Renting in Peru: Affordable, Flexible, and Easier Than You Think

Renting in Peru: Affordable, Flexible, and Easier Than You Think
Modern apartments in Lima offer strong value for long-term renters.|©iStock/Christian Vinces

Three years ago, I arrived in Peru with a simple plan: spend one month exploring the ancient city of Cusco before heading to Buenos Aires to learn tango. I never made it to Argentina. Instead, I’m now beginning my third year in Peru, living in a simple but functional apartment overlooking a tree-lined park in Lima.

Peru is the first place where I’ve signed a traditional long-term lease and truly settled in.

What I’ve discovered is that renting here can be simpler, more flexible, and more affordable than many expect. If you understand a few key differences, the process is surprisingly straightforward.

How Renting Works

Peru can be very renter-friendly for foreigners if you understand a few basics.

If you move every few months, Airbnb can make sense. I’ve used it for years. It’s the most turnkey way to rent a fully furnished apartment at a flat monthly rate, often including utilities. Monthly discounts can be substantial compared to daily pricing, and it removes much of the uncertainty.

However, if you plan to stay a year or longer, a traditional rental usually makes more sense.

In Lima, especially, apartments are constantly being built, and availability is rarely an issue. Renting typically involves far less bureaucracy than in the U.S. Agreements are often made directly between owner and renter. Some are formal contracts; others are simpler arrangements.

There are usually no employment or credit checks. Expectations around leases, deposits, and furnishings differ significantly from the U.S., so it’s important not to assume the system works the same way.

What Rent Really Costs

High-rise apartments in Lima’s Miraflores district attract many expats.
High-rise apartments in Lima’s Miraflores district attract many expats.|©iStock/MediaProduction

In Lima, location matters more than square footage.

Here’s a general idea of monthly rent ranges for 2025:

  • Miraflores / Barranco: $650–$1,100 for a furnished one-bedroom. These are the most popular areas for expats and are closest to the ocean.

  • San Isidro / San Borja: $800–$1,300. More upscale, quieter, and priced accordingly.

  • Surquillo: $400–$700. Centrally located and increasingly popular, with a more local, working-family feel.

  • Jesús María / Lince: $450–$750. Less upscale but walkable, with solid infrastructure and amenities.

I found a top-floor apartment in Surquillo with a terrace overlooking a large park, something rare in Lima, where most buildings face each other. Everything I need is within walking distance: cafes, markets, grocery stores, a gym, cinemas, and shopping. I pay $450 per month.

To be clear, my apartment did not include a stove or refrigerator and has no heating or air conditioning, amenities that are rarely included in Peru. The shower’s water-heating unit works, but it has seen better days. Still, starting with an empty space gave me the freedom to make it my own.

Compared to typical U.S. rental costs, the overall value is hard to ignore.

Flexible Lease Terms

Lease terms in Peru can be flexible if expectations are discussed upfront.

Six- or twelve-month leases are common, but shorter agreements are often possible, particularly in expat-friendly areas. Foreigners are rarely required to sign multi-year contracts.

In my case, I knew I would need to return to the U.S. once or twice a year for one to two months at a time. I negotiated that into my agreement so that when I travel, I pay half the rent to keep the apartment and my belongings there. This arrangement is not standard, but it illustrates how much depends on your relationship with the owner.

Written contracts are strongly advised. They are typically in Spanish and may require notarization. If you’re not comfortable with the language, have someone review the document before signing.

Negotiating rent is normal. You may secure a better rate by committing to a longer stay, paying several months upfront, or renting outside peak season. When I lived in Cusco for four months, the owners negotiated a lower monthly rate that included cleaning service and fresh towels three times a week.

Deposits and Utilities

Standard practices in Peru are straightforward:

  • One month’s rent plus one month’s deposit is typical.

  • Two months’ deposit may be required for higher-end units.

  • Rent is usually paid by bank transfer or sometimes cash, if agreed upon.

  • Deposits are generally returned if the apartment is left in good condition.

  • Wear-and-tear expectations are reasonable compared to the U.S.

Utilities are typically separate and affordable, though it’s important to clarify what is included before signing. I pay roughly $10 for water, electricity averages around $50, and reliable internet costs $26 per month.

Compared to U.S. rental costs, the overall monthly expense remains significantly lower.

Common Surprises

One common surprise is assuming apartments will function the same way they do in other countries.

Some unfurnished apartments may not include major appliances, so be sure to clarify exactly what is included before committing.

Another surprise can be responsiveness. With Airbnb, you have platform support. With a traditional rental, you are dealing directly with the owner. Clear communication upfront helps prevent misunderstandings.

It’s also important to clarify who is responsible for maintenance or repairs and to adjust expectations around insulation and climate control. Most apartments do not have central heating or air conditioning.

Domodossola Park in Miraflores. Park views are rare in Lima, where most buildings face each other.
Domodossola Park in Miraflores. Park views are rare in Lima, where most buildings face each other.|©iStock/Jorge Choroco
Final Thoughts

In my six years of living abroad, Peru has its positives and drawbacks when it comes to renting. Whether it’s right for you depends on your situation and timeline.

If you plan to stay in Peru for a year or longer, a traditional rental can offer excellent value and flexibility.

Renting in Peru isn’t complicated; it’s just different. With realistic expectations and open communication, many expats find better value, more flexibility, and far less stress than they expect.

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