Jesús María vs San Miguel: better rental investment? (2026)
n = 1,759 Airbnb listings · 817 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
San Miguel takes this one, and mostly on the way in rather than the way out. Long-term it nets about 5.3% against Jesús María's about 5.1% - a gap of roughly 0.3 points, which is not a reason to buy anything. The reason is the entry price: about $1,717 per m2 against about $2,110, or roughly 17.9% cheaper, about $373 per m2 less.
Both long-term figures are net. The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. The long-term figure does not subtract mantenimiento, because in a Lima long-term let the tenant pays that, not you. The owner self-manages on both sides, and the model takes off no management fee, no furnishing and no fit-out - so do not read those as already priced in.
On Airbnb the two are effectively level: about 7.1% gross in Jesús María against about 7.0% in San Miguel. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. The Airbnb figure does not subtract cleaning, turnover or consumables. Note that the Airbnb numbers are gross while the long-term numbers are net, so they are not the same kind of number and should not be read as one.
So the honest position: on yield this is a tie, and the tie is not close enough to matter. What separates them is what you pay to get in, and San Miguel is the cheaper door. Jesús María is the more expensive mistake here - you pay roughly 17.9% more per square metre for a yield that is, within rounding, the same.
Where the data is thin: I have no reliable read on resale liquidity or tenant turnover in either district, and nothing here on how deep the Airbnb demand actually runs in San Miguel versus Jesús María. If you want the Airbnb upside, that is the open question, and it is the one figure I would not lean on. Not investment advice.