The housing rental market in Lima has experienced a notable increase in recent months. According to data from Urbania, the average price to rent a three-bedroom home in the city has shot up to S/ 2,971 at the end of the first quarter of 2024, marking an increase of 3.3% compared to the last quarter of 2023. This trend reflects the growing interest and demand in various districts of the capital.
In addition to the increase in rent for three-bedroom homes, two-bedroom, 60 m² apartments have also registered significant increases, reaching an average of S/1,938 per month. Prices in the different districts of Lima are influenced by factors such as location, accessibility and services.
Which district is the most expensive to rent a home?
Barranco is positioned as the most expensive district to rent a home in Lima. In this area, the average rent reaches S/3,917 per month. This district, along with San Isidro, Miraflores and Lince, are those with the highest prices for housing rentals in areas with high urban development and accessibility to quality services.
If we take the areas into account, the most expensive are San Isidro financial with a monthly price of S/4,434, Barranco traditional with S/4,069 and Nuevo Barranco with S/3,928.
Which district is the cheapest to rent a home?
By contrast, San Martín de Porres, Los Olivos and Ate present the cheapest rentals in Limawith an average of S/ 1,337, S/ 1,474 and S/ 1,900 respectively
Luciano Barredo, Marketing Manager of Urbania and Adondevivir, stated that the increase in markets like Ate is due to the increase in the number of rental advertisements due to the greater presence of foreign citizens.
“Many foreigners find in this area an affordable price and close to their jobs. The same happens with the districts of Jesús María and Cercado, which due to their variety of areas you can find a diversity of prices,” he adds.
Housing rental price ranking in Lima
The following is the ranking of housing rental prices in Lima, highlighting both the most expensive and the cheapest districts.
- Ravine: S/3,917
- San Isidro: S/3,535
- Miraflores: S/3,353
- Lynx: S/3,262
- Jesús María: S/3,199
- Surquillo: S/3,130
- Lima Index: S/2,971
- Lima fence: S/2,928
- Magdalena del Mar: S/2,905
- San Borja: S/2,640
- San Miguel: S/2,631
- Santiago de Surco: S/2,624
- Free Town: S/2,592
- La Molina: S/2,292
- Chorrillos: S/2,216
- Tie: S/1,900
- Los Olivos: S/1,474
- San Martín de Porres: S/1,337
Will home rental prices go down in 2024?
According to Luciano Barredo, Marketing Manager of Urbania and Adondevivir, the free disposal of the CTS and up to 4 UIT of the AFP funds could increase the demand for first homes by 3%, especially in modern Lima. This could lead those who currently rent to consider acquiring a mortgage loan.
However, despite the drop in the reference interest rate by the Central Reserve Bank of Peru (BCRP), Barredo warns that this does not automatically guarantee a reduction in real estate prices. In the first quarter of 2024, the value of the square meter in Lima reached S/6,710, with peaks of S/9,476 in Barranco and S/3,196 in San Martín de Porres.
Source: Larepublica
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