Miraflores vs San Miguel: better rental investment? (2026)
n = 4,640 Airbnb listings · 2,126 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
San Miguel takes this on the long-term number, about 5.3% against Miraflores' roughly 4.8%, and it does it while costing you far less to get in. That is the whole case, and it is a good one.
The entry price is where the two really part. Miraflores trades at a median of about $2,423 per m2; San Miguel at about $1,717. Per square metre San Miguel is roughly 28.5% cheaper, about $685 less. On a typical 70 m2 apartment that is a smaller cheque and a thinner exposure to one district's pricing.
Both yields are net. The long-term figure subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance; the tenant pays mantenimiento in a Lima long-term let, so the landlord does not. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. On both sides the owner self-manages. Neither figure subtracts furnishing or fit-out, cleaning and turnover, or management fees, because the model does not.
On Airbnb the order flips, but barely: Miraflores about 7.3% gross against San Miguel's roughly 7.0%. Half a point either way is not a reason to buy in Miraflores at that price. If you want the short-let game, run it well enough to approach the top quartile of operators, which most owners do not.
So: San Miguel, on yield and on cost of entry. Miraflores is the more expensive way to earn less on a long-term let, and its Airbnb edge is too thin to pay for. The honest caveat is that these are district medians, not your building, and the data behind them is thin enough that a single well-bought unit can beat either number. Not investment advice.