Housing rental price in Lima reached its all-time high and reached S/2,900

By March 2023, the prices of houses or apartments for renter have reached their maximum peak of approximately S/2,900. Although during the COVID-19 pandemic rental costs were hit and closed in 2020 at an average of S/2,528, for 2021-2022 the trend was upward and there was a rebound to S/2,725 for June from last year.

“Impacted by the pandemic, rental prices fell, but then they have recovered and have continued to increase significantly. In Lima, 30% of households rent a home, and of that percentage, 70% rent an apartment,” said Numa León, executive director of Real State Peru at Credicorp Capital Asset Management.

He also specified that in different districts, such as La Victoria or Miraflores, the demand reaches 40% or 50%. Likewise, he indicated that this rental trend will continue and that the development of the first multifamily buildings, which are residential properties intended solely for rental, is added to this.

“It is a trend that will be seen at a higher level at the end of this year: the first multifamily assets are already being developed. To date, there are already three, and by the end of 2023 one or two more should appear based on demand,” León concluded.

Which are the districts that have increased their rental prices the most?

According to the Urbania real estate index, the district that has increased its rental price the most is Chorrillos, which rose by 14.11%: from costing S/2,041 in 2022, it is now at S/2,329. It is followed by Cercado de Lima (11.74%), Surquillo (10.90%), Barranco (10.18%) and Jesús María (9.76%).

It should be noted that the highest rents in Lima are located in the financial area of ​​San Isidro and the costs reach up to S/4,429 per month. For its part, Los Olivos Norte is the cheapest area with S/1,237.