Miraflores vs San Isidro: better rental investment? (2026)
n = 4,457 Airbnb listings · 2,596 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
Miraflores takes it, but not on the headline yield. Long-term it nets about 4.8% against San Isidro's roughly 4.4% - close enough that I would not sign anything on that gap alone. What decides it is the entry price: about $2,420 per m2 in Miraflores against about $2,510 in San Isidro, roughly 4.4% cheaper, about $111 per m2 less. Same tenant profile, less capital in.
Both yields are net, and the cost lists are not the same. The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance - but not mantenimiento, because in a Lima long-term let the tenant pays that. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. On Airbnb the host carries mantenimiento with no guest reimbursing it. Neither figure subtracts furnishing, cleaning or management fees, because the owner self-manages on both sides.
On Airbnb gross the two are level, about 7.2% each. That is the honest read: the short-let upside people cite for San Isidro is not in the number. If you are buying for Airbnb, you are buying the same gross return in a more expensive building.
So the pick is Miraflores, on price and on liquidity - it is the easier resale and the easier let. San Isidro is the more expensive way to buy the same yield, and I would only pay that if the address itself is the point for you. The data here is thin on one thing: it says nothing about how either district actually performs on occupancy or nightly rates, so treat the Airbnb figures as gross and nothing more.
Not investment advice. The figures above are approximate and move between updates.