Are rents still rising in Peru?

What does an apartment rent for in Peru, by size?

What's the average monthly rent for a studio in Peru?

No portal publishes a clean national studio figure. Our estimate for a studio in Peru is about S/ 1,550 ($450) a month, pulled up by Lima and down by provincial cities.

In practice, most studio rents fall between S/ 1,050 ($305) and S/ 2,300 ($670) a month. Lima studios sit at the top of that range, while studios in Arequipa, Trujillo or Chiclayo sit at the bottom.

What moves the price: the district, building security, whether it's furnished, and whether it's walking distance from Miraflores, Barranco, San Isidro, a university or a good transport line.

What's the average monthly rent for a 1-bedroom?

In a mid-to-good Lima district, a 1-bedroom asks about S/ 2,000 ($580) a month. October 2026 listing medians run from S/ 1,800 ($525) in Surco and San Borja to S/ 1,850 ($540) in Lince, S/ 2,500 ($725) in Barranco, S/ 2,590 ($755) in Miraflores and S/ 2,635 ($765) in San Isidro.

Outside Lima it's much cheaper: about S/ 1,218 ($355) in central Arequipa and S/ 812 ($235) outside the centre, and about S/ 750 ($220) in central Cusco. These provincial figures come from Numbeo, which is self-reported, so treat them as a ballpark.

The cheapest Lima 1-bedrooms are in middle districts like San Miguel, Pueblo Libre and parts of Lince; Miraflores, Barranco and San Isidro are the most expensive.

What's the average monthly rent for a 2-bedroom?

Urbania's index puts a standard 60 m² 2-bedroom in Lima at S/ 2,281 ($665) a month in July 2026. That's the best single benchmark for the country, since most rental demand is in Lima.

In the popular districts, 2-bedroom listings ask more: S/ 2,250 ($655) in Lince, S/ 2,550 ($740) in San Borja, S/ 2,650 ($770) in Surco, S/ 3,000 ($870) in Barranco, S/ 3,390 ($985) in Miraflores and S/ 3,800 ($1,100) in San Isidro (medians, October 2026).

Cheaper 2-bedrooms are in provincial cities and Lima districts like San Miguel, Pueblo Libre and parts of Magdalena. In Cusco, a small July 2026 sample showed 2-bedrooms at about S/ 950 ($275) to S/ 1,200 ($350).

What's the average rent per square meter?

In Lima, rent works out at about S/ 38 per m² a month for Urbania's 60 m² apartment, which asks S/ 2,281 ($665), and about S/ 34 per m² for its 100 m² apartment at S/ 3,439 ($1,000). Small units pay more per m².

Modern apartments in Barranco, San Isidro and Miraflores go above that. There's no published per-m² figure for the rest of the country, but Arequipa, Trujillo, Chiclayo, Piura and most of Cusco are clearly cheaper for the same size.

Rent per m² rises when the apartment is modern, furnished, close to offices, near the coast or a university, in a secure building, or near good transport.

How much have rents changed year-over-year?

Lima rents rose 7.3% between July 2025 and July 2026 (Urbania). With Lima inflation at 4.55% over the 12 months to September 2026, that's a real increase of roughly 2.6%.

The gap between districts is big: Surco +14.7%, San Isidro +9.9%, San Borja +8.9%, Miraflores +7.3%, Lince +6.8% and Barranco only +3.9%.

Why: jobs concentrated in Lima, strong demand for small apartments, and mortgages at about 7.61% in soles that keep many would-be buyers renting. Barranco's slower rise suggests tenants are pushing back where rents were already highest.

What's the outlook for rent growth?

Our estimate for the next 12 months is Lima rent growth of about 4% to 7%: still above inflation, but slower than the past year as tenant budgets hit their limit.

What pushes rents up: Lima jobs, expensive mortgages, and buyers waiting to see how Keiko Fujimori's government, in office since July 28, 2026, handles crime and growth. What holds them back: 55,916 new apartments still for sale in Lima and Callao in August 2026 (CODIP), some of which end up on the rental market.

The districts most likely to keep rising are Surquillo, Lince, Magdalena, San Miguel, Jesús María and areas along Metro Line 2, because they offer access without the full Miraflores or San Isidro premium.

The main risks are weaker job growth, more political stress, extortion hitting small businesses and households, and a glut of small new-build units.

Which neighborhoods rent best in Peru?

Which neighborhoods have the highest rents?

The three most expensive rental districts in Peru are San Isidro, Barranco and Miraflores, all in Lima. A 3-bedroom asks about S/ 6,528 ($1,900) in San Isidro, S/ 6,600 ($1,900) in Barranco and S/ 4,619 ($1,350) in Miraflores (October 2026 medians).

Barranco's 3-bedroom figure comes from only 27 listings, so it moves a lot. For 2-bedrooms, San Isidro leads at S/ 3,800 ($1,100), ahead of Miraflores at S/ 3,390 ($985).

These districts charge more because they feel safer, have restaurants, offices and the sea nearby, better buildings and a deep pool of tenants who can pay: expats, corporate tenants, well-paid professionals and couples without children.

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?

Young professionals mostly rent in Miraflores, Surquillo and Lince, with Barranco, Magdalena and Jesús María also popular for lifestyle or better value.

They usually pay about S/ 1,850 ($540) to S/ 3,400 ($990) a month, roughly the range between a Lince 1-bedroom and a Miraflores 2-bedroom in October 2026.

These areas are close to jobs, restaurants, gyms, coworking spaces, nightlife and parks, with short commutes to San Isidro or Miraflores.

Where do families prefer to rent in Peru right now?

Families mostly rent in Santiago de Surco, San Borja and La Molina, with San Miguel, Magdalena and Pueblo Libre as cheaper options.

In Surco and San Borja, a 2-bedroom asks about S/ 2,550 ($740) to S/ 2,650 ($770) and a 3-bedroom about S/ 3,562 ($1,050) to S/ 3,955 ($1,150) (October 2026 medians).

These districts offer bigger apartments, parking, security, parks, quieter streets and easier access to schools. Well-known schools nearby include Markham College and Colegio San Silvestre in Miraflores, Colegio Roosevelt in La Molina, Colegio Santa María Marianistas in Surco, and several bilingual schools around Surco, La Molina and San Borja.

Which areas near transit or universities rent faster?

The areas that rent fastest are San Miguel and Pueblo Libre (universities), Surquillo and Lince (close to job zones), and districts along Metro Line 2 like San Luis, La Victoria and Ate.

Line 2 is not ready yet: civil works on stage 1B were 96% done and stage 2 91% done in August 2026 (OSITRAN), but commercial opening is expected in 2029 for stage 1B and October 2030 for stage 2. Good, well-priced apartments in these areas usually rent in 20 to 35 days; overpriced or older units can take 60 days or more.

Being walking distance from a good transport line or a university adds about S/ 150 ($44) to S/ 400 ($115) a month, by our estimate.

Which neighborhoods are most popular with expats in Peru right now?

Expats mostly rent in Miraflores, Barranco and San Isidro, with Surco common for expat families who want more space.

They usually pay about S/ 2,600 ($755) to S/ 4,600 ($1,350) a month for a 1- to 3-bedroom in Miraflores, and up to about S/ 6,500 ($1,900) for a 3-bedroom in San Isidro, depending on furniture and how close it is to the coast or offices.

These districts are easy to live in, with cafes, secure buildings, furnished apartments, the coast and English-friendly services. The main groups are North Americans, Europeans, Latin American professionals and some Asian business or diplomatic households, though Peru publishes no expat rental data by district.

And if you are also an expat, you may want to read our exhaustive guide for expats in Peru.

Who rents, and what do tenants want in Peru right now?

What tenant profiles dominate rentals?

The three main tenant groups are young Lima professionals, middle-income families, and students or expats, with corporate tenants important in San Isidro, Miraflores and Barranco.

Our rough split for the main Lima rental market: about 35% young professionals and couples, 30% families, 20% students and local mobile workers, and 15% expats or corporate tenants.

Young professionals want studios or 1-bedrooms, families want 2- or 3-bedrooms, and expats or corporate tenants usually want furnished, secure, well-located apartments.

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?

About 65% to 75% of long-term tenants prefer unfurnished or semi-furnished rentals, by our estimate; the other 25% to 35% want furnished units, mostly in expat, student and short-stay areas.

A furnished apartment can usually ask S/ 250 ($73) to S/ 800 ($235) more a month, with the biggest premium in Miraflores, Barranco, San Isidro and Cusco.

Furnished units are mostly rented by expats, digital nomads, corporate tenants, students from outside Lima and people staying less than a year.

Which amenities increase rent the most?

The five amenities that add the most rent are parking, building security, an elevator, a modern kitchen and a laundry area, with a balcony or terrace also valued in the pricier Lima districts.

Typical monthly premiums, by our estimate: S/ 200 to S/ 500 for parking, S/ 150 to S/ 350 for strong security, S/ 100 to S/ 250 for an elevator, S/ 150 to S/ 400 for a refreshed kitchen and S/ 100 to S/ 300 for a good laundry space. That's roughly $29 to $145 per feature.

What renovations get the best ROI for rentals?

The renovations that pay back best are a bathroom refresh, a kitchen refresh, repainting, better lighting and storage, and anti-humidity work in coastal Lima apartments.

By our estimates: a repaint costs S/ 1,200 to S/ 3,000 and adds S/ 100 to S/ 200 in rent; lighting and storage cost S/ 1,000 to S/ 3,500 and add S/ 100 to S/ 250; a bathroom refresh costs S/ 5,000 to S/ 12,000 and adds S/ 200 to S/ 500; a kitchen refresh costs S/ 6,000 to S/ 18,000 and adds S/ 250 to S/ 700; anti-humidity work costs S/ 1,500 to S/ 6,000 and protects the rent you already get. In dollars, that's about $290 to $5,250 of work.

What doesn't pay: luxury finishes in mid-market buildings, oversized built-in furniture, expensive smart-home systems and full remodels in weak locations where tenants can't pay more.

How fast do rentals fill up in Peru?

What's the vacancy rate for rentals?

Peru has no official rental vacancy figure. Our estimate is about 6% to 9% for well-located rental apartments nationally, and 4% to 6% for good Lima apartments priced correctly.

Vacancy can be as low as 3% to 5% in Miraflores, Barranco, San Isidro, Surquillo and Lince, but it goes above 10% for overpriced, old, large or badly located apartments.

With Lima rents up 7.3% in a year, the best districts look a bit tighter than usual; secondary cities and weaker locations look normal.

How many days do rentals stay listed?

A realistic average is about 35 to 60 days on the market, while good Lima apartments can rent in about 20 to 35 days.

Roughly: 20 to 35 days for well-priced small Lima apartments, 35 to 60 days for average units, and 60 to 90 days or more for large, old, overpriced or badly photographed ones.

Compared with a year ago, days on market look a bit shorter in the strongest Lima districts and about the same in secondary cities.

Which months have peak tenant demand?

Tenant demand peaks in January, February, March, July and August, especially in Lima districts tied to work, schools and universities.

January to March is busy because of job changes, the school year and university moves; July and August bring mid-year work and study moves.

The slower months are usually May, June, November and December, when tenants avoid moving during holidays, exams or year-end spending.

Is renting out an apartment in Lima still worth it?

The headline is good: the BCRP puts the average gross yield on Lima apartments at 6.0% (Q1 2026), with Lince (6.6%) and Surquillo (6.7%) at the top and Miraflores (5.6%) lower. But that's asking rent against asking price, before any cost.

Here's what a 2-bedroom actually nets, using October 2026 rent medians and September 2026 TuLugar asking prices (two different sources, so treat it as an order of magnitude). Costs: 5% rental tax, one empty month a year, 5% of rent for repairs, and about S/ 1,500 a year for predial and arbitrios.

District	2-bed asking price	Monthly rent	Gross yield	Net per year	Net yield
Lince	$150,000	S/ 2,250	5.2%	S/ 20,550 ($5,950)	4.0%
Surco	$184,000	S/ 2,650	5.0%	S/ 24,470 ($7,100)	3.9%
Miraflores	$237,000	S/ 3,390	5.0%	S/ 31,722 ($9,200)	3.9%
San Isidro	$232,000	S/ 3,800	5.7%	S/ 35,740 ($10,400)	4.5%

So aim for about 4% net, not 6%. Add a property manager (often 8% to 10% of rent, our estimate) and you're closer to 3.5%.

The currency matters too. Most Lima apartments are priced in dollars, but most leases are in soles. The sol is at about 3.44 per dollar in October 2026, a little weaker than a month ago but still stronger than its 2025 average of 3.56. If it weakens further, your rent in dollars goes down. Peruvian law lets you set the rent in dollars if both sides agree, which some landlords in Miraflores and San Isidro do with expat tenants.

What costs and taxes come with renting out in Peru?

What property taxes should landlords expect?

Predial tax is charged on the municipal assessed value (autovalúo), which is usually well below the market price. The rates are progressive: 0.2% up to 15 UIT (S/ 82,500 in 2026), 0.6% from 15 to 60 UIT (S/ 330,000), and 1% above that.

Example: an apartment assessed at S/ 300,000 pays about S/ 1,470 ($425) a year. Many apartments pay S/ 500 ($145) to S/ 2,500 ($725); expensive Lima properties can go above S/ 4,000 ($1,150).

On top of predial, the district charges arbitrios (rubbish, parks, security), which vary a lot from one district to another.

What utilities do landlords often pay in Peru right now?

Landlords usually pay predial, arbitrios and major repairs. Tenants usually pay electricity, water, internet, gas and the monthly building maintenance fee (mantenimiento).

When a landlord does include bills, typical monthly amounts are S/ 80 to S/ 180 for water, S/ 120 to S/ 280 for electricity and S/ 80 to S/ 160 for internet, by our checks. Building maintenance varies too much to give one figure: it depends on the building, staff, elevator and pool.

The norm is to put normal bills on the tenant, but check for unpaid bills and condo rules, and write it all into the lease.

How is rental income taxed?

Individual landlords pay 5% of the gross rent, every month. On S/ 3,000 of rent, that's S/ 150 ($44). It's 5% for non-residents too, not 30%; when the tenant is a Peruvian resident, the tenant withholds it and pays SUNAT.

There are no real deductions against that 5%, so budget repairs, empty months and maintenance separately. You need a RUC (tax number) to declare.

Common mistakes: not paying the monthly 5%, forgetting the minimum rent rule (SUNAT assumes rent of at least 6% of the autovalúo a year, even if you charge less), and being too relaxed about unpaid rent. In 2026, tax is due on rent actually received.

We cover these mistakes, among others, in our list of risks and pitfalls people face when buying property in Peru.

What should you check before signing a lease in Peru?

If you want to be able to evict quickly, use a written lease with notarized signatures and an eviction clause: that's what opens the fast route under Ley 30201 when the lease ends or rent goes unpaid. A plain lease is valid but leaves you with a slow court case.

If your tenant is a foreigner, you must check their ID and register the stay with Migraciones before they move in (DS 011-2024-IN). This applies to long leases and to Airbnb guests alike.

Ask for one or two months' deposit plus the first month in advance, and check the tenant's income and references. With extortion still a problem in Lima (the state of emergency in Lima and Callao has been extended several times, most recently for 60 more days from October 28, 2026), also check the building's security and who has keys.

Price right: a fairly priced apartment rents in 20 to 35 days, while one priced 10% too high can sit empty for two months, and that extra empty month eats most of a year of the higher rent.