Renting housing in Colombia as a foreigner has no legal restrictions: any foreigner with a valid passport can sign a lease. The problem is not the law — it is the market. Most Colombian owners who rent their property through real estate agencies or directly require tenants to have a Colombian co-signer who owns real estate or to pass a credit check with Datacrédito. Newly arrived foreigners have no Colombian credit history and no real estate in Colombia. That leaves them with three alternatives: a lease insurance policy, a cash deposit equal to several months of rent, or the rental market for foreigners, which operates under different conditions.
alternative to a co-signer
of foreigners with no history
for lease contracts
responsibilities
The lease insurance policy: the instrument that replaces the co-signer
A lease insurance policy (póliza de arrendamiento) is insurance issued by a Colombian insurer that guarantees the landlord payment of the rent, utilities and damage to the property if the tenant defaults. For foreigners without a co-signer, it is the most widely used mechanism to access the formal rental market. The cost ranges from 60% to 80% of the monthly rent as a single annual premium — so for an apartment at COP 3 million per month, the policy costs about COP 1.8 to 2.4 million per year. The foreigner usually bears that cost.
The main insurers offering lease policies in Colombia are Seguros Bolívar, Mapfre Colombia, AXA Colpatria and Sura. All require a valid cédula de extranjería to issue the policy in the foreign tenant's name.
What the lease contract must contain under Law 820
Law 820 of 2003 governs urban residential leases in Colombia. The contract must specify: full identification of the parties, a description of the property, the monthly rent in Colombian pesos (not in dollars — contracts in foreign currency are legally questionable), the use of the property (residential use only), and the term of the contract. Contracts without a fixed term are deemed to be for one year and renew automatically.
Clauses a foreigner should check before signing
- Rent increase: Law 820 limits the annual increase to the previous year's CPI percentage. A contract that sets higher increases is illegal.
- Notice to vacate: The tenant must give at least 3 months' notice to return the property without penalty. Leaving early without notice can lead to a charge of 3 months' rent.
- Repairs: Minor routine repairs are the tenant's responsibility. Structural repairs are the landlord's.
- Condition of the property: Ask for a detailed inventory when you receive the property, signed by both parties, with photographs. It is the only document that protects the tenant from charges for pre-existing damage when moving out.
Areas by city and price ranges 2026
| City | Area | 1 bedroom (COP/month) | 2 bedrooms (COP/month) |
|---|---|---|---|
| Bogotá | Chapinero / Zona Rosa | 2.200.000–3.500.000 | 3.500.000–5.500.000 |
| Bogotá | Usaquén / Santa Bárbara | 2.500.000–4.000.000 | 4.000.000–6.500.000 |
| Medellín | El Poblado | 1.800.000–3.000.000 | 2.800.000–4.500.000 |
| Medellín | Laureles / Envigado | 1.400.000–2.200.000 | 2.200.000–3.500.000 |
| Cartagena | Bocagrande / Getsemaní | 2.500.000–4.500.000 | 4.500.000–8.000.000 |
Frequently asked questions
Can a foreigner rent an apartment in Colombia without a co-signer?
Yes. A lease insurance policy, issued by a Colombian insurer, guarantees the landlord payment of the rent, utilities and damage to the property if the tenant defaults. It is the mechanism that replaces the co-signer.
Which law governs residential lease contracts in Colombia?
Law 820 of 2003. The contract must identify the parties, describe the property and set the monthly rent in Colombian pesos, not in dollars.
How much can the rent increase each year?
Law 820 limits the annual increase to the previous year's CPI. A contract that sets higher increases is illegal.
How much notice must I give to return the apartment?
The tenant must give at least 3 months' notice.
How much does a one-bedroom apartment cost in Medellín or Bogotá in 2026?
As a reference: in El Poblado (Medellín), between COP 1,800,000 and 3,000,000 per month; in Chapinero or Zona Rosa (Bogotá), between COP 2,200,000 and 3,500,000 per month.