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

Let's start with the headline that matters for a buy-and-hold landlord: long-term net yield is 3.6% in both San Isidro and San Miguel. Identical. The source notes San Isidro comes out ahead on long-term, but the numbers I was given are the same to one decimal, so I'll call that a tie until someone shows me the extra digits.

The price difference is where it gets interesting. San Isidro sells for a median $2,564/m², San Miguel for $1,680/m². That's roughly 53% more per square metre in San Isidro for the same net rental yield. If two districts pay you the same 3.6%, the cheaper entry ticket does the same job with less capital at risk.

On short-term rentals the gap is clear and in one direction. San Miguel grosses 3.0% on Airbnb against San Isidro's 1.3%. Keep in mind this is gross, before cleaning, management, furniture and vacancy, so don't read 3.0% as money in your pocket. But relative to each other, San Miguel is more than double.

So the honest read: for long-term letting the yields are a wash, and San Miguel does it at a lower price per metre. For short-term letting San Miguel is well ahead on the gross figure. The 'winner' label here is San Isidro, but nothing in these numbers supports that for a yield-driven investor. On what I've got, San Miguel is the stronger case.

This is a comparison of the figures I was handed, not investment advice. I don't have net Airbnb numbers, occupancy, or the finer long-term yield digits, so treat the near-ties with caution and check the local detail before you commit.

Related: San Isidro · San Miguel · Lima Yield Index