What is the average rent in Cartagena?

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THE LATINVESTOR

A team specialized in real estate investing in LATAM countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Cartagena. If you'd like to learn more about us, you can check our presentation page.

What are the current average rents in Cartagena by property type?

Cartagena's rental market shows clear price differentiation based on property size and location as of September 2025.

Studios rent for $320-960 per month depending on the neighborhood, with the lower end found in peripheral areas like Manga and the higher end in prime locations like Centro and Bocagrande. One-bedroom apartments average around $755 monthly (2,942,436 COP), though this ranges from $330-1,000 depending on specific location and amenities.

Two-bedroom apartments command $600-1,200 monthly in prime areas, while three-bedroom units start around $700 and can reach $1,500 in premium neighborhoods. The luxury segment sees significant premiums, with large beachfront villas and premium homes renting for $1,500-4,000+ monthly, primarily targeting short-term tourist stays.

Property type significantly impacts rental income potential, with smaller units typically generating higher yields per square meter compared to larger luxury properties that cater to a more limited market segment.

How do average rents differ between the main neighborhoods of Cartagena?

Neighborhood location dramatically affects rental prices in Cartagena, with historic and beachfront areas commanding substantial premiums over residential zones.

The Walled City represents the absolute premium market, with top properties commanding $200-250 per night for short-term rentals. Bocagrande and Castillogrande offer strong rental performance at $125-224 nightly, particularly attractive for modern apartment seekers. Getsemaní continues rising in popularity with rates of $120-180 nightly, driven by its artistic character and nightlife scene.

Peripheral areas like Pie de la Popa and northwest suburbs offer rents often half those of city center locations, making them attractive for long-term residential tenants and budget-conscious investors.

What is the average rent per square meter for different property sizes?

Cartagena's rental market averages €8.30 per square meter monthly (approximately $9/m² or $0.85/ft²) as of September 2025.

High-end neighborhoods like the Urban Core and premium coastal areas command €8.99-8.33 per square meter monthly, representing the city's most expensive rental markets. These areas typically feature modern amenities, security services, and prime locations that justify the premium pricing.

Budget and peripheral areas offer significantly lower rates at €4.50 per square meter monthly, nearly half the city average. A practical example shows a 55m² studio in Bocagrande renting for approximately 2,600,000 COP monthly (around $660 USD), translating to roughly $12 per square meter.

Property size efficiency varies considerably, with smaller units typically generating higher per-square-meter returns due to higher base utility costs and the premium tenants pay for location over space in desirable neighborhoods.

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What is the typical total rental price including management fees, utilities, and local taxes?

Total rental costs in Cartagena extend significantly beyond base rent, particularly for short-term rental operations.

Management fees range from 20-30% of rental income for full-service short-term rentals, while long-term property management typically costs 8-12% of monthly rent. Utilities add $100-300 monthly depending on property size and guest turnover, with short-term rentals seeing higher costs due to frequent use and cleaning requirements.

Local tax obligations include ICA tax ranging from 0.4-1.38% of gross annual rent for short-term rentals, while property taxes generally remain the landlord's responsibility. HOA and condominium fees vary from $50-350 monthly, with luxury units featuring pools and gyms commanding higher fees.

For tenants, total costs typically include base rent plus utilities, as furnished properties command premium pricing but utilities are rarely included in long-term lease agreements. Short-term rental operators must factor in all additional costs when calculating net rental yields, often reducing gross returns by 25-40%.

What are the common mortgage costs for rental properties in Cartagena right now?

Mortgage financing for rental properties in Cartagena presents significant challenges for foreign investors as of September 2025.

Interest rates for foreigners typically range from 11-13% annually on variable rate mortgages with 15-20 year terms. These rates reflect both Colombia's economic conditions and the additional risk lenders associate with foreign borrowers who may have limited local credit history.

Most foreign and many local buyers prefer cash purchases due to these high interest rates and complex approval processes. Banks require extensive documentation, proof of income, and often demand larger down payments from international buyers, making financing less attractive than in many other markets.

The high mortgage costs significantly impact investment returns, with monthly payments on financed properties often exceeding 60% of rental income, making cash purchases more viable for investors seeking positive cash flow from rental properties.

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What are the best property types and locations for short-term rentals versus long-term rentals?

Cartagena's rental market clearly segments between short-term tourist accommodations and long-term residential properties, each with distinct optimal strategies.

Short-term rentals perform best in the Walled City (Centro), Getsemaní, and Bocagrande, achieving occupancy rates of 55-60% annually. Two-bedroom modern apartments and unique colonial properties with amenities generate the highest returns, particularly those offering historical character or beachfront access.

Long-term rentals succeed in Manga, portions of Bocagrande, and Castillogrande, attracting families and expats seeking stability and security. These areas offer lower vacancy rates, simpler legal requirements, and more predictable income streams, though with lower overall yields than premium short-term properties.

Short-term rentals can achieve higher gross yields but require active management, face regulatory restrictions, and experience seasonal volatility. Long-term rentals provide steady income with less hands-on management but typically generate lower returns per square meter.

Property selection should align with management capabilities and risk tolerance, as short-term success demands constant attention while long-term rentals offer more passive investment opportunities.

Can you give example monthly rents for studios, one-bedroom, two-bedroom, and larger properties?

Specific rental examples demonstrate the wide range of pricing across Cartagena's diverse property market as of September 2025.

A 55m² studio in modern Bocagrande commands approximately $660 monthly, while similar-sized units in residential Manga rent for around $320. One-bedroom apartments show similar variation, from $330 in peripheral areas to $755 in trendy Getsemaní.

Premium properties command significant premiums, with luxury three-bedroom apartments in Bocagrande reaching $1,500 monthly and beachfront villas exceeding $4,000 for the most exclusive properties targeting high-end short-term rentals.

What are the main renter profiles in Cartagena and what are they looking for?

Cartagena attracts diverse renter demographics, each with specific property preferences and budget ranges.

1. Digital nomads and remote workers - Seek short to medium-term accommodations with reliable high-speed internet, modern amenities, and central locations in Getsemaní or Bocagrande
2. Expat retirees - Prefer long-term leases in secure areas like Bocagrande, Manga, and Castillogrande, prioritizing safety, healthcare proximity, and expat communities
3. Young professionals - Target affordable urban core locations with public transport access and nightlife proximity, often sharing apartments to reduce costs
4. University students - Concentrate in peripheral areas and shared accommodations near educational institutions, prioritizing affordability over amenities
5. International tourists - Demand short-term luxury accommodations in historic areas, particularly the Walled City, with unique character and tourist attraction access

Each renter segment shows distinct seasonal patterns and price sensitivity, with tourists driving peak season demand while long-term residents provide stable year-round occupancy. Understanding these profiles helps property owners optimize their rental strategies and pricing.

Successful rental properties often cater to multiple segments, with flexible furnishing and lease terms allowing owners to capture both short-term premium rates and long-term stability depending on market conditions.

What are the current vacancy rates for different property types and neighborhoods?

Cartagena's rental market shows healthy demand with manageable vacancy rates across most property segments as of September 2025.

Citywide vacancy averages 5-7% overall, indicating a balanced market with adequate tenant demand. Premium areas including the Walled City, Getsemaní, and prime Bocagrande locations maintain vacancy rates below 5%, reflecting strong ongoing demand from tourists, expats, and affluent locals.

Peripheral and budget neighborhoods experience higher vacancy rates of 8-12%, primarily due to limited tenant pools and location disadvantages. These areas often require longer marketing periods and may necessitate price adjustments to achieve full occupancy.

Short-term rentals show different metrics, with annual occupancy rates averaging 55-60% in well-managed properties in prime locations. This translates to approximately 200-220 occupied nights per year, with significant seasonal variation during peak tourist periods from December through March.

Property type affects vacancy rates, with smaller units typically filling faster due to broader tenant appeal and lower absolute rental costs, while luxury properties may experience longer vacancy periods but command premium rents when occupied.

What rental yields can owners expect today for different property types and locations?

Cartagena offers attractive rental yields compared to many international markets, with significant variation based on property type and management strategy.

Citywide gross yields average 6.5-7.6%, with well-managed short-term rentals in prime locations achieving 10-12% annual returns. These higher yields reflect both Cartagena's growing tourism market and the premium that visitors pay for quality accommodations in desirable areas.

One-bedroom apartments generate the highest yields at 13.07%, offering optimal balance between entry cost and rental income potential. Neighborhood yields range from approximately 4.4% in the lowest-performing zones to 16.7% in prime tourist areas like the Walled City and Getsemaní.

It's something we develop in our Colombia property pack.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Colombia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.

How have rents and yields changed compared to one year ago and five years ago, and what's the forecast for one, five, and ten years?

Cartagena's rental market has experienced substantial growth over recent years, with strong momentum continuing into 2025.

Over the past year, average rents increased approximately 8.4% while yields improved by 0.5-1 percentage point. Premium neighborhoods saw even stronger performance, with property prices rising 12-20% in areas like the Walled City and beachfront Bocagrande, supporting higher rental rates.

The five-year trend shows remarkable appreciation, particularly in tourist-focused areas. The Walled City averaged 22% annual growth while some coastal areas like Cabo de Palos saw extraordinary 39% yearly increases, reflecting Cartagena's emergence as a premier Latin American tourism and investment destination.

Forecast trends suggest continued strong performance driven by increasing international tourism, growing expat populations, and Colombia's economic stability. However, potential regulation of short-term rentals may moderate returns in the highest-yielding segments, encouraging more balanced long-term rental strategies.

Ten-year projections remain positive but expect moderation as the market matures. Historic center and premium beachfront properties should continue outperforming, while peripheral areas may see more modest but steady appreciation aligned with Colombia's overall economic growth.

How do current rents and yields in Cartagena compare with other similar-sized coastal cities?

Cartagena stands out among Colombian coastal cities for rental performance and investment appeal as of September 2025.

Cartagena delivers the strongest annual growth at 20%, significantly outpacing other coastal alternatives like Santa Marta (12%) and Barranquilla (9%). While absolute yields may appear competitive rather than exceptional, the combination of growth and tourism-driven short-term rental premiums creates compelling total returns.

Compared to inland cities, Cartagena offers similar yields to Medellín and Bogotá but with greater international appeal and tourism infrastructure. The city's UNESCO World Heritage status and established luxury tourism market provide advantages that emerging coastal destinations lack.

Cartagena's rental market benefits from Colombia's most developed international tourism infrastructure, making it less dependent on domestic economic conditions than other regional cities and more attractive to foreign investors seeking diversified Latin American exposure.

It's something we develop in our Colombia property pack.

Conclusion

This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.

Sources

1. The LatinVestor - Cartagena Property Market
2. The LatinVestor - Cartagena Price Forecasts
3. International Living - Cost of Living Colombia
4. Find All Rentals - Cartagena Apartments
5. The LatinVestor - Best Neighborhoods Cartagena
6. Indomio - Cartagena Real Estate Market
7. Rentola - Cartagena Studio Rentals
8. The LatinVestor - Airbnb Cartagena ROI
9. Realtor.com - Cartagena Mortgage Rates
10. Airbtics - Cartagena Airbnb Revenue