How to rent an apartment without a guarantor in Colombia: Guide and alternatives

Renting an apartment or studio in Colombia can become an obstacle course, especially if you're young, independent, a foreigner, or newly arrived in a city like Bogotá, Medellín, or Cali. The main source of frustration is the famous requirement of a guarantor with real estate property.

Historically, property owners in Colombia seek to protect themselves from possible defaults and property restitution processes that can last months or years. However, in today's market, the requirement of a solvent co-debtor who owns a mortgage-free property in the same city is increasingly difficult to meet. If you want to see real options right now, you can see apartments and houses on Colombia Move — posting is completely free.

The good news is that the market has evolved. Today there are real legal and financial alternatives that allow you to rent safely without having to resort to family favors or traditional co-debtors. Below, we present the best options for renting without a guarantor in Colombia.

Why do they demand so much for a guarantor in Colombia?

Law 820 of 2003 regulates the rental of urban housing in Colombia. Although it protects the rights of both parties, legal proceedings to evict a defaulting tenant are long and costly. For this reason, real estate agencies and independent property owners seek to strengthen their contracts by requiring a co-debtor who responds with their assets in case of breach.

Despite tradition, the law does not require the exclusive use of a guarantor with real estate property. Property owners are free to accept other equivalent guarantees that demonstrate solvency and payment security.

1. Rental Insurance and Bonds

This is the most popular and accepted alternative in the country. Instead of presenting a person with a property, you hire an insurance company (such as El Libertador, Seguros Bolívar, SURA, or specialized bonding companies like Fianza Crédito or Protecsa) to evaluate your profile.

How it works: You present your bank statements, employment contract, or tax return. If the insurance company approves your payment capacity, it issues a policy. The cost of this insurance usually ranges between 2% and 5% of the monthly rent value and can be paid in a single annual installment or spread monthly.

For self-employed or digital nomads, these insurance companies usually request income co-debtors (people who demonstrate stable income, but without needing to own real estate), which is much easier to obtain.

2. Money Deposit or CDT as Guarantee

Although Law 820 explicitly prohibits cash deposits in the hands of the landlord for urban housing, there is a formalized method widely used by banks: the CDT as guarantee.

A Certificate of Deposit in Term (CDT) is a security that you open at a bank for the equivalent of several months of rent (usually 3 to 6 months). The security is endorsed in favor of the property owner or real estate agency as a payment guarantee. If you comply with the contract, you recover your money with interest at the end of the rental. If you breach it, the landlord can claim the deposited money from the bank.

3. Demonstrate Strong Income and Stability (Direct Negotiation)

If you rent directly with the property owner instead of using a rigid real estate agency, you have room for negotiation. Many property owners value stability and immediate liquidity more than a piece of real estate property.

Prepare a professional folder containing:

- Your last 3 to 6 bank statements with stable balances.

- Employment letter from a company or service contracts if you work as self-employed.

- Personal references and from previous landlords who certify that you are a trustworthy tenant.

- Clean criminal record certificate.

4. Pay Rent in Advance

Another effective option in direct negotiation is to offer advance payment of several months of rent. If you have savings, proposing to the owner to pay 3, 4, or 6 months in advance drastically reduces the risk of default and immediately eliminates the need for a co-debtor.

If you decide to use this method, make sure to clearly document in the signed rental contract the months paid in advance to avoid legal misunderstandings.

5. Digital Guarantee Platforms

In recent years, fintech startups in Colombia have designed agile alternatives that act as digital co-debtors for a monthly fee (around 1.5% to 3% of the rent). These platforms conduct credit studies in minutes using data intelligence, facilitating the process for both local tenants and foreigners who don't have credit history in the country.

Frequently asked questions about renting without a co-debtor

❓ Is it legal for them to ask me for a cash deposit for housing in Colombia?

No. Article 16 of Law 820 of 2003 prohibits requiring cash deposits or real guarantees to guarantee contract compliance in urban housing. What is legal is the endorsement of a CDT or the hiring of rental insurance.

❓ What alternatives do foreigners without history in Colombia have?

Traditional insurance companies usually reject profiles without local credit history or RUT. The best route for foreigners is to seek direct negotiation with property owners on platforms like Colombia Move, offer months in advance, or use more flexible fintech bonding companies that validate international income.

❓ How much does it cost to hire a bond or rental insurance?

Document review usually costs between $50,000 and $120,000 COP. If you are approved, rental insurance costs between 2% and 5% of the monthly rent.

Do you have questions about how to negotiate your rent without a guarantor? Write your question at colombiamove.com/comunidad — the community and other tenants and property owners will help you with advice based on real cases.