Jesús María vs San Miguel: which is the better rental investment in Lima? (2026)

The headline numbers first. On long-term rentals, Jesús María nets 3.8% against San Miguel's 3.6%. That's a narrow gap, two-tenths of a point. Nothing dramatic, but Jesús María is ahead.

The price difference is bigger. Jesús María sells at a median $2,017/m², San Miguel at $1,680/m². So you pay roughly 20% more per square metre in Jesús María, and you get a slightly better long-term yield for it. If your budget is fixed, San Miguel buys you more floor space.

The Airbnb picture flips completely. San Miguel runs 3.0% gross on short-term, Jesús María just 0.9%. That's a large gap and it points in the opposite direction from the long-term numbers. I'd treat these gross figures with caution, since they don't account for cleaning, management or vacancy, but the direction is clear: San Miguel is the short-term play.

So the pick depends on your strategy. If you want to buy-and-hold with long-term tenants, Jesús María edges it at 3.8%. If you're running Airbnb, San Miguel's 3.0% gross versus 0.9% isn't close, and it's cheaper per metre on top.

On balance, for a long-term rental investor, Jesús María is the winner here, but only just, and you pay more to get in. San Miguel is the better entry price and the better short-term bet. This is not investment advice.

Related: Jesús María · San Miguel · Lima Yield Index