2-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 2-bedroom in San Miguel shows about 7.2% gross long-term and roughly 8.2% gross on Airbnb, and the long-term let is still the stronger play. That reads backwards until you look at what each figure leaves out.
The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. In a Lima long-term let the tenant pays mantenimiento; on Airbnb the host does, and no guest reimburses them. That is the whole argument in one line.
The gap is about 1.1 percentage points, and it is gross on both sides. Neither figure subtracts furnishing or fit-out, cleaning, turnover or consumables, or management fees, because the owner self-manages here. So the Airbnb number is not the one you keep after a year of Saturday changeovers.
Who it suits: the buyer who wants a tenant, a signed contract and a phone that stays quiet. San Miguel is not Miraflores or Barranco for short-stay demand, and the Airbnb case rests on running the flat well enough to hold that roughly 8.2%, which most owners do not. If you will not do the turnover work yourself, take the tenant.
Caveat: these are approximate gross yields, held steady between real moves, and the tables on the page may show a slightly different exact value. Not investment advice.