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

On the headline number, this is a tie: both San Miguel and Surco net 3.6% on long-term rentals. So the long-term yield alone won't decide it for you. On paper they earn the same on a rented apartment held the conventional way.

The entry price is where they split. San Miguel's median is $1,680/m², Surco's is $1,779/m² -- roughly 6% more per square metre in Surco for the same 3.6% long-term return. If two districts pay the same yield, the cheaper one is the better buy, and here that's San Miguel.

The Airbnb gap is wider and clearer. San Miguel runs 3.0% gross on short-term versus Surco's 1.7%. That's nearly double. If you plan to run the unit on Airbnb, San Miguel is the obvious side. Note these are gross figures -- they don't account for cleaning, management, vacancy or furnishing, so treat the 3.0% as a ceiling, not a take-home.

My pick is San Miguel. Same long-term yield, lower price per square metre, and a materially better short-term number. Surco doesn't win on any of the three metrics here.

One caveat: this is three numbers per district, not a full picture. It says nothing about which neighbourhoods within each district, resale liquidity, or how those Airbnb figures hold up once costs come out. This is not investment advice -- do your own math on a specific unit before wiring money.

Related: San Miguel · Surco · Lima Yield Index