Cost of rent in Lima has increased by 4.3% in the last one year
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Loading... - Tiana Orlando
- 06 Sep 2024
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The cost of renting in Lima has seen a notable increase over the past year, with the average rent now exceeding S/3,000 per month, reflecting a consistent upward trend since the COVID-19 pandemic. According to Urbania's Real Estate Index report, the average rent for a 100m² apartment in Lima is now S/3,002 per month, marking a 1.4% increase in July alone. Over the last year, rents have risen by 4.3%, outpacing inflation, with smaller apartments experiencing the most significant price hikes.
Here’s a closer look at the rental price trends in Lima:
Monthly Increases (June to July)
- Lince: The district with the highest increase, with rent rising by 3.9% to an average of S/3,290.
- Chorrillos: Second highest, with a 3.3% increase, bringing the average rent to S/2,280.
- Surquillo: Rent increased by 3.1%, now averaging S/3,234.
- San Isidro: Saw a 2.6% rise, with an average rent of S/2,658.
- Cercado de Lima: Also experienced a 2.6% increase, with the average rent at S/2,917.
- San Borja: Rent rose by 2.2%, reaching S/2,715.
Annual Increases (Past 12 Months)
- San Isidro: The district with the most significant annual increase, up 12.9%.
- San Borja: Rent increased by 11.1% over the year.
- Ate: Saw a 10.5% increase, with the current rent for a 100m² apartment at S/1,965, making it one of the more affordable districts.
Most Expensive and Cheapest Districts
- Most Expensive: San Isidro Financiero, with an average rent of S/4,727 per month.
- Cheapest: Los Olivos Oeste, with an average rent of S/1,256 per month.
While the average rent in Lima is now S/3,002, districts like San Isidro Sur and Barranco Tradicional are among the most expensive, while areas in Los Olivos remain the most affordable. These increases reflect the broader trend of rising housing costs in the city, impacting both renters and the overall competitiveness of the rental market in Lima.
