Build-to-Rent in Medellín: What New Developments Mean for Tenants

This week, another purpose-built rental tower welcomed its first tenants in Laureles. The 21-storey Altos de Nogal marks the fourth major build-to-rent project to open in Medellín since last year, targeting renters who want high-end amenities without the ties of a mortgage.

With average sale prices in El Poblado creeping above COP 9 million per square metre and banks tightening lending criteria in response to rising inflation, renting is emerging as a pragmatic choice for many. At the same time, Bogotá-based developer Urbania’s announcement of three upcoming build-to-rent complexes signals a shift in how Medellín’s housing market is serving a growing professional class. Flexible contracts and inclusive amenities are no longer reserved for expats-they’re a draw for Colombian families and young earners as well.

Choice or Necessity?

Altos de Nogal sits at the intersection of Calle 44B and Carrera 77, facing the green corridor that’s become a key selling point for new arrivals. Over in Ciudad del Río, the 200-apartment Torre Central, operated by rental platform RentaYa, comes fully furnished, allowing tenants to move in within two weeks-with pet-friendly policies, coworking space, and rooftop gardens thrown in. These features stand in sharp contrast to the city’s longstanding tradition of privately owned and managed apartments, where older stock often lacks air conditioning, flexible layouts or communal areas beyond parking lots.

Gloria Salazar, a local property consultant in Laureles (not quoted directly), says that many tenants are choosing these new developments not just for polish, but because savings are stretched thin. Down payments for a starter apartment in Laureles now average over COP 80 million, according to local title registry figures. For a family earning a median joint income of COP 7.2 million per month, that upfront cost, plus closing fees and renovation expenses, puts ownership out of reach. "You pay a deposit and first month, and you get the pool, gym, and coffee bar included," says Salazar. "People can work, exercise, and socialize without hidden costs."

By the Numbers

According to rental platform Finca Raíz, median rent for a new two-bedroom build-to-rent unit in Laureles or El Poblado stands at COP 3.6 million per month, around 25% higher than an older, unfurnished property. But higher predictability and all-inclusive contracts have proven appealing-in 2025, occupancy rates for managed build-to-rent properties exceeded 93%, compared with 83% for mom-and-pop rentals across the city’s main zones. Urbania reports that nearly 40% of its clients are Colombian professionals aged 28-41, and that international demand has flattened since 2023 due to visa changes. More than half of new contracts offer options to renew or cancel with just 30 days’ notice, a flexibility almost unheard of in traditional leases.

The calculus still isn’t universal. For those with access to family capital or mortgage savings, purchasing remains a long-term hedge, especially given the city’s projected densification near new Metroplús routes. But with Colombia’s benchmark lending rates pushing 12% as of June, the monthly cost of homeownership in key central barrios now rivals or exceeds rent, before factoring in maintenance and taxes.

Anyone considering their next move should compare total monthly obligations, not just sticker prices. Urbania’s new developments, as well as RentaYa and Lokl in El Tesoro, all provide online calculators showing real-world move-in costs and exit fees. As the build-to-rent sector grows, tenant advocates advise that residents read contracts closely for penalties, subletting restrictions, and annual adjustments. Expect more towers on the horizon: four additional projects in Belen and Laureles are due to break ground before year-end, bringing thousands of new apartments onto the market by 2027.