Investing in a 3-bedroom apartment in Miraflores, Lima

Let's keep this simple. A 3-bedroom apartment in Miraflores yields about 5.5% gross on a long-term rental. Put the same unit on Airbnb and you're looking at roughly 1.5% gross. That's not a close call.

The gap tells you something about who wants a large flat here. Short-term visitors mostly want one or two bedrooms near the coast and the restaurants. A 3-bed is a family or a group, and those bookings don't fill the calendar the way a studio does. The nightly rate never makes up for the empty nights, and you carry the cleaning, furnishing, and management on top of that.

On the long-term side, a 3-bed rents to families or professionals who sign a lease and stay. Less turnover, less work, and at 5.5% gross a far better number than the 1.5% Airbnb throws off. For this size in this district, long-term is clearly the stronger play.

One caveat: these are gross figures. They don't account for maintenance, the building's common fees, vacancy, or taxes, so your net will be lower. I don't have those numbers here, so treat 5.5% as the ceiling, not what lands in your pocket.

Who does this suit? Someone who wants a steady tenant and low hassle, not a hospitality side business. If you were buying a 3-bed in Miraflores hoping to run it on Airbnb, the numbers here argue against it. This isn't investment advice, just what the yields say.

Related: Miraflores overview · Best district by size