3-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 →
For a 3-bedroom in San Miguel, the gross numbers are close: about 6.3% long-term against about 6.5% on Airbnb. That 0.2 percentage point gap is noise. What matters is what each figure leaves out.
The long-term yield 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. You self-manage, so no management fee comes off either.
The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento (the host pays it here), property tax, and arbitrios. Cleaning, turnover, and consumables are not in the model, but they are real costs you will carry on the short-term side.
So the effective gap is wider than the gross one. Long-term is the stronger play for a 3-bed in San Miguel, especially if you are buying from abroad and cannot oversee turnovers. Airbnb only makes sense if you are on the ground and willing to run it like a small business.
Who is this for? The landlord who wants a tenant in place for years, fewer moving parts, and a yield that holds up after taxes. The Airbnb route pays a little more gross, but the cost list is longer and the work is yours.