Are rents still rising in Puerto Vallarta?

Is the citywide rent average really flat?

Yes. Puerto Vallarta rents have stopped rising citywide, even though a few popular neighborhoods are still getting more expensive.

The clearest benchmark is Propiedades.com. Its October 2026 rental data shows the average apartment rent across Puerto Vallarta at 0.0% change between April 2025 and October 2026.

Some neighborhoods tell a very different story. Versalles is up 24.4% over the same period and Emiliano Zapata 22.3%. Marina Vallarta is flat, Zona Hotelera Norte is up just 0.9%, and 5 de Diciembre is down 7.4%.

That gap is the story now. Rents went through a big repricing over the previous several years and stayed at that higher level, but a new citywide wave is hard to find in the data.

The short-term market points the same way. AirDNA (data updated October 20, 2026) puts Puerto Vallarta's average nightly rate at US$178 over the 12 months to September 2026, down 17.5% year over year. The market that helped landlords push returns up is now moving the other way.

So Puerto Vallarta is an expensive rental market where growth has become very local. The neighborhood matters much more than the city trend.

Puerto Vallarta rental indicator	Current level	Change (Apr 2025 to Oct 2026)	What it suggests
Citywide long-term apartment rents	City benchmark	0.0%	Citywide growth has stalled
Versalles apartment rents	MXN 19,675/month	+24.4%	Still rising (small sample)
Emiliano Zapata apartment rents	MXN 17,775/month	+22.3%	Still rising (very small sample)
Zona Hotelera Norte apartment rents	MXN 20,442/month	+0.9%	High but flat
5 de Diciembre apartment rents	MXN 15,740/month	-7.4%	Softening
Airbnb average daily rate	US$178/night	-17.5% YoY	Short-term pricing is weakening

Why do Puerto Vallarta rent figures look so different depending on where you look?

Because each website is measuring a different slice of the rental market.

Pincali currently shows a median asking rent of MXN 35,000 (USD 1,880) a month across 86 apartments. TuLugar's October 2026 report puts the citywide condo asking rent at about USD 1,364 (MXN 25,400). Inmuebles24 lists 192 apartments, with Nuevo Ixtapa averaging about MXN 16,500.

Propiedades.com gives numbers that look much cheaper: about MXN 19,675 in Versalles, MXN 17,775 in Emiliano Zapata, MXN 15,700 in Las Glorias and MXN 9,500 in Ixtapa.

Most of the gap comes from listing mix. Pincali carries a lot of newer, furnished condos with pools, aimed at foreigners, seasonal residents and well-off Mexican renters. Its top listings are in Marina Vallarta and reach MXN 140,000 a month. Propiedades.com captures more ordinary housing alongside that premium stock.

So an "average Puerto Vallarta rent" can mislead quickly. A foreigner looking for a furnished two-bedroom with a pool may really face MXN 30,000 to 40,000. A local household looking inland is shopping in a different market.

Source / market	Current figure	Listings	Market captured
Pincali Puerto Vallarta apartments	MXN 35,000 median	86	Heavily premium/furnished
TuLugar Puerto Vallarta condos	USD 1,364 median	Not stated	Citywide asking rents
Propiedades.com Versalles	MXN 19,675	10	Mixed neighborhood stock
Propiedades.com Emiliano Zapata	MXN 17,775	5	Central neighborhood
Propiedades.com Ixtapa	MXN 9,500	7	Lower-cost outer market

Which Puerto Vallarta neighborhoods are still seeing rents rise?

Mainly Versalles and Emiliano Zapata. Rent growth is concentrated in a few central neighborhoods, not spread across the city.

Propiedades.com has Versalles up 24.4% between April 2025 and October 2026, and Emiliano Zapata up 22.3%, against 0.0% for the city.

Be careful with those percentages. The samples are tiny: 10 active listings in Versalles and 5 in Emiliano Zapata. A couple of expensive new apartments coming onto the market can move the average a lot.

Versalles still deserves some confidence because other evidence lines up. MLS Vallarta found that the Francisco Villa area, which includes Versalles, was about 2% of regional property sales in 2015 and more than 10% by 2025.

That is a big shift. Buyers and renters have moved beyond Zona Romántica and the beachfront, and the neighborhoods taking that demand have repriced.

Area	Average apartment rent	Change since April 2025	How much confidence we put in it
Versalles	MXN 19,675	+24.4%	Moderate (10 listings, backed by sales data)
Emiliano Zapata	MXN 17,775	+22.3%	Low (5 listings)
Zona Hotelera Norte	MXN 20,442	+0.9%	Good (24 listings)
Marina Vallarta	MXN 34,431	0.0%	Good (34 listings)
5 de Diciembre	MXN 15,740	-7.4%	Good (22 listings)

Is Versalles still getting more expensive?

Yes, but most of its big repricing has already happened.

Propiedades.com puts the average Versalles apartment at about MXN 19,675 a month, up 24.4% since April 2025. Newer buildings with amenities ask much more: furnished one-bedrooms often list between about MXN 23,000 and 35,000.

The neighborhood now has restaurants, new condo buildings, easy access to the Hotel Zone and a strong name among foreign renters. TuLugar describes it as a fairly walkable restaurant hub for residents, remote workers and expats.

Good Versalles apartments should keep getting more expensive over time, but repeating the recent pace will be harder. Renters have found it, developers have built there, and new towers keep adding units that compete with each other.

Are beachfront and luxury rents in Puerto Vallarta still going up?

No. Premium rents are still very high, but they are no longer rising automatically every year.

Marina Vallarta shows the price level. Propiedades.com puts the average apartment there at about MXN 34,431 a month, with 0.0% change since April 2025 across 34 listings.

Zona Hotelera Norte is similar: about MXN 20,442 on Propiedades.com, up only 0.9%. TuLugar's asking median there is higher, about USD 1,909 (MXN 35,500), because it captures more beachfront towers.

So a renter can still face MXN 30,000, 40,000 or more for the right waterfront apartment, while rent growth in those areas has stopped.

New buildings add pressure. An older condo now competes with towers that offer rooftop pools, gyms and coworking spaces, so owners of ordinary units can't raise rents just because they're near the beach.

Are Puerto Vallarta Airbnb prices still rising?

No. Nightly prices are falling sharply.

AirDNA's Puerto Vallarta data, updated October 2026, covers 5,943 active short-term rentals. Over the 12 months to September 2026, occupancy averaged 57%, up 13.3% year over year, while the average daily rate fell 17.5% to US$178.

RevPAR, which combines occupancy and price, is down 10.4% to about US$101. Hosts are filling more nights but earning less per available night.

AirDNA also shows average yearly revenue of US$31,300 per active listing, up 62.3%. Treat that with caution: the number of active listings fell 54.3% over the same period. When half the pool drops out, the remaining listings look better on average even if each available night earns less.

For rents, ADR and RevPAR are the cleaner signals. Both are pointing down.

Puerto Vallarta short-term rental metric	Latest level	YoY change	Read
Active listings	5,943	-54.3%	Big change in tracked supply
Occupancy	57%	+13.3%	More available nights are booked
Average daily rate	US$178	-17.5%	Guests pay less per night
RevPAR	US$101	-10.4%	Earning power per available night is down
Annual revenue per active listing	US$31,300	+62.3%	Distorted by the shrinking listing pool

Should Airbnb owners in Puerto Vallarta switch to long-term tenants now?

For many ordinary condos, it's worth running the numbers now, because the gap between the two has narrowed.

AirDNA's average active listing grosses about US$31,300 a year. That is before platform fees, cleaning, management, utilities, furnishing wear and the state lodging tax. A long-term tenant at the Pincali median of MXN 35,000 a month brings in MXN 420,000 (USD 22,600) a year, with far fewer of those costs. And the AirDNA average includes large villas; a typical one- or two-bedroom condo earns less.

There is also rule risk. On May 25, 2026, a Jalisco Congress committee approved a 180-night yearly cap on short-term rentals of homes that aren't the owner's main residence, in "high tourism pressure" zones, mainly Guadalajara and Puerto Vallarta. The full Congress hasn't voted. Separately, a Jalisco state deputy proposed extra levies of 5% to 11% on owners running several short-term rentals. Neither is law yet, but both push owners toward monthly and long-term leases, which adds supply to the long-term rental market.

What to do: take your last 12 months of Airbnb payouts, subtract every cost, and compare the result with a 12-month lease at your neighborhood's real average, not the top ask on Pincali. If the lease comes within reach, the quieter income and lower wear often win. If you switch, a furnished condo in Versalles, Marina Vallarta or the Hotel Zone is where long-term demand from remote workers and seasonal residents is strongest.

Is weaker tourism taking pressure off Puerto Vallarta rents?

Yes, especially for apartments aimed at foreign visitors.

Grupo Aeroportuario del Pacífico recorded about 4.54 million passengers at Puerto Vallarta airport from January to September 2026, against 5.17 million a year earlier, a 12.3% drop.

International traffic is the weak point: down 19.4% over those nine months, to about 2.27 million, though September alone was down a smaller 12.0%. Domestic traffic fell only 3.7%. Canadians and Americans fill a large share of high-season and furnished rentals, so this hits the foreign-facing end of the market hardest.

October added a scare. Hurricane Simón passed off the coast and GAP shut the airport to commercial flights until October 13, 2026. The city escaped major damage, but storm headlines just before high season rarely help bookings.

This doesn't mean long-term rents will collapse. Residents create housing demand on their own. But landlords counting on visitors and seasonal foreigners have less room to push prices while international arrivals keep falling.

Is all the new condo construction slowing Puerto Vallarta rent growth?

At the upper end, yes. New condos give renters more choice and make repeated increases harder.

MLS Vallarta describes the bay as being in another active building cycle, across Puerto Vallarta and Riviera Nayarit. Marina Vallarta is filling its last development sites, and Versalles has become one of the busiest growth areas.

The sales side is slowing at the same time. Coldwell Banker La Costa's MLS figures show closed condo sales down 21.1% from January to September 2026, with condos taking a median 262 days to sell. Condo listings for sale also fell 17.5% to 2,672.

That matters for rents. An investor who can't sell, or whose new unit was meant for Airbnb, has three options: live in it, rent it nightly, or find a long-term tenant. With nightly rates down, more of them will pick the third, which adds supply to the monthly market.

None of this helps local workers much. Most new stock is expensive and does little for the shortage of affordable housing.

Have Puerto Vallarta home prices risen faster than rents?

Over the long term, yes, by a wide margin.

MLS Vallarta's ten-year review puts the average condo sale price across the wider Vallarta and Riviera Nayarit market at about US$310,000 in 2015 and US$490,000 in 2025, roughly 58% higher. Central Vallarta North gained about 150% over the decade, while Central South and the Hotel Zone roughly doubled.

Asking prices are still high. Pincali puts the median Puerto Vallarta apartment for sale at about MXN 8.08 million (USD 434,000) across 603 listings, while its rental median is MXN 35,000 a month.

MXN 35,000 times 12 gives MXN 420,000 a year. Against MXN 8.08 million, that is about 5.2% gross, before HOA fees, management, vacancy, repairs, insurance and taxes. Real yields are lower, since asking prices and asking rents are both above what changes hands.

With citywide rents flat, buyers can't count on rising rents to fix an expensive purchase price.

Puerto Vallarta apartment measure	Current / historical value	Calculation	What it means
Average MLS condo price in 2015 (wider bay)	US$310,000	—	Pre-boom benchmark
Average MLS condo price in 2025 (wider bay)	US$490,000	~+58%	Big ten-year rise
Current Pincali sale median	MXN 8.08m	603 listings	Expensive entry point
Current Pincali rent median	MXN 35,000/month	86 listings	Premium rental benchmark
Implied gross yield	~5.2%	420k / 8.08m	Moderate before expenses

Where can renters still find cheaper apartments in Puerto Vallarta?

Away from the waterfront and the foreign-facing condo market, where plenty of apartments still rent well below MXN 30,000 a month.

Propiedades.com puts the average apartment rent at about MXN 9,500 in Ixtapa, MXN 15,700 in 5 de Diciembre and Las Glorias, MXN 16,200 in Puerto Vallarta Centro, MXN 17,775 in Emiliano Zapata and MXN 19,675 in Versalles. Marina Vallarta, at about MXN 34,400, is in another league.

Listings confirm the lower end exists. Pincali's cheapest apartments start below MXN 12,000, and Inmuebles24 has Nuevo Ixtapa averaging about MXN 16,500.

5 de Diciembre is the interesting middle ground: close to downtown and the coast, without the premium of the newest Zona Romántica and Marina Vallarta buildings, and its average rent is down 7.4% since April 2025.

Ixtapa goes much further on price, but the trade-off is distance: more driving, fewer amenities, no walk to the beach. Las Glorias is exposed to flooding at high tide and in heavy rain; SEAPAL has been working on drainage there.

Area	Average apartment rent	Position in the market	Main trade-off
Ixtapa	MXN 9,500	Affordable	Farther inland
5 de Diciembre	MXN 15,700	Lower-middle	Older, mixed stock; hilly streets
Las Glorias	MXN 15,700	Lower-middle	Flood exposure
Puerto Vallarta Centro	MXN 16,200	Lower-middle	Older buildings, busy streets
Emiliano Zapata	MXN 17,775	Mid-market	Huge variation by building
Versalles	MXN 19,675	Mid-market / rising	Fast gentrification
Marina Vallarta	MXN 34,400	Premium	High-end location and amenities

Are Puerto Vallarta rents becoming unaffordable for local residents?

For the foreign-facing market, they already are.

The rent ladder makes it clear. Pincali's median apartment asks MXN 35,000 a month. Even the cheaper neighborhood averages are substantial: about MXN 15,700 in 5 de Diciembre and MXN 19,675 in Versalles.

Locals feel it. In a 2026 academic survey published in Ciencia y Reflexión, 73.0% of Puerto Vallarta respondents said they perceived rising housing costs or displacement linked to gentrification, against 64.5% in neighboring Bahía de Banderas.

Buying is no easier. ITESO reported a citywide median home price around MXN 2.4 million in 2025, while NAMI Realty's October 2026 MLS data puts the median marketed property near MXN 7.47 million (USD 402,000). Locals and foreigners are mostly shopping in separate markets.

Versalles shows the squeeze best. A 24.4% rent increase is easy to absorb for someone earning dollars, much less so for a household earning pesos in hotels or restaurants. Moving inland to Ixtapa is the main escape, but commuting becomes part of the housing cost.

So flat citywide rents offer little relief. They stop things getting worse as fast; they don't undo the previous increases.

Could Puerto Vallarta rents actually fall from here?

They could soften over the next year, but a long stretch of flat, uneven rents is more likely than a citywide drop.

Several forces now favor renters. International airport traffic is down 19.4% this year, short-term nightly rates are down 17.5%, condo sales are slow and new buildings keep delivering units.

That should make landlords more flexible. An apartment that sits empty for a month because the owner insists on MXN 35,000 can easily end up earning less over the year than one let at MXN 31,000 or 32,000 to a reliable tenant.

The strongest neighborhoods can resist. Versalles and Emiliano Zapata have their own demand, and scarce apartments with views, walkability or good amenities still command premium rents.

Our base case is a messier market: some landlords cutting unrealistic asks, some neighborhoods still rising, and the city average going sideways.

What can renters negotiate in Puerto Vallarta right now?

More than a year ago, especially on furnished condos aimed at foreigners, where asks often sit well above neighborhood averages.

Start with the gap. In Zona Hotelera Norte, Propiedades.com's average is about MXN 20,442 and flat, yet TuLugar's asking median there is about USD 1,909 (MXN 35,500). An ask far above the local average, for a unit without a view or a new building, is the one to push on. Offer a 12-month lease and on-time references in exchange for a lower rent; owners watching nightly rates fall value a steady tenant.

Then check what can go wrong. In August 2026, SEAPAL reported water disruptions in about 40% of neighborhoods linked to highway works, and Hurricane Simón closed the airport in October. Ask how the building stores water (cistern and tank), who pays for storm repairs, and whether rent is reduced if the unit becomes unusable. Get it in the lease.

Finally, time it. Low season and the weeks after a storm scare are when owners are most open to offers. In December, when Canadians and Americans arrive, your leverage drops.

What would make Puerto Vallarta rents start rising quickly again?

Tourism would need to recover and new supply would need to slow, both at once.

A rebound in international visitors would be the fastest trigger. The airport has lost about 599,000 passengers in the first eight months of 2026 compared with a year earlier. Reversing that would lift vacation demand and pull apartments back into short-term rental.

Higher Airbnb prices would reinforce it. Hosts now have higher occupancy but weaker nightly rates. If both rose together, more owners would leave the monthly market.

Construction is the other side. As long as developers keep adding investor-oriented units in Versalles, Marina Vallarta and the Hotel Zone, rental supply has room to grow.

For now those conditions haven't lined up. The rental market has more supply and weaker tourist pricing than during the post-pandemic boom.

So, are rents still rising in Puerto Vallarta?

Mostly no: rents are high, but the citywide rise has stalled.

Propiedades.com has Puerto Vallarta at 0.0% from April 2025 to October 2026. Versalles is up 24.4% and Emiliano Zapata 22.3%, both on small samples, while Marina Vallarta and Zona Hotelera Norte are flat and 5 de Diciembre is down 7.4%.

Short-term rentals are losing pricing power, with AirDNA showing the nightly rate down 17.5% and RevPAR down 10.4%. Airport traffic is down 12.3% this year, and condo sales are slow.

None of this makes Puerto Vallarta cheap. Pincali still shows a MXN 35,000 median apartment rent, Marina Vallarta averages about MXN 34,400, and furnished units in good buildings easily reach MXN 30,000 to 50,000.

The better description is a high plateau: a few neighborhoods still climbing, the rest of the market catching its breath, and renters with more room to negotiate than they've had in years.