Renters in Medellín rose from 36% to 45% in the last decade
The cost of rents in Medellín and the Aburrá Valley seems to be on the rise. Beyond tourism, the high cost has been driven by more households—smaller and with less access to homeownership—looking for places to live, while construction has slowed down with drops of up to 55% in permits and limitations on developable land.
TL;DR
- The proportion of renters in Medellín and the Aburrá Valley has increased from 36% to 45% between 2015 and 2024.
- Homeownership has decreased from 60% to 47% in the same period.
- Housing construction has seen significant declines, with an average drop of 47% in permits in Medellín and 55% in the Aburrá Valley.
- Smaller household sizes are increasing demand for housing.
- New housing projects primarily focus on larger units for medium and high-income segments, not matching the current demand.
- Tourism is not identified as the primary driver of rising rental costs.
- Remote workers have a localized impact on temporary rentals in well-connected areas.
- Policy changes are needed to facilitate smaller, well-located housing and improve market transparency.