How do I know if my property is suitable for short-term rentals?
In recent years, short-term rentals have become a growing trend in the real estate market, especially in tourist and urban markets. This rental model, characterized by the possibility of generating additional income in short periods of time, has caught the attention of both owners and travelers. Investing in short-term rental properties is an increasingly popular strategy, and cities such as Medellín, which has experienced exponential growth as a tourist destination, represent a great investment opportunity. We'll tell you how to know if your property is suitable for short-term rentals.
How has the short-term rental market performed in Medellín?
In 2023, the real estate market experienced a series of critical factors that led to a significant increase in rental prices. The decline in housing construction, delays in apartment deliveries, and a demographic shift with more people living alone or in smaller households contributed to a shortage of available housing. In addition, the increase in foreigners, including digital nomads, increased the demand for rental apartments in Medellín, while the supply of traditional housing decreased due to migration to more lucrative short-term rentals.
However, this year the situation has begun to stabilize. The supply of rental housing has returned to 2021 levels, and although rental prices increased by 6.3%, they did so below inflation, showing a moderation compared to previous years' increases.
