Understanding the Demand: Who Is Renting Short-Term Properties in Colombia?

Colombia has rapidly emerged as a top destination for travelers and professionals worldwide. Its rich cultural heritage, stunning landscapes, and growing economy have not only attracted tourists but also created a robust market for short-term rentals. For property investors and managers, understanding who is renting these properties is crucial for tailoring offerings and maximizing returns. This article explores the key demographics driving the demand for short-term rentals in Colombia.

The Rise of Colombia as a Travel and Business Hub

Over the past decade, Colombia has undergone a remarkable transformation. Improved security, economic growth, and proactive tourism campaigns have repositioned the country on the global stage. Cities like Bogotá, Medellín, Cartagena, and Cali are experiencing increased visitor numbers, fueling demand for accommodations that offer comfort, flexibility, and a local experience.

Who Is Renting Short-Term Properties in Colombia?

1. International Tourists

Exploring Colombia's Rich Culture and Natural Beauty

International tourists form a significant portion of the short-term rental market. Drawn by Colombia's diverse attractions—ranging from the colonial charm of Cartagena's Old City to the vibrant nightlife of Medellín—these travelers seek accommodations that provide authenticity and convenience.

Preferences: Centrally located properties with access to tourist sites, cultural experiences, and dining options.
Duration of Stay: Typically 1 to 3 weeks, allowing time to explore multiple destinations within the country.
Booking Channels: Predominantly through online platforms like Airbnb, Booking.com, and Expedia.

2. Domestic Travelers

Discovering Their Own Backyard

Colombian nationals traveling for leisure or visiting family contribute significantly to short-term rental demand. Long weekends and holidays see a surge in domestic tourism, with many opting for rentals over traditional hotels.

Preferences: Affordable properties that accommodate families or groups, often with amenities like kitchens and communal spaces.
Duration of Stay: Usually extended weekends or week-long vacations.
Booking Channels: Local travel agencies and national rental platforms.

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3. Business Travelers

Capitalizing on Colombia's Growing Economy

As Colombia's economy expands, multinational corporations and startups are establishing a presence in major cities. Business travelers require accommodations that offer comfort and proximity to business districts.

Preferences: Modern apartments with Wi-Fi, workspaces, and easy access to corporate centers in cities like Bogotá and Medellín.
Duration of Stay: Short stays of a few days to several weeks, depending on project length.
Booking Channels: Corporate booking services and professional networks.

4. Digital Nomads

Working Remotely from Colombia's Vibrant Cities

The rise of remote work has led digital nomads to seek out destinations that offer a high quality of life at a lower cost. Colombia's affordable living expenses, coupled with its cultural richness, make it an attractive option.

Preferences: Properties with reliable internet, comfortable work areas, and locations in trendy neighborhoods like Poblado in Medellín or Chapinero in Bogotá.
Duration of Stay: From one month to several months, often seeking flexible lease terms.
Booking Channels: Specialized platforms catering to longer-term stays, such as Airbnb monthly rentals.

5. Expatriates and Relocators

Transitioning to Life in Colombia

Professionals and retirees relocating to Colombia often need temporary housing while they search for permanent residences. Short-term rentals provide a comfortable solution during this transitional period.

Preferences: Fully furnished apartments with amenities that ease the adaptation process, located in safe and accessible neighborhoods.
Duration of Stay: Typically 1 to 3 months.
Booking Channels: Relocation services and international real estate agencies.

6. Students and Academic Professionals

Participating in Educational Programs

Colombia hosts a variety of international study programs, internships, and academic conferences. Students and educators require short-term accommodations that are affordable and convenient.

Preferences: Shared accommodations or studios near universities and educational institutions.
Duration of Stay: From a few weeks to an academic semester.
Booking Channels: University housing offices and student-focused rental platforms.

7. Medical Tourists

Seeking Affordable Healthcare Solutions

Colombia is gaining recognition for high-quality, cost-effective medical and dental services. Medical tourists travel to receive treatments and need comfortable places to recover.

Preferences: Quiet, accessible properties near medical facilities, often with additional services like transportation and meal options.
Duration of Stay: Varies based on treatment, typically from one week to a month.
Booking Channels: Medical tourism agencies and specialized accommodation providers.

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Tailoring Your Property to Meet Market Demand

Understanding the profiles of short-term renters allows property owners and managers to tailor their offerings accordingly.

Amenities and Services

For Tourists: Provide local guides, maps, and recommendations for attractions.
For Business Travelers: Offer high-speed internet, workstations, and access to meeting facilities.
For Digital Nomads: Ensure reliable Wi-Fi and comfortable, quiet workspaces.
For Medical Tourists: Consider offering airport transfers and partnerships with local healthcare providers.

Marketing Strategies

Optimize Online Listings: Use professional photos and detailed descriptions highlighting features that appeal to your target demographics.
Leverage Social Media: Engage with potential renters through platforms like Instagram and Facebook, showcasing the property's appeal.
Partner with Agencies: Collaborate with travel agencies, corporate relocation firms, and universities to reach a broader audience.

Pricing and Flexibility

Dynamic Pricing: Adjust rates based on seasonality, local events, and demand.
Flexible Terms: Offer varied rental durations to accommodate both short stays and extended visits.
Discounts and Promotions: Provide incentives for longer stays or repeat bookings.

Conclusion

The demand for short-term rentals in Colombia is driven by a diverse group of renters, each with unique needs and preferences. By understanding who these renters are and what they seek in a short-term rental property, investors and property managers can tailor their offerings to meet market demand effectively. Whether catering to international tourists exploring Cartagena's beaches, digital nomads settling into Medellín's co-working spaces, or business travelers attending meetings in Bogotá, there is ample opportunity to maximize occupancy and profitability in Colombia's thriving short-term rental market.

About Us

At SomeNook, we specialize in real estate investment consulting and short-term rental management across Colombia. Our deep market insights and personalized strategies help property owners optimize their investments to meet the evolving demands of the market. Contact us today to learn how we can assist you in capitalizing on Colombia's dynamic rental landscape.

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