Investing in a 2-bedroom apartment in San Miguel, Lima

The numbers on a 2-bedroom in San Miguel are straightforward. Rented on a standard long-term lease, it yields about 6.0% gross. Put the same apartment on Airbnb and you're looking at roughly 2.5% gross. That's a big gap, and it points in one direction.

For a 2-bed here, long-term is the stronger play. You're earning more than double the gross yield without the churn of guests, cleaning, and empty nights. Short-term letting only makes sense if you have a specific reason to want the flexibility, and the 2.5% figure says you'd be paying dearly for it.

Keep in mind these are gross numbers. They don't account for management, maintenance, vacancy, or taxes. The relative picture still holds, but your actual take-home will be lower than 6.0%.

Who does this suit? Someone who wants a steady, low-hassle tenant and treats the apartment as an income asset rather than a hobby. If you were hoping Airbnb would juice your returns in San Miguel with a 2-bed, the data doesn't support it.

This is a read of the numbers, not investment advice. Run your own on the specific unit before committing.

Related: San Miguel overview · Best district by size