3-bedroom apartment in Miraflores, Lima: yields (2026)
n = 3,526 Airbnb listings · 1,603 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
For a 3-bedroom in Miraflores, the Airbnb figure wins: about 8.5% gross against roughly 6.2% long-term. That gap of about 2.3 percentage points is real money, but it comes with work.
The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. The tenant pays mantenimiento, so that is not on your side. You self-manage, so no management fee is taken off.
The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento (you pay it here), property tax and arbitrios. Cleaning, turnover and consumables are not in the model, and neither is furnishing or fit-out.
So the Airbnb number is the stronger play on paper, but it is not passive. You are running a small hotel. If you live in Lima and can handle turnovers, take it. If you are abroad or want a quiet year, the long-term let at about 6.2% is the saner choice.
The gap is about 2.3 points, and that is the price of your time. For a 3-bed in Miraflores, I would only go short-term if you are on the ground and ready to work.