Renting a property

The renting basics in Colombia

Renting a property

The cost of renting an apartment or house in Colombia varies depending on location and size. Generally, cities will be more expensive than rural areas and you can expect to pay around US$368 a month for a one bedroom apartment in the centre of Bogota.

Property can come furnished or unfurnished. Unfurnished can mean many things as some properties will only include floor coverings and curtains, while other “unfurnished” properties will include items such as kitchen appliances.  

In recent years, renting a property has become easier and safer for both the tenant and landlord. Lease agreements can be made orally or in a written contract at the agreed price. However, monthly rent cannot exceed 1% of the commercial value of the property.

Rent payment can be agreed on in any currency, but if you choose to pay in a foreign currency, you must pay in Colombian pesos at the market exchange rate, unless otherwise agreed with your landlord.

Do expect an increase in rent every 12 months, which is usual in Colombia. The increase cannot be above 100% of the Consumer Price Index  (Colombia's CPI ) for the next year. If your rent has been increased and you think it is too much, you can request a revision at the Mayor’s Office, in the city where the property is located, up to six months after you receive notification of the rent increase.

Usually rental contracts last 12 months, but this can be altered depending on the landlord. A landlord can legally terminate a contract before the contract is due to expire if the tenant does not comply with the terms of the contract. Likewise, the tenant can also terminate the contract early if the landlord does not follow the terms set out in the contract.

Subletting a property is illegal and if you sublet, the landlord is well within their right to evict you from the property. In general, the landlord is favoured over the tenant in terms of renewals or termination of contracts.

A full list of legal terms between landlord and tenant can be seen here .

Further reading

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