Securing a long-term rental in Medellín can seem daunting, especially for digital nomads unfamiliar with the local real estate market. While there are many benefits to settling in this vibrant city, the process of finding an affordable, comfortable apartment comes with its own challenges. This guide explores the most effective methods for securing long-term rentals in Medellín and provides useful tips for navigating the complexities of the market.

Understanding the Real Estate Market in Medellín

Medellín has two distinct rental markets: short-term furnished rentals, commonly available on platforms like Airbnb, and long-term unfurnished rentals, which cater primarily to locals. Unlike in the U.S. or Europe, where listings are typically centralized on platforms like MLS, Medellín’s real estate market is more decentralized and can be harder to navigate. Websites like Finca Raíz do exist but are not always up-to-date, and responses from agents can be slow.

Many expats have found that searching for an apartment in Medellín involves a lot of legwork, including visiting neighborhoods in person, making phone calls, and dealing with agents who may not always be punctual or responsive. Despite these challenges, there are several effective strategies for securing long-term rentals.

Key Methods for Securing a Long-Term Rental

1. Using a Fiador (Co-signer). One of the most common ways to secure a long-term lease in Medellín is by using a fiador, or a co-signer. A fiador is usually a local who either owns property or has a high income (typically three times the monthly rent). This individual guarantees the rental agreement and becomes liable if you fail to pay rent.

For foreigners, finding a fiador can be difficult, as it requires knowing someone locally who meets these strict requirements. Some rental agencies offer fiador services for a fee, but many expats prefer to avoid this route due to the complexity and potential costs involved.

2. Using a CDT (Certificate of Term Deposit). Another popular option for securing a long-term lease is placing a deposit equivalent to six to twelve months’ rent into a CDT (Certificate of Term Deposit) account. The money is held by the bank for the duration of the lease and earns interest. Upon completion of the lease, the deposit is returned, assuming the rental terms were met.

While this option provides security for landlords and tenants alike, it requires a significant upfront payment, which can be a barrier for some. Nevertheless, the interest earned on the deposit can be a small benefit, and this method is often considered more straightforward than dealing with a fiador.

3. Prepaying Rent. Prepaying rent is another way to bypass the need for a fiador or a CDT. In this scenario, tenants pay six months’ rent upfront, eliminating the need for monthly payments. This option is less common, as most rental agencies in Medellín prefer the fiador or CDT options, but it can be a good solution for those with sufficient funds.

One downside is that very few agencies offer this option, making it necessary to search diligently to find one that does. Additionally, paying such a large sum upfront can feel risky to some tenants, but it can also simplify the rental process if managed correctly.

4. Renting Directly from an Owner. Renting directly from property owners is often the best option for avoiding the bureaucratic requirements of rental agencies. When renting from an owner, tenants can often negotiate terms more flexibly, potentially eliminating the need for a fiador or CDT.

However, finding owners who are willing to rent directly can be challenging. Many property owners list their apartments through agencies, and word-of-mouth recommendations are often the best way to find direct rentals. It can be helpful to ask building staff (doormen, for example) if they know of any available properties being rented directly by the owner. While this method requires patience, it can save money and reduce hassle.

Important Considerations for Foreigners

Foreigners looking to rent long-term in Medellín face a few additional hurdles. Real estate agencies often impose stricter requirements on expats due to a history of foreigners signing leases and then leaving the country prematurely. As a result, insurance companies (aseguradoras) now play a key role in rental agreements, requiring more documentation and assurances from non-Colombian tenants.

If you’re not fluent in Spanish, the rental process can be even more complicated, so it’s a good idea to enlist help from someone who speaks the language. Additionally, being aware of “gringo pricing” — where foreigners are charged higher rents — is essential. Always compare rental rates with local prices to ensure you’re getting a fair deal.

Furnished vs. Unfurnished Apartments

When deciding between furnished and unfurnished apartments, consider how long you plan to stay. Furnished apartments are more common in short-term rentals and are widely available on platforms like Airbnb. However, they come at a higher price point.

For stays of less than three months, renting a furnished apartment through Airbnb or similar platforms is often the easiest option. These listings usually include utilities and offer flexibility, but they can be more expensive. A useful tip for those staying longer is to negotiate directly with Airbnb hosts for a lower monthly rate, potentially saving up to 50% on rent.

Unfurnished apartments, on the other hand, are ideal for longer stays (six months or more). While they require more paperwork and sometimes a cosigner or large deposit, they offer significant savings over time. Additionally, buying affordable furniture and household goods in Medellín can help offset initial setup costs.

Most Popular Search Engines

Here are some websites where you can find long-term accommodation options in Medellín:

• Fincaraiz.com: This is the most comprehensive platform used by locals to rent properties in Medellín and surrounding municipalities. It is recommended to use the price filters and navigate the properties through the available map to ensure you narrow the search to the areas most recommended for foreigners. They only have a Spanish version, but since it’s by far the most complete listing, it can be a good starting point to compare with companies that cater directly to foreigners and avoid falling victim to “gringo pricing”.
• Metrocuadrado.com, Properati.com.co, EspacioUrbano.com: Other local search alternatives, Spanish only.
• EliteMedellinServices.com, Jalo.com.co, Everyplace.co: Services aimed at foreigners, operated from offices in Medellín.
• HolidayHomes.com, LongTermLettings.com: International multi-country platforms.