Miraflores vs San Isidro: which is the better rental investment in Lima? (2026)

The two districts are closer than the arguments about them suggest. On long-term rentals, San Isidro nets 3.6% against Miraflores' 3.5%. That is a tenth of a percentage point. If you told me that gap would decide your purchase, I would tell you to go measure something else.

Prices are similarly tight. Miraflores sells at a median $2,442/m², San Isidro at $2,564/m². San Isidro costs a bit more per square meter and returns a bit more long-term, so the two roughly cancel out.

The real split is Airbnb. Miraflores runs 1.8% gross against San Isidro's 1.3%. Miraflores is the tourist district, San Isidro is the business district, and the short-term numbers reflect exactly that. If you plan to run short-term lets, Miraflores is the clearer choice.

So the pick depends on your strategy. For a straight long-term hold, San Isidro edges it at 3.6% and takes the nominal win. For short-term, Miraflores is ahead by half a point gross. Neither yield is high; these are low-single-digit returns, and the figures here are gross for Airbnb and net for long-term, so don't compare them directly.

None of this is investment advice. The data I have is limited to yields, median prices and Airbnb gross figures -- it says nothing about vacancy, management costs, or how these hold up over time. Decide which rental model you are actually going to run, then let the numbers follow.

Related: Miraflores · San Isidro · Lima Yield Index