Do you have your sights set on visiting the City of Eternal Spring? If so, you’ll probably need a place to rest your head at the end of the day. In that case, there are several options for renting furnished apartments in Medellin.
Although there are many economical options like backpacker hostels scattered throughout the city, this post is more for people who prefer a bit more privacy and comfort, and have the budget to pay for it.
I have personally rented several apartments in Medellin – both furnished and unfurnished. I think that most people go through a complete rental metamorphosis after their first visit to Medellin.
The reason I say their ‘first’ visit is because in most cases, the first is never the last. My first visit was 4.5 years ago as a backpacker and now I live here full time. Don’t worry, there is a high probability that you will be trying to figure out how you can move here after your first visit. It happens to the best or them.
The First Time Visitor to Medellin
The majority of established furnished rental companies that cater to foreign visitors are owned by expats. First-time visitors to Medellin tend to rent apartments at relatively premium prices from these companies. Some locals call those premium prices – Gringo Prices – a term that has a negative connotation, meaning that the renter is being ripped off or overcharged. However, I think that the gringo-price that a foreigner pays is for the convenience, level of service, and accommodation standard they are accustomed to in North America and Europe.
The foreign owned rental companies in Medellin are continuously improving their service levels and the variety of services they offer to visitors. They have grown substantially over the past 5 years as a result of a tourism boom in the city. Consequently, their portfolios of properties have also grown to match the rising demand. There is now no limit as to the type of apartment you can rent here.
At the current exchange rate of the Colombian Peso to the dollar, pound, and euro, renting in Medellin is pretty much a bargain. The favourable exchange rate allows travellers to rent lavish penthouses, prolong their stay in the city, and even consider buying an apartment as an investment property after only a few days here.
How much does it cost to rent furnished apartments in Medellin?
There is a very wide price range depending on the type of apartment you are looking to rent. Prices vary considerably by location and the size of the apartment.
With an increase in the demand and the consequent supply of furnished apartments on the market, there has also been a rise in level of competition among rental companies.
Some companies have decided not to join the price battle but rather increase their service levels and the caliber of properties they offer in their portfolios.
Having photographed for many of these companies over the past 4 years, I have seen first hand how they have eliminated their low end properties (and customers) and shifted to more a luxurious market. One company that has undergone such a transformation is Apartment International, founded by Andrew Campion, an Australian traveler who started with one property back in 2007.
El Poblado which is considered the touristic center of Medellin is by far the most demanded and consequently most expensive area to rent in. Although I currently rent an unfurnished apartment in Poblado, my rent has nonetheless increased by a whopping 22% in just two years. This should give you an idea of just how much of a boom the area is experiencing.
In other sectors like Laureles and Envigado, both about 15 minutes drive from Poblado, you can find more affordable prices. As can be expected, the further you go from the touristic center, the cheaper rents become. However, the tourism and development boom isn’t exclusive to Poblado – prices are also on the rise in the other neighbourhoods.
Long-Term vs. Short Term Rental Apartments in Medellin
One factor that will influence rental prices is your the length of stay. In general, you will pay a much higher price for an apartment in Medellin if you are paying by the day. If you plan on staying for a few months however, you can negotiate a more favourable rate with the rental agencies.
Note: In the past year many regulations have been put in place by apartment building administrators who have set a minimum rental period of one month. In other words, they no longer permit short-term/daily rentals.
As a result of there being fewer short-term properties available, the short-term rates have also seen a significant increase.
The Rise of AirBnB – Changing How Travelers Rent Furnished Apartments in Medellin
Perhaps the biggest game changer in the furnished apartments rental business came from the San Francisco based company AirBnB.
AirBnB allows people to list, find and rent all types of properties in over 190 countries around the world – including Colombia. It allows virtually anyone to be their own property manager, hence the dramatic increase in furnished properties available for rent in Medellin.
On AirBnB, travellers can rent rooms in Medellin for as little as $10/day or mansions for as high as $5000/day (see image below) . There is a listing for every taste and budget.
One of the advantages of AirBnB is the that if you don’t want to rent an entire apartment, you can rent a single room in a shared apartment or house.
The Top Furnished Apartment Rental Agencies In Medellin
To date, I have photographed approximately 500 furnished apartments in Medellin. I have seen the good, the bad and the downright ugly. However, there are a few agencies that continue to maintain a high level of service and offer an extensive portfolio of properties.
I will be featuring each of these agencies in separate posts over the the next few weeks, but for now here are a few links to their websites.
I hope you found this post helpful. If you would like to share your experiences renting furnished apartments in Medellin, please feel free to leave it in a comment.