Is long-term rental worth it in San Miguel?
n = 523 sale listings · source: urbania.pe · as of 2026-09-17 · methodology →
San Miguel long-term nets about 5.3% after costs, on a median asking price of roughly $1,720 per m2. That is the whole answer, and it is a modest one — you are not buying a story here, you are buying a tenant who pays on time.
The 5.3% is net. The long-term figure 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, not you. That is the quiet advantage of this side of the business: the costs that eat Airbnb returns are largely someone else's problem.
What you give up for it is upside. A typical unit here asks around $120,000, and the return on that is steady rather than spectacular. If you want the higher gross numbers, you take on the platform fee, the utilities and internet you pay as host, income tax, mantenimiento, property tax and arbitrios — and you run it yourself, because the model assumes no management fee on either side.
The honest caveat: these figures are approximate and held steady between real moves, so the tables on the page may show a slightly different exact value. San Miguel is not where you go to beat the market. It is where you go if you want the rent to arrive without you thinking about it.