San Isidro vs San Miguel: better rental investment? (2026)
n = 2,045 Airbnb listings · 1,516 sale listings · source: urbania.pe + airroi · as of 2026-09-17 · methodology →
San Miguel wins on the number that matters to a buy-to-let investor: about 5.3% net long-term against San Isidro's roughly 4.4%. It also asks far less to get in - a median near $1,717 per m2 against about $2,510, which the listing sites put at roughly 31% cheaper, or about $780 per m2 less. You are paying more in San Isidro for less yield.
The long-term figure is net. It already subtracts property tax, arbitrios, rental income tax and a 3% vacancy allowance. It does not subtract mantenimiento, because in a Lima long-term let the tenant pays that, not you. The Airbnb figure subtracts the platform fee, host-paid utilities and internet, income tax, mantenimiento, property tax and arbitrios. Both assume you self-manage, and neither subtracts furnishing, cleaning or management fees - so do not treat those as the reason one side loses.
On Airbnb the two are effectively level: about 7.2% gross in San Isidro against roughly 7.0% in San Miguel. That is not a reason to buy in San Isidro. It is a reason to notice that the short-let premium is thin in both, and that the Airbnb figure is gross of the work you would do yourself.
So the pick is San Miguel. Cheaper per square metre, higher net long-term yield, and the short-let case does not rescue San Isidro. What you give up is address: San Isidro is the more established, more liquid resale market, and that is worth something I cannot put a number on from this data. If you need to sell in a hurry, the thinner San Miguel market is the risk you are taking for the extra yield.
One caveat on the data itself. These figures are approximate and held steady between real moves, so the tables on the page may show slightly different values. Treat the direction as solid and the decimals as soft. Not investment advice.