Peru?
The top five renovations that get the best ROI for rental properties in Peru are fresh paint with lighting upgrades, kitchen fixture and countertop replacements, bathroom modernization, improved storage and closet systems, and fixing humidity or mold issues common in coastal Lima.
In terms of costs and returns, fresh paint costs around S/ 1,500 to S/ 3,000 ($405 to $810 USD) and can increase monthly rent by S/ 100 to S/ 200, kitchen upgrades cost S/ 3,000 to S/ 8,000 ($810 to $2,160 USD) for S/ 150 to S/ 300 more rent, and bathroom work costs S/ 2,500 to S/ 6,000 ($675 to $1,620 USD) for S/ 100 to S/ 250 more rent.
Renovations that tend to have poor ROI and should be avoided by landlords in Peru include overly luxurious finishes that exceed neighborhood standards, swimming pool additions in mid-tier buildings, and structural changes that require lengthy permits without meaningful rent increases.
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 Peru as of 2026?
What's the vacancy rate for rentals in Peru as of 2026?
As of early 2026, the estimated vacancy rate for rental properties in Peru is around 6% to 8% nationally, with Lima's central districts running tighter at approximately 4% to 6%.
The realistic range of vacancy rates across different neighborhoods in Peru varies from as low as 3% to 4% in high-demand Lima districts like Miraflores and San Isidro, up to 10% to 12% in less central or regional city submarkets.
The current vacancy rate in Peru is slightly below the historical average of 7% to 9%, indicating that rental demand remains solid and landlords generally face favorable conditions for finding tenants.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Peru.
How many days do rentals stay listed in Peru as of 2026?
As of early 2026, the average number of days rentals stay listed in Peru is approximately 30 to 40 days nationally, with Lima's prime districts averaging closer to 20 to 30 days.
The realistic range of days on market across different property types and neighborhoods in Peru spans from 15 to 25 days in high-demand areas like Miraflores and near transit hubs, up to 45 to 60 days in less central districts or regional cities.
The current days-on-market figure in Peru is roughly similar to one year ago, reflecting stable demand conditions without major acceleration or slowdown in tenant absorption.
Which months have peak tenant demand in Peru?
The peak months for tenant demand in Peru are February through March and July through September, when job changes, academic calendars, and mid-year relocations drive the most rental activity.
The specific factors driving seasonal demand patterns in Peru include the start of the academic year in March, corporate hiring cycles in February, mid-year internship programs in July, and university semester transitions in August and September.
The months with the lowest tenant demand in Peru are typically December and January, when holidays slow down relocations, and April through June, which fall between the major seasonal peaks.
Buying real estate in Peru 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 will my monthly costs be in Peru as of 2026?
What property taxes should landlords expect in Peru as of 2026?
As of early 2026, landlords in Peru should expect to pay annual property tax (Impuesto Predial) of approximately S/ 1,000 to S/ 3,000 ($270 to $810 USD / €250 to €750 EUR) for a typical mid-range apartment, depending on the property's assessed value (autovalúo).
The realistic range of annual property taxes in Peru spans from around S/ 400 ($110 USD / €100 EUR) for lower-value properties up to S/ 8,000 or more ($2,160 USD / €2,000 EUR) for high-value apartments in premium Lima districts.
Property taxes in Peru are calculated using a progressive bracket system based on the property's autovalúo: 0.2% on the first 15 UIT of value, 0.6% on the portion from 15 to 60 UIT, and 1.0% on anything above 60 UIT.
Please note that, in our property pack covering the real estate market in Peru, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What utilities do landlords often pay in Peru right now?
The utilities landlords most commonly pay on behalf of tenants in Peru are building maintenance fees (mantenimiento), and sometimes water/sewer if not separately metered, though most long-term leases pass electricity, water, gas, and internet to tenants.
For landlords who do cover certain utilities, typical monthly costs in Peru are around S/ 150 to S/ 400 ($40 to $110 USD / €38 to €100 EUR) for building maintenance fees, and S/ 50 to S/ 150 ($14 to $40 USD / €12 to €38 EUR) for water/sewer if included.
The common practice in Peru is for tenants to pay electricity, water, gas, and internet directly because these are consumption-driven and tariff-regulated, while landlords handle property taxes, major repairs, and sometimes building administration fees.
How is rental income taxed in Peru as of 2026?
As of early 2026, rental income in Peru for individual landlords is taxed under "Rentas de Primera Categoría," with a simplified rate of 5% applied to the gross rental income after a standard 20% deduction, resulting in an effective rate of around 5% of gross rent.
The main deductions landlords can claim against rental income in Peru include the automatic 20% deduction for expenses that SUNAT applies, though landlords must still report income and cannot claim itemized repairs or depreciation under the simplified regime.
A common tax mistake landlords in Peru should avoid is failing to report rental income monthly or annually as required by SUNAT, since Peru's tax authority actively cross-references property ownership with rental activity and can impose penalties for non-compliance.
We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Peru.
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 Peru, 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 Rental Price Indicator | It's Peru's central bank publication that explicitly documents rental data sources and district coverage. | We used it as our primary anchor for Lima rent levels and methodology. We also used its notes to confirm data comes from Urbania listings. |
| BCRP Real Estate Statistical Series | This is the central bank's official statistics platform designed for verification and reproducibility. | We used it to cross-check district coverage and trend direction. We also used it to validate the consistency of rent data over time. |
| BCRP Inflation Report (September 2025) | It's an official BCRP forecast document with explicit 2026 inflation guidance used by investors and policymakers. | We used it to ground our rent growth projections in a realistic macro context. We also used it to explain why 2026 rent growth is likely moderate. |
| BCRP Macroeconomic Expectations Survey | It's a structured, recurring central bank survey with consistent methodology on inflation expectations. | We used it to confirm that inflation expectations remain near-target for 2026. We also used it to support our base-case rent outlook. |
| INEI Price Indexes | INEI is Peru's national statistics agency and the canonical source for CPI and related economic indicators. | We used it to ground the inflation environment that shapes annual rent adjustments. We also used it to distinguish Lima-specific data from national trends. |
| Infobae Peru Rent Coverage | It's a major news outlet that regularly reports Lima rent data sourced from Urbania's market index. | We used it to validate current rent levels and year-over-year changes. We also used it to identify which districts are cheapest and most expensive. |
| La República Rent Reporting | It's a respected Peruvian newspaper that publishes detailed district-level rent trend data. | We used it to triangulate year-over-year rent growth figures. We also used it to confirm vacancy remains tight in prime Lima districts. |
| SUNAT Rental Income Tax Guide | SUNAT is Peru's tax authority, so its guidance is the final word on individual rental income taxation. | We used it to summarize how rental income is taxed for individuals in 2026. We also used it to flag key timing and compliance requirements. |
| SAT Lima Property Tax Explainer | It's a first-party SAT document that states the progressive predial bracket structure plainly. | We used it to present property tax rates in a simple format. We also used it to build a worked example landlords can verify. |
| SAT Lima Predial Information Page | SAT is the official municipal tax administrator for Metropolitan Lima, making it a primary source. | We used it to explain what property tax is and who collects it. We also used it to keep our landlord cost section accurate and locally grounded. |
| MVCS Official Construction Values 2026 | MVCS is the housing ministry and publishes official valuation inputs used in municipal tax calculations. | We used it to explain where autovalúo building values come from. We also used it to justify our maintenance and renovation cost assumptions. |
| SEDAPAL Tariff Structure | SEDAPAL is Lima's official water and sewer utility, and it publishes the tariff structure directly. | We used it to show that water pricing is rule-based and published. We also used it to explain typical utility cost-sharing in Lima rentals. |
| OSINERGMIN Electricity Tariff Update | OSINERGMIN is Peru's energy regulator, making it the reliable reference for electricity tariff changes. | We used it to anchor electricity as a regulated cost that adjusts monthly. We also used it to explain why tenants typically pay electricity directly. |
| ATU Transit Maps Portal | ATU is Lima's transit authority, and this portal lists Metro and Metropolitano stations officially. | We used it to name real transit-linked areas that rent faster. We also used it to keep our "near transit" recommendations verifiable. |
| SUNEDU Licensed Universities List | SUNEDU is the regulator for higher education in Peru, and this is its official institutional list. | We used it to justify why certain student-heavy zones sustain year-round rental demand. We also used it to keep university-related advice factual. |
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