1-bedroom apartment in San Miguel, Lima: yields (2026)
n = 1,114 Airbnb listings · 523 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
A 1-bedroom in San Miguel shows about 6.9% gross long-term and roughly 6.9% gross on Airbnb, so the headline numbers barely separate the two. The gap is small enough that it tells you almost nothing on its own. What separates them is the cost list behind each figure, and that is where the two stop looking alike.
The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. It does not subtract mantenimiento, because in a Lima long-term let the tenant pays that. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. Same building, same size, two different sets of hands reaching into the rent.
That asymmetry is the whole argument. On Airbnb the host carries mantenimiento, utilities and internet, and no guest reimburses any of it. On a long-term let the tenant absorbs mantenimiento. You self-manage either way, so neither figure carries a management fee — and neither figure subtracts furnishing or fit-out, cleaning, turnover or consumables, so do not read those as already priced in.
For a 1-bed here, long-term is the stronger play. The gross yields sit close enough that the extra cost lines on the short-let side are what decide it, and they decide against Airbnb. A single bedroom also means a small guest pool and thin pricing power when the calendar is soft — the kind of thing a gross figure does not show you.
Who it suits: an owner who wants the tenant to handle mantenimiento and who is not interested in running a hospitality operation for a return that, on these numbers, does not beat the simpler option. If you want the short-let route anyway, go in knowing you are paying the utilities, the internet and the upkeep yourself. The data here is thin — two gross yields and a small gap — so treat the near-tie as the finding, not a precision. Not investment advice.