Short-term and vacation rentals in Colombia

In Colombia, short-term and vacation rental projects are growing rapidly as they are one of the most profitable opportunities in the real estate market for investors. In fact, for 2024, the Colombian Association of Tourism Service Providers through Digital Platforms (Asohost) forecasts 7% growth in the vacation rental industry. This growth is thanks to the popularity of national tourist destinations, the rise of digital platforms that connect owners and tenants, and the preferences of travelers. Here we tell you more about short-term and vacation rentals in Colombia.

What are short-term and vacation rentals?

These are projects that focus on renting properties for short periods, such as days or weeks, rather than traditional long-term leases.

How are short-term rentals performing in Colombia?

Juan Camilo Vargas, director of the Colombian Association of Tourism Service Providers through Digital Platforms, points out that "tourism has become the key driver of the Colombian economy, providing a dynamic source of income and employment. In 2021 alone, spending by guests who booked accommodation using Airbnb contributed more than US$554 million to GDP, generating around 64,000 jobs in the country and driving growth in other sectors such as gastronomy, transportation, and commerce, which recorded revenues related to this industry of US$274 million."

Colombia also ranks 14th worldwide in terms of the number of properties listed for short-term and vacation rentals, with more than 119,000 across the country. Our city leads the way with more than 27,000 apartments for rent in Medellín, followed by Bogotá, Cundinamarca, Bolívar, and Valle del Cauca.

Competitive prices in Colombia, combined with regulations that meet market demands and needs, have made the country an attractive tourist destination, especially for those from dollarized economies.

What are the benefits of short-term and vacation rentals?

Additional income: This type of rental can generate additional or higher income for the owner of the apartment for rent in El Poblado or any other area of the city, as they can charge a higher price for the duration of the stay. The value depends on the location of the property, its condition, and the demand in the area.

Higher demand: Occupancy of the property may be higher compared to traditional rentals, especially during peak seasons and holidays.