Where Is the Cheapest Rental in Lima in 2025? – Lima’s rental market has reached all-time highs in 2025, and it is a worsening financial burden for most families. In the recent report by Urbania, the average cost of renting a 100 m² apartment in Peru’s capital city is S/ 3,191 per month—a 0.8% rise in March alone. Rent prices have increased by 3.9% this year to date, a long way from the nation’s national inflation rate of just 0.1%.
Luxury suburbs like San Isidro, Barranco, and Miraflores lead the charge for this trend in increasing rental rates, averaging well over S/ 3,500 monthly. In Barranco, the average rent now is S/ 4,172 per month. However, Lima still offers its budget-conscious visitors a district with good value for money.
Los Olivos: Lima’s Best Affordable District for Tenants
Among all the areas, the most affordable to rent a three-bedroom flat is Los Olivos at an average of just S/ 1,596 a month. That is a 3.0% drop from last month, and it’s the most affordable to rent in Lima.
Several reasons are responsible for these lower rental levels. Los Olivos has a higher concentration of social housing and low-rise buildings, resulting in greater housing density and supply. Its recent decades of urban growth at high velocities have also led to a broader, more competitive housing market.
Its off-center location—away from Lima’s business centers and tourist destinations—might also make it the origin of lower demand and hence lower rentals.
Prices of Properties in Los Olivos Are Falling, Too
Los Olivos is not just attractive to renters—home buyers may have good opportunities as well. The average price per square meter in the district has dropped to S/ 3,670, which was 1.2% less than a month prior, according to Urbania.
More affordable districts are San Martín de Porres and Callao, for which average prices are S/ 3,049 and S/ 3,511 per m², respectively.
What’s Going on in Callao?
Callao has historically had among the lowest property rates in the metropolitan area of Lima, a legacy of largely industrial and port-specific identity. Industrial use, limited residential investment, and general insecurity and infrastructure-related concerns have discouraged real estate development and immigration to the area in the past.
But it is changing. Urban renewal projects, refurbishments of public spaces, and new housing projects are slowly redeveloping Callao areas, drawing in investors and new citizens as well.
At HomeReady Global, we are your best ally to have your pre-sale or in-construction property delivered 100% completed with full satisfaction for the developer, seller, and new owner.
