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It’s not a secret: Medellín is one of the most desired cities at the moment to buy or lease a property.
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According to the Fincaraíz portal, searches for rent In the capital of Antioquia they have increased 27%, while sales rose 5%.
He price per square meter of an apartment for rent in stratum 2 it is $18,775, while for stratum 3 it is $25,218 and for stratum 4 it reaches $37,004.
It is highlighted that 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.
The 30% rule
So what should you take into account depending on the sector where you want to rent a property? The Ciencuadras portal assures that although there is no exact information on how much is the best value to pay for the lease, “There is a 30% rule, which suggests that the maximum amount to spend on rent is 30% of monthly income.”
For example, “If you earn 3,000,000 pesos, the most you should spend on rent payments is 900,000 pesos.”
Find: Housing to rent to tourists in Medellín grew 115% in the last three years and leaves million-dollar figures
Clearly, The situation is quite complex for anyone who earns a minimum wage, Well, following the aforementioned 30% rule, the budget for a person who earns it would be up to $390,000, which makes It is almost impossible to find an apartment, studio apartment or even a room for rent.
To do? “In this case, it can be applied to a rental subsidy. In Colombia there is a subsidy that covers up to 90% of the fee, which can be processed through compensation funds familiar. Maximum they subsidize up to 60% of the value of the minimum wage and it must not exceed 90% of the value of the canon,” says Mauricio Torres, manager of Ciencuadras.
Ciencuadras experts also recommend Include additional expenses in the budget, for example the cost of shipping, paying a deposit or purchasing appliances.
Other tips are related to evaluate what is more profitable, if the proximity of the property to the place of work or study, or its price, Because sometimes avoiding long trips is more beneficial for your pocket in the long run.
The most searched sectors
Fincaraíz data indicate that between January and April 2024, Laureles, with more than 230,000 queries, San Antonio de Prado, with more than 174,000, La Candelaria (157,000) and Rodeo Alto (128,000) were the most searched sectors of Medellín to take real estate for rent.
It is highlighted that Beyond Medellín there are also a significant number of consultations of availability in the municipalities of Envigado (638,000 consultations), Bello (384,000) or Sabaneta (381,000).
