This is the most sought after sector for apartment rentals in Medellín this year

This is the most sought after sector for apartment rentals in Medellín this year
This is the most sought after sector for apartment rentals in Medellín this year

10:48 AM

The appetite to buy or lease real estate in Medellin and the metropolitan area continues to skyrocket. The Fincaraíz portal put the magnifying glass on what is happening and found that Searches for rental have increased 27%, while searches for sale have increased 5%.

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According to figures shared with EL COLOMBIANO, between January and April 2024, Laureles, with more than 230,000 consultations, Saint Anthony of Pradowith more than 174,000, La Candelaria (157,000) or Rodeo Alto (128,000) are the most sought-after sectors of Medellín to rent properties.

By breaking down queries by property type, San Antonio de Prado was the most desired in terms of apartments for rent. The portal reports more than 153,000 searches, which put it above Laureles and La Candelaria.

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While if you look On the side of studio apartments and houses for rent, the leader is Laureles, and there is also significant interest in Rodeo Alto or El Poblado.

It is highlighted that beyond Medellín there is also a significant number of queries about availability in the municipalities of Envigado (638,000 consultations), Bello (384,000) or Sabaneta (381,000).

Trends by stratum

Observing the dynamics by socioeconomic level, Fincaraíz spokespersons expressed that The rental value factor is the main differential for middle class people to prefer to search in strata 3 and 4since properties in high strata make a big difference in the rental value.

For example, In stratum 3, the largest number of rental units are in a range between $1.4-$1.5 million; in 4, from $3 to $4 million; in 5, between $3 and $5 million; and in number 6 they reach up to $8 million.

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An interesting point is that while apartments, studio apartments and houses have more appetite when they are located in stratum 3, those who are looking for a room do so mainly in stratum 4.

Stratum 4 brings together the majority of the rooms that are available in the city for rent, with 37% of the offer. Which means that whoever consults a room finds in a simpler way and greater variety in stratum 4,” she explained.

In general terms, the demand for housing in the capital of Antioquia has remained solid, “with seven out of ten housing inquiries destined for rent.”

Tourist housing also grows

The short-term rental or tourist housing business is also going at full speed in Medellín and the Aburrá Valley. It is worth remembering that according to La Lonja, in the last three years the supply of properties for this activity went from 7,000 to 15,000, an increase of 115%. As if that were not enough, the construction of projects for this also proliferated.

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Between the Metropolitan Area and the Near East, La Lonja has monitored some 30 initiatives with prices between $7 million and $18 million per square meter. Furthermore, one of the most accurate data is that this business is moving $320,000 million a year in these mountains.

In Colombia, there is a marked interest among people in investing in housing to rent. Approximately 20% of the new homes built in the country are purchased by investors and enter the rental market, a figure much higher than in all countries in the region,” highlighted Federico Estrada, manager of La Lonja.

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